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.
