On 20th May 2024, KEFI Gold and Copper PLC officially launched the Tulu Kapi Gold Mines (TKGM) project in Ethiopia. This project launch received approval from the TKGM board, which includes members from both the Ethiopian federal and Oromia regional governments. KEFI Gold and Copper PLC, based in Cyprus, is a company dedicated to gold exploration and development.
KEFI Gold and Copper announced that the Tulu Kapi Gold Project in West Welega will commence production in 2026. In a statement, the company said, “Early works comprise a number of activities with the community and other stakeholders to ensure that everyone is fully informed and consulted and the site is prepared for the major works to commence. Our focus is now on successfully completing the Early Works at Tulu Kapi so that we can close the US$320 million project finance package and launch Major Works in October 2024.”
The Tulu Kapi Gold Mines project is located in the Oromia region of western Ethiopia, approximately 28 kilometres east of the town of Ayra-Gulliso in the West Wollega zone. This will be the first large-scale industrial mining initiative in Ethiopia in nearly 30 years. According to reports, gold production at this site is expected to begin in mid-2026, marking an important milestone as Ethiopia’s first large-scale, industrial mining operation.
The project is anticipated to create around 1,000 direct jobs and 5,000 to 10,000 indirect jobs, significantly boosting the economy through increased employment opportunities and export revenue. Designed to comply with the World Bank’s IFC Performance Standards, the project emphasises strong environmental, social, and governance (ESG) factors, ensuring responsible and sustainable development.
The Tulu Kapi Gold Mines project represents a significant milestone for Ethiopia’s mining industry, promising economic growth through job creation and exports while prioritising sustainable and responsible development practices.
London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.
