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LONDON - KEFI Gold and Copper plc (AIM: KEFI), the gold and copper exploration and development company, has announced significant progress in the finance closing process for its Tulu Kapi Gold Project in Ethiopia. The company reported that the financing facilities for the project have increased from $190 million to $240 million, with early works completed and major works initiated to de-risk the construction schedule.
The company has received adequate expressions of interest for the EthioBonds, which are in line with the updated finance plan and are moving towards a local listing. KEFI is currently finalizing formalities including Ethiopian parliamentary ratification of AFC membership and last-minute checks of prices, terms, and conditions for the Construction and Mining Services Agreements, with definitive documentation expected to be ready by the end of March 2025.
KEFI’s Executive Chairman, Harry Anagnostaras-Adams, stated that discussions with the Tulu Kapi Syndicate and the Minister of Mines are underway, highlighting the coordinated efforts of all parties involved. He also noted the potential increase in the net present value (NPV) of Tulu Kapi per KEFI share, which now stands at 15 pence per share, with the current gold price at US$2,800/oz.
This development is a collaborative effort involving multiple parties, and the company will provide further updates as the process progresses. The information in this article is based on a press release statement.
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