NewsPress Releases

KEFI Gold and Copper Ethiopia development update

KEFI Gold and Copper plc (LON:KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia has provided an update for the Company’s Tulu Kapi Gold Mines Share Company joint venture project in Ethiopia.

Progress in Ethiopia over the past month has remained on track, with further advancement on the multi-party project financing activities and the early development works. Signing of the umbrella financing agreement remains on course for this quarter, with full construction to commence at the end of the current wet season. This week an all-parties meeting of the Tulu Kapi Gold Project finance syndicate re-confirmed this plan to senior officers of the Ethiopian Ministry of Mines.

Umbrella agreement

Key initial development activities have continued. The financing syndicate’s umbrella agreement is currently being formalised with a view to execution next month. The underlying detailed agreements with each of the individual counterparties are to be executed following the satisfaction of the few remaining conditions precedent, which themselves are standard for a transaction of this nature and predominantly relate to expected Government commitments, including successful installation of increased security and confirmations of various other Project and banks’ protections.

Harry Anagnostaras-Adams, Executive Chairman of KEFI Gold and Copper, commented: “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. 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.”

Leave a Reply

Your email address will not be published.

Related Articles

Back to top button