KEFI Gold and Copper PLC, a UK-listed exploration firm, is presenting Ethiopian investors with an investment opportunity worth $30 million in its Tulu Kapi Gold Mines SC project. By extending this offer, the company aims to promote economic inclusivity within Ethiopia while enhancing its connections with local stakeholders. This development, highlighted by Executive Chairman Harry Anagnostaras-Adams, underscores KEFI’s commitment to working with Ethiopian partners as part of a larger $500 million funding plan.
So far, KEFI and its consortium, which includes international banks, contractors, and investors, have received conditional approval for $470 million of the required funding. This includes a recent increase in financial backing from international banks, raising their contributions from $190 million to $240 million. Ethiopian government bodies, including the Federal Government and the Oromia Regional State, have already committed $20 million towards the project as part of the assembled funding.
In line with local capital market regulations, KEFI has invited qualified Ethiopian investors to participate in the remaining $30 million required. According to Anagnostaras-Adams, the company has received preliminary expressions of interest from local investors and will proceed in accordance with Ethiopian financial regulations. This gold-linked investment structure is tailored to offer Ethiopian investors returns either in gold or U.S. dollars, aiming to protect against currency fluctuations and inflation.
While initially targeted at qualified investors, KEFI plans to open the investment opportunity to the broader public once Ethiopia’s Securities Exchange is operational, aligning with the company’s larger objectives to support Ethiopia’s gold mining sector and its developing capital market. Through the Tulu Kapi Gold Mines project, KEFI aims to contribute actively to Ethiopia’s economic growth and foster a sustainable investment environment for both local and international participants.
Operating in Ethiopia through Tulu Kapi Gold Mines S.C., KEFI acquired the gold deposit in the West Wollega Zone, Oromia, eight years ago. Development is still in the preliminary phases, focusing currently on community engagement, initial facility setup, and essential infrastructure. The site, estimated to hold 1.05 million ounces in ore reserves and 1.7 million ounces in total mineral resources, is projected to begin full production in 2027 with an anticipated annual output of 140,000 ounces of gold.
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.
