KEFI Gold and Copper PLC (AIM: KEFI, OTC: KFFLF) has confirmed its plans to initiate operations at Tulu Kapi in Ethiopia in the upcoming months. This move is in tandem with the Ethiopian government’s ongoing efforts to bolster security and prepare the local community.
Despite the declared state of emergency in the Amhara region related to local matters, it’s anticipated that the commencement of Tulu Kapi’s (TKGM) operations will proceed undisturbed, as mentioned in the company’s recent quarterly update.
Funding for Tulu Kapi’s construction, amounting to US$320 million, has been secured through both debt and equity channels. On top of this, the mining contractor will provide the essential US$70 million mining equipment, the report highlighted.
KEFI further stated, “TKGM is effectively fully permitted, with financing set and awaiting final approvals from our bank and project investors. They have already prepared the preliminary documentation for the final funding package.”
Projected timelines for various projects include:
- 2023: Initiation of the Tulu Kapi open-pit in Ethiopia with the first production set for late 2025.
- 2024: Start of Jibal Qutman Gold open-pit in Saudi Arabia, targeting first production by the end of 2025.
- 2025: Beginning of the Hawiah Copper-Gold open-pit in Saudi Arabia with first production slated for 2027.
- 2026 onwards: Development of underground mining at both Tulu Kapi and Hawiah, aiming for first production within two years of launch.
