KEFI Gold and Copper reported that full development of its high-grade Tulu Kapi Gold Project in Ethiopia is scheduled to commence by the end of 2025, following the finalisation of its funding package.
The update was presented by KEFI's Executive chairperson, Harry Anagnostaras-Adams, at the MINTEX Ethiopia conference on November 16, 2025.
The project's total budget of approximately $340 million has been finalised, with the $240 million debt portion already approved by lenders.
Equity commitments and proposals have been received exceeding the remaining $100 million requirement, clearing the path for project launch.
The company outlined remaining financing objectives, including optimising the equity capital structure within one week, facilitating local investment in Ethiopian Birr, creating securities for future stock exchange listing, reinforcing support from international mining financiers, and examining potential excess capital for regional sustainability programs.
These commitments were formalised in a Memorandum of Intent signed by Tulu Kapi Gold Mines in the presence of key stakeholders, including federal and regional governments, lenders, sovereign funds of Ethiopia and Oromia, local contractors, and the Tulu Kapi Charitable Endowment Fund.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
