AIM-listed KEFI Gold and Copper is in the early stages of construction at its Tulu Kapi gold mine in Ethiopia.
Production is projected to commence at a rate of 140,000 ounces per year by mid-2026.
Some of the initial projects include the construction of construction camps, the drilling of water wells, geotechnical drilling to verify the foundation design of specific infrastructure, the finalisation of the infrastructure budget with the principal contractor, and the conduct of studies to enhance processing activity.
KEFI hopes that the major contractor will execute a fixed-price construction agreement with foreign plant fabricators next month.
The company is currently in the process of assessing the feasibility of enhancing the processing capacity by a minimum of 20% to incorporate an underground component into the mine development.
In the interim, secured lenders have returned to the site, which is assisting in the final credit approval process that is anticipated to take place next month.
Chairperson Harry Anagnostaras-Adams has assured shareholders that the company and its subsidiary are progressing in Ethiopia as quickly as possible, as permitted by land access.
“The situation has turned decidedly pro-mining with site activities made possible over the past two months with the deployment of large safety-protection forces,” he said.
“During the same period, the proclamation of national pro-development reforms is putting Ethiopia in the top ten growth countries globally, where it had been for nearly 20 years until recently.”
Mathew Nyaungwa, Editor in Chief, Rough&Polished
