KEFI (AIM: KEFI) has announced that the board of Tulu Kapi Gold Mines (TKGM) has formally launched the project. The TKGM board includes representatives from both KEFI and the Ethiopian Federal and Oromia Regional Governments.
Harry Anagnostaras-Adams, KEFI’s executive chairman commented, “Our launch timing is fortuitously coinciding with the improved conditions in Ethiopia and all time high gold prices. Tulu Kapi’s high-grade and high process recovery, combined with our project design, has resulted in a robust set of economics for long-term operations which should support further exploration and development along with good opportunities to continue supporting local social development projects such as the already provided local school and water supply. The returns for the capital investors and lenders are attractive and the recent exemptions from exchange controls has rendered the Ethiopian mining investment climate internationally competitive.”
This decision to launch Tulu Kapi follows deployment of dedicated site policing and the conditional confirmations that quickly ensued from all members of the project’s finance syndicate.
An updated corporate presentation will be uploaded to the company website and includes a summary of early works, major works, key milestones, finance plan, and key economic metrics.
In addition, before September 2024, the company will complete preparation for community resettlement, detailed engineering for procurement, community consultations on social development plans, and recruitment and other organizational development.
Major works will commence in October this year and include procurement and fabrication of plant internationally, resettlement of community, site earthworks, grade control drilling, transportation to site and assembly of plant and associated infrastructure, mining, and completion of the definitive feasibility study on the underground mine.
To find out more, please visit www.kefi-goldandcopper.com
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