KEFI Gold and Copper PLC (AIM: KEFI, OTC: KFFLF) has confirmed it is closing in on the final approvals and signing of the full finance package for its flagship Tulu Kapi gold project in Ethiopia, with completion targeted for September.
The company stated that the project’s capital budget is set at US$340 million, backed by an expanded US$240 million debt facility formally offered by co-lenders. Equity-risk capital of around US$100 million is being finalised, with US$40 million already committed.
“All work streams are progressing well, with the immediate priority being completion this month of the already in-train approval and signing process for the whole project finance package,” said executive chair Harry Anagnostaras-Adams.
He described the package as the first international project finance closing for Ethiopia, achieved through a “notably collaborative effort” involving hundreds of contributors across the country and internationally.
Highlights
· US$340 million Project capital budget updated from 2023, being certified.
· US$240 million expanded debt facility now formally offered by both co-lenders.
· US$100 million equity-risk capital assembled at subsidiary level for finalisation.
· Approvals and signing of full Project finance package scheduled for completion in September 2025.
· Field activities on schedule and full development expected to begin in October 2025.
Fieldwork and production plans
On the ground, activities remain on schedule, with full development due to start in October. Once in production, Tulu Kapi is expected to deliver around 160,000 ounces of gold per year from its open pit during its first full year of operations.
Anagnostaras-Adams noted that Ethiopia is already experiencing “something of a gold rush,” with exports so far this year jumping from under 10 tonnes to over 30 tonnes.
Positioned in the highly prospective Nubian Shield within the Oromia Region, Tulu Kapi is being advanced to international standards across social, environmental, technical, operational, financial, and legal frameworks.
“What a great accomplishment after so many years of tireless persistence by our hard-working team,” Adams added. “We are now fortunate enough to trigger Tulu Kapi’s full development at what is perhaps the early stages of a major gold market boom.”
Further information can be viewed at https://www.kefi-goldandcopper.com
