KEFI (AIM: KEFI) has provided an update for the Tulu Kapi Gold Project, Saudi Arabia. Progress is being made with the intense early works programme that will take Tulu Kapi through to September 2024, and provide the basis for full financial close and commencement of major works in October 2024, ahead of commissioning of production in mid-2026.
The dismantling of the old exploration camp is progressing and the planned security system is being installed, including private on-site security, with permanent off-site government protection. Site inspections confirm progress as expected.
Recently appointed senior project manager, Jacques Kruger, has further optimized the overall development schedule with principal contractor Lycopodium in preparation for the final confirmations for fixed-price-lump-sum components, which is a precondition for signing all project financing definitive documentation.
Additionally, the US$320M full project funding package remains as previously announced:
• US$190M secured lenders, being East and Southern African Trade and Development Bank Ltd and African Finance Corporation Limited
• US$20M equity investors in TKGM, being the Ethiopian Federal and Regional Governments
• US$110M regional equity and note Investors in the Ethiopian holding company.
If historical investment by KEFI and the mining fleet supplied by PW Mining are included, total project spending from the project’s original inception will aggregate to approximately US$500M.
To find out more, please visit www.kefi-goldandcopper.com
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