KEFI (AIM: KEFI), the gold and copper exploration and development company focused on the Arabian-Nubian Shield, has reported that following the recent confirmation of credit committee approvals, the company has now been advised that both banks have also processed board approvals for the Tulu Kapi project.
KEFI founder and executive chairman, Harry Anagnostaras-Adams, commented, “After a decade of preparing Tulu Kapi and overcoming various external challenges, we’re pleased to have secured Tier 1 support from the government, industry specialists, and financial institutions to initiate development. This comes at a time when gold prices are at record highs, with projections indicating net cash flow surpassing the total project finance debt of US$240M in the first year alone.”
Both of the co-lending-banks have now received support from all their respective committees and boards to proceed. This is subject to formal updates of prior approvals and to all documentation reflecting the expanded US$240M offering, and the satisfaction of standard conditions previously reported for a transaction of this nature.
The company has also announced that on the ground the community is supporting and agreeing to the resettlement plans and compensation surveys, as explained by government authorities for individual households within the large mining licence area.
“Of course, the support of the Tulu Kapi community is by far the most important foundation for our Project. Their continued support is very pleasing to witness. The community will have an important role to play in establishing Tulu Kapi as a 21st century-standard gold mine and one of Ethiopia’s flagship developments.” Added Mr. Anagnostaras-Adams.
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