KEFI Gold and Copper has finally pulled the trigger on its long-awaited flagship project, securing a heavyweight funding package that clears the path to production.
The AIM-listed miner has successfully launched development of the Tulu Kapi Gold Project after lining up a US$340 million blend of debt and equity financing. On top of that, a further US$60 million has been earmarked for the mining fleet, with an additional US$30 million set aside as contingency—giving the project a robust financial cushion from the outset.
Construction is now moving toward a late-2027 commissioning date, with full-scale production expected in 2028. On KEFI’s numbers, the prize is substantial: at gold prices between US$3,000 and US$5,000 an ounce, the project’s projected net present value to the company ranges from US$710 million to as much as US$1.67 billion.
Away from Ethiopia, progress has also accelerated in Saudi Arabia. KEFI’s joint venture vehicle, GMCO, controls a portfolio of gold and copper assets that the company believes could underpin its next growth phase. Since its IPO, KEFI has invested around US$100 million in exploration and development across its projects, steadily building scale and optionality.
With development now fully funded and a production timeline in sight, KEFI Gold and Copper PLC has its ambitions firmly set on the next rung of the ladder. The company says it is targeting a move to the Main Market of the London Stock Exchange by 2028—a milestone that would mark its transition from developer to established producer.
