Kefi Gold and Copper says the high-grade Tulu Kapi Gold Project in Ethiopia is scheduled to be operational by the end of 2023.
The project consists of a 5.6 g/t gold underground mineral resource and a 2.1 g/t gold open-pit ore reserve.
It said activity is anticipated to increase progressively in the next months and achieve its maximum level in conjunction with the continued development of security measures and community preparations.
"We are driving hard to hit our next big milestone, which is to trigger before the end of this year the first stage of the Tulu Kapi Gold Project launch,” said company executive chairperson Harry Anagnostaras-Adams.
The company said $320 million would be spent on development capital excluding the mining fleet provided by the mining contractor.
Of this amount, $190 million is secured debt (senior and mezzanine) from project lenders, and $130 million is equity-risk capital.
Meanwhile, Kefi said it has commenced administrative proceedings in respect of its long-standing proximal exploration licences surrounding the Tulu Kapi Project Mining Licence area to continue exploration programmes and community development, which have always complemented the Tulu Kapi project.
The exploration licences were over-pegged by a Hong Kong shell company owned by a British Virgin Islands shell company during an overhaul of the title-regulatory system in 2022.
“We are confident that this situation can be resolved satisfactorily,” said the company.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
