KEFI Gold and Copper has received confirmation of conditional final credit committee approval from the lead lender for its "shovel-ready" Ethiopian development project, the high-grade Tulu Kapi Gold Project.
The $320 million finance package follows the analogous approvals from other key syndicate members, including lead contractors and lead equity parties, and the previously reported actions by the Ethiopian government last year, which include the previously negotiated and reported exemptions from foreign exchange restrictions, commitments to provide permanent security protection, and the approval of additional protections for the lenders for the project.
"The Ethiopian Government and the lead syndicate members of our high-grade Tulu Kapi Gold Project have been working hard to support our project launch,” said KEFI executive chairperson Harry Anagnostaras-Adams.
“The government has recently made strong commitments, including approving country membership (a set of protections for development finance institutions) for both of our project lenders, deregulating exchange controls, and commitment to the preparation of security and our community."
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
