KEFI Gold and Copper announced that the Tulu Kapi gold project, located in Ethiopia, has completed all initial work required to begin full development. According to the company, the safety, community and site have been certified by independent auditors, ensuring that the site is ready for the next phase.
Tulu Kapi gold project financial arrangements
Updates to the financial plan and model are ready and in the process of being certified for integration into the final documentation. Two co-borrower banks have approved a joint financing of $240 million, with one of them receiving board ratification and the other in the process of doing so.
KEFI, KME and TKGM board meetings will be held sequentially during August, in coordination with the Ethiopian Sovereign Wealth Fund, the Federal Ministry of Finance and the Oromia Regional Government.
This will enable the activation of fixed-price contracts totaling close to US$1 billion, covering both construction and certain future operating costs. The plan calls for disbursing equity capital first, followed by debt, in sync with the project’s schedule.
Completed activities include the construction of security camps, property studies and resettlement of communities on new land. The miner emphasizes that this operation has a consortium structure designed to effectively manage risk, with each member committed long-term to its specialty.
KEFI CEO Harry Anagnostaras-Adams thanked the work of all the teams involved and the patience of the shareholders, mentioning that this is the first transaction of its kind in Ethiopia.
Source and photo: KEFI Minerals
