KEFI, which is developing the Tulu Kapi Gold Project in Ethiopia, has received confirmation from its co-lender African Finance Corporation (AFC) of its preliminary approval.
Final approvals from AFC are expected in the next month or so, as the project is ratified in line with the co-leader's internal practices, it said.
KEFI said the other co-lender, Eastern and Southern African Trade and Development Bank (TDB) has already granted final approval, which was also ratified by its shareholder board last February.
The company is continuing to make progress with the Early Works programme, which started in May. The Early Works are designed to enable the company to enter into binding definitive agreements with the funding syndicate and draw down the first funds in October 2024, enabling the Major Works to commence thereafter.
“At Tulu Kapi, our initial activities are already focused on engineering internationally and community consultations locally. Physical activities at the site will soon also become more obvious,” said KEFI executive chairperson Harry Anagnostaras-Adams.
“Ethiopian gold projects that have recently started launch preparations are likely to lift gold exports to $1.3 billion per annum within three years, overtaking coffee exports as Ethiopia's largest export sector.”
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
