AIM-listed Kefi Gold and Copper has completed essential early-stage preparations for its Tulu Kapi gold project in Ethiopia, following certification by independent inspectors.
The company confirmed that initial construction and security camps, land surveys, and community resettlement efforts—originally planned for later phases—were successfully fast-tracked ahead of the project’s full launch.
Kefi said that these site preparations have been formally certified, while updated cost estimates and timelines have been integrated into the project’s financing plan.
The revised financial model is undergoing final review before being incorporated into definitive documentation, which has already been drafted and circulated among stakeholders.
The project’s $240-million funding package, backed by two co-lending banks, has secured credit committee approval from both institutions, with one having completed board ratification and the other nearing final endorsement.
Equity portions of the financing will be accessed first, followed by debt drawdowns, aligned with the project’s disbursement schedule.
"I extend my sincere thanks to the teams of all stakeholders for their hard work and diligence in preparing the full launch of the Tulu Kapi gold project,” says Kefi executive chairperson Harry Anagnostaras-Adams.
“This transaction marks a first of its kind in Ethiopia – a bespoke syndicate of carefully selected parties operating within a structure designed to effectively manage risk.
He added: “Each syndicate member is a leader in its field, is committing for the long term and is fulfilling its role with exemplary professionalism. I thank them on behalf of Kefi and our shareholders, who I also especially thank for their patience and support for us preparing the project for this exciting moment.”
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
