KEFI (AIM: KEFI) has provided an update on the project launch preparation activities at the high-grade Tulu Kapi Gold Project in Ethiopia following several days of meetings with senior representatives of the Tulu Kapi stakeholders at Mining Indaba 2024, Cape Town.
After the three critical conditions set by the project lenders were formally achieved in October 2023, the final credit committee was approved by the lead-lender.
The company has now reported that all the other parties in the funding syndicate, have advised they go to their respective committees to approve the proposed transaction this month.
“This multi-party subsidiary-level financing is now advancing on the back of the government commitments finally received in October, triggering the lead-lender to quickly process its approval in December 2023 and now all other stakeholders triggering their respective flow-on processes.” Said executive chairman, Harry Anagnostaras-Adams.
The Ethiopian Federal Government has also reaffirmed its equity capital investment has been fully documented, committed, and already partly invested.
The contractors in the syndicate have all reaffirmed their intention and readiness to enter into the already drafted definitive documentation to enable full project launch in H1 2024.
KEFI’s priority is to continue demonstrating safety whilst it implements the remaining administrative tasks which are expected to be successfully and swiftly completed.
In addition, whilst the company awaits the drawdown of the US$320M project funding, KEFI has started the necessary launch preparations to enable the project to move forward efficiently, including personnel being dispatched into the field to brief the community, and carrying out required site worked and dismantling the old exploration camp.
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