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Project remains on track for full launch this year AIM-listed KEFI Gold and Copper has announced an expansion of its secured financing facilities for the Tulu Kapi Gold Project in Ethiopia from $190 million to $240 million, as preparations move forward for bond listings, insurance arrangements, and final documentation. The company said in a press statement that its local listing plans for EthioBond are progressing, with sufficient expressions of interest received in alignment with the updated finance plan. Early works have completed for security and community preparations, with selected major works initiated to further de-risk the construction schedule, the statement said. Other formalities underway include Ethiopian parliamentary ratification of AFC membership targeted for February 2025, last-minute checks on construction and mining services agreements scheduled for March 2025, and initiation of insurance process with a panel of underwriters being assembled. The final definitive documentation is on track to be ready for signing by the end of March 2025, pending necessary certifications and syndicate board ratifications, according to the statement. KEFI Executive Chairman, Harry Anagnostaras-Adams said: “Over these few days, we host discussions with the Tulu Kapi Syndicate and the Minister of Mines. The various parallel preparations for financial close and the full launch of major works are progressing well and in tandem. With gold prices firming at $2,800/oz, Anagnostaras-Adams noted that the potential net present value (NPV) of Tulu Kapi per KEFI share now stands at 15 pence per share. In November 2024, KEFI had announced that it will reduce its stake in Gold and Minerals Company (GMCO), its Saudi Arabian joint venture with ARTAR (Abdulrahman Saad AlRashid & Sons), from 25 percent to 15 percent as part of a strategic shift toward its majority-owned Ethiopian assets. |
