AIM-listed KEFI Gold and Copper has reported that all outstanding major financing conditions precedent requiring Ethiopian government input in relation to the company’s Tulu Kapi Gold Project have now been met.
This significant development enables the Tulu Kapi individual syndicate members to now proceed to final committee and board reviews and approvals for the US$390 million project finance package as set out in the Final Umbrella Agreement described in the Company’s announcement of 27 April 2023. US$370 million of this package has already been covered by arrangements at the Project and subsidiary level with first-tier banks, contractors and investors including the Ethiopian Government itself at both the Federal and the Regional levels.
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.