KEFI Gold and Copper (AIM: KEFI) has provided an update on the company’s Tulu Kapi Gold Project in Ethiopia.
The company has announced that last week it received confirmation from project co-lender African Finance Corporation Limited (AFC) of its preliminary approval. This follows further site visits during July by the co-lenders’ security consultants. As previously reported, the other co-lender, Eastern and Southern African Trade and Development Bank Ltd (TDB) has already granted final approval, which was also ratified by its shareholder-board in February 2024. Final approvals from AFC are expected in the next month or so, as the project is ratified in line with the co-lender’s internal practices.
Harry Anagnostaras-Adams, executive chairman of KEFI, commented, “The government’s push for the mining industry is beginning to see launch activities on the ground. 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.”
He added, “Ethiopian gold projects that have recently started launch preparations are likely to lift gold exports to US$1.3Bpa within three years, overtaking coffee exports as Ethiopia’s largest export sector. The mining sector growth initiatives can also be seen to be part of wide-ranging reforms of the financial system and economy for Ethiopia to re-ignite its historic high growth rates.”
As recently reported, the company continues to make progress with the early works programme, which started in May 2024. The early works are designed to enable KEFI to enter into binding definitive agreements with the funding syndicate and drawdown first funds in October 2024, enabling the major works to commence thereafter.
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