KEFI Gold and Copper, an exploration and development company focused on the Arabian-Nubian Shield, has launched the Tulu Kapi Gold Mine project in Ethiopia. The company’s projects are based in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia. The Tulu Kapi Gold Mine board includes representatives from KEFI, the Ethiopian Federal Government, and the Oromia Regional Government. The project launch follows the deployment of dedicated site policing and conditional confirmations from the project’s finance syndicate members.
Harry Anagnostaras-Adams, KEFI’s Executive Chairman, highlighted that the launch coincides with improved conditions in Ethiopia and high gold prices. He noted that Tulu Kapi’s high grade and process recovery, along with the project design, ensures robust long-term economic viability. The project will support further exploration, development, and local social development projects, including schools and water supply. The returns for capital investors and lenders are attractive, and recent exemptions from exchange controls enhance the Ethiopian mining investment climate. KEFI aims to complete early works on schedule and meet conditions for full project finance drawdown, enabling major works to begin in October 2024. The project adheres to high standards in safety, social, environmental, and technical aspects, ensuring Tulu Kapi remains a showcase project for Ethiopia’s emerging mining sector.
Until September 2024, the work will involve preparation for community resettlement, detailed engineering for procurement, community consultations on social development plans, and recruitment and organisational development. Concurrent financing activities include independent monitoring to ensure Early Works progress on schedule under new policing and safety systems, satisfaction of all conditions precedent (mostly administrative), execution of detailed documentation, and the drawdown of financing syndicate equity-risk capital from October 2024 to mid-2025, followed by debt capital.
Major works from October 2024 will include procurement and fabrication of the plant internationally, community resettlement, site earthworks, grade-control drilling, transportation and assembly of plant and infrastructure, mining operations, and a Definitive Feasibility Study (DFS) on the underground mine.
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.
