MINING REFINING

KEFI Gold gets preliminary approval from second Tulu Kapi lender

Mon July 29 2024

KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has received confirmation of preliminary approval for the Tulu Kapi gold mine in Ethiopia from project co-lender African Finance Corporation (AFC). This follows further site visits during July by the co-lenders' security consultants, KEFI said in a statement. Final approvals from AFC are expected in the next month or so, it said.  The other co-lender, Eastern and Southern African Trade and Development Bank (TDB) has already granted final approval.

“As recently reported, we continue to make progress with the Early Works programme, which started in May 2024,“ said the statement. 

“The Early Works are designed to enable the company to enter into binding definitive agreements with the funding syndicate and drawdown first funds in October 2024, enabling the Major Works to commence thereafter.”

Last week, KEFI, said that it, the co-lenders and the local investors also met with several Ethiopian Federal Government Ministers and regional leaders over expenses incurred, tax reliefs and debt ratios.

Harry Adams, KEFI’s executive chairman, said: “At Tulu Kapi our initial activities are already focused on engineering internationally and community consultations locally.

“Physical activities at site will soon also become more obvious.

"Ethiopian gold projects that have recently started launch preparations are likely to lift gold exports to US$1.3 billion per annum within three years, overtaking coffee exports as Ethiopia's largest export sector."

Source: https://www.proactiveinvestors.co.uk/