KEFI Gold and Copper, a company focused on gold and copper exploration and development in the Arabian-Nubian Shield, has shared an update on its Tulu Kapi Gold Project in Ethiopia. The company has received preliminary approval from African Finance Corporation Limited (AFC) following site visits by the co-lenders’ security consultants in July. This follows the final approval granted by Eastern and Southern African Trade and Development Bank Ltd (TDB) in February 2024. KEFI expects AFC’s final approval within the next month, contingent on internal processes.
The company is progressing with the Early Works program, which began in May 2024. This program aims to finalise binding definitive agreements with the funding syndicate and secure initial funds by October 2024, enabling the Major Works to commence shortly after.
Recently, KEFI and its co-lenders and local investors held discussions with Ethiopian Federal Government Ministers and regional leaders. All parties expressed appreciation for the government’s comprehensive support of the project, which includes enhanced security measures, regulatory reforms, and formal recognition of pre-development expenditures for foreign direct investment benefits. Additionally, the government has eased exchange control restrictions and allowed higher debt-equity ratios for the mining sector. These measures have facilitated the advancement of several mining projects, including Tulu Kapi, where initial field and community-focused activities have begun.
Harry Anagnostaras-Adams, KEFI’s Executive Chairman, highlighted the government’s efforts to support the mining industry, which are now yielding results on the ground. He noted that at Tulu Kapi, international engineering tasks and local community consultations are underway, with visible physical activities at the site expected soon.
Ethiopian gold projects, which have recently started their launch preparations, are anticipated to boost gold exports to $1.3 billion annually within three years, potentially surpassing coffee as the country’s leading export sector. These initiatives are part of broader reforms to revitalise Ethiopia’s growth rates and reform its financial system and economy.
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.
