KEFI Gold and Copper nears final approvals for Tulu Kapi project

London-listed KEFI Gold and Copper is on track to secure the final finance approvals for its Tulu Kapi project in Ethiopia this month. The company has begun site preparations, with construction set to start by midyear and gold production to commence by mid-2026 at a rate of 200,000 ounces per year.

The project’s $320-million development budget comprises $190-million in secured debt, $100-million in equity risk notes, and $20-million to $40-million in share subscriptions. Kefi holds a 70% stake in Tulu Kapi and aims to increase its beneficial interest to 80% through agreements with the Ethiopian central bank.

Additionally, the group is working on early construction at another gold mine west of Tulu Kapi and modernising an existing gold mine south of Tulu Kapi. Ethiopia’s top five gold projects, including Tulu Kapi, are expected to boost the country’s gold production from 400,000 to over 1.5 million ounces annually within five years.

KEFI Gold and Copper is also advancing drilling programmes at its Saudi Arabian projects, Hawiah and Jibal Qutman, to expand and upgrade their resources.

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.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
KEFI Gold and Copper

More articles like this

KEFI Gold and Copper

Gold prices expected to rise in the coming weeks

Gold prices are anticipated to advance in the near future, according to a note from TD Securities. Steady central bank purchases and increasing clarity on U.S. interest rate cuts are expected to support the yellow metal.

KEFI Gold and Copper

Gold shines brighter as prices rise

Gold has long been a symbol of wealth, luxury, and enduring value. Its lustrous beauty and intrinsic worth have made it a coveted asset for centuries, revered not just for its ornamental appeal but also for

KEFI Gold and Copper

KEFI Gold and Copper AGM to be held on 22 July 2024

KEFI Gold and Copper plc (LON:KEFI), a gold and copper exploration and development company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia,

KEFI Gold and Copper

Gold price gains momentum after reaching record high

Gold prices have gained momentum after hitting a record high on Monday. Renewed hopes for Federal Reserve rate cuts and escalating Middle East tensions have boosted safe-haven assets like gold. Federal Reserve officials Bostic, Barr, Waller,

KEFI Gold and Copper

Kefi Gold Set to Launch Tulu Kapi Project in Ethiopia

Kefi Gold and Copper, an AIM-listed company, is making significant strides towards launching its Tulu Kapi gold project in Ethiopia, slated for mid-2024. This project, which is situated in a high-grade gold zone with 1.72 million

KEFI Gold and Copper

KEFI Gold and Copper reports progress at Tulu Kapi project in Ethiopia

Aim-listed Kefi Gold and Copper has reported good progress, to schedule, at its high-grade Tulu Kapi gold project in Ethiopia. The remaining finance syndicate board processes are on track for final (conditional) approvals during May, while project launch preparations have started at Tulu Kapi. Kefi