KEFI Gold and Copper (AIM: KEFI) has announced good progress at the company’s high-grade Tulu Kapi Gold Project in Ethiopia. The remaining finance syndicate board processes are on track for final (conditional) approvals during May 2024, whilst project launch preparations have commenced at Tulu Kapi.
Harry Anagnostaras-Adams, executive chairman, commented, “I am delighted with the continuing progress on subsidiary-level project financing for launch in mid2024 of the high-grade Tulu Kapi Gold Project, the current mineral resources of which are 1.72Moz at 2.65g/t. Following previously reported final approvals by syndicate leaders for project debt, equity risk notes and share subscriptions to subsidiaries, we can now report further progress with those outstanding syndicate partners, such that all final approvals are on track to be received this month.”
Notably, these developments coincide with construction works commencing at another Ethiopian industrial scale gold-mine development, west of Tulu Kapi, and the commencement of a modernization programme at the only pre-existing large Ethiopian gold mine, south of Tulu Kapi.
Taken as a whole, these developments reflect the positive turnaround in Ethiopia over the past two years. On the back of wide-sweeping reforms, some of which were critical for the mining sector, as negotiated and previously reported by KEFI, the country is now striving hard to reclaim its previous long-standing ranking amongst the world’s top 10 growth countries.
Further, particularly important for KEFI is that Ethiopia’s top five gold development projects look likely to raise Ethiopia’s aggregate annual gold production from c.400,000oz per annum at present to an estimated 1.5Moz per annum within the next five years, which today would rank Ethiopia amongst Africa’s top 10 gold producers.
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