KEFI, the gold and copper exploration and development company, has obtained credit committee approvals from banks for the Tulu Kapi Gold Project financing.
It said finalised terms and conditions have been set for the expanded project finance secured loan package of $240 million.
"The Tulu Kapi Gold Project is proceeding as anticipated, with the approvals received from banks and widespread Government support, and for detailed documentation to be ready 31 March 2025, to trigger full launch as soon as possible thereafter,” said KEFI Founder and Executive Chairman, Harry Anagnostaras-Adams.
“We are accordingly now triggering launch steps with community, contractors and financiers.”
He said the development of Tulu Kapi's regulatory framework and procedural detail needed continual refinement for this first such transaction in Ethiopia.
“Be that as it may, we have succeeded in bringing Tulu Kapi to the starting block with a bespoke project syndicate of Government, leading African banks, contractors and sophisticated investors,” said Anagnostaras-Adams.
"This is a powerful syndicate for the project's long-term protection and optimisation. And we are now confident that all external factors support our plan to assemble all definitive documentation by 31 March 2025, and to then expedite drawdowns and major works."
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
