KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) said progress at the Tulu Kapi Gold Mines (TKGM) joint venture in Ethiopia remained on track over the past month, with further advancement on multi-party project financing activities and early development works.
Signing of the financing agreement, which is currently being formalised, remains on course for this quarter, said AIM-traded KEFI.
"We continue to step up activities for signing the financing syndicate umbrella agreement next month, enabling full construction to commence from October, at the end of the wet season,” said KEFI executive chairman Harry Anagnostaras-Adams.
"This week an all-parties meeting of the Tulu Kapi gold project finance syndicate confirmed the plan and timetable to senior officers of the Ministry of Mines, with the recently announced KEFI fund-raisings forming part of the full finance plan for development.
"KEFI has been able to pivot onto a much more positive direction since December 2021 due to geopolitics, regulatory changes and exploration results. We now have three advanced projects in two countries that are now overtly pro-development - a more positive and less risky position than KEFI has confronted for many years."
Since the end of 2021, the gold and copper exploration and development company has benefitted from the end of the Ethiopian civil war in the north of the country and exploration results and regulatory improvements in Saudi Arabia.