Kefi Gold is advancing the Tulu Kapi Gold Project in Ethiopia, aiming to finalize definitive agreements by March 31, 2025. The company has secured a $240 million loan and is progressing on supportive infrastructure. Government support and favorable market conditions are contributing positively to the project’s advancement.
Kefi Gold, an exploration and development company focused on gold and copper, is making significant strides in advancing the Tulu Kapi Gold Project in Ethiopia. The firm plans to finalize all definitive agreements for the project by March 31, 2025.
So far, Kefi Gold has secured credit approvals from two banks and finalized terms for a $240 million loan, thereby facilitating the engagement of contractors and service providers to initiate project development. Additionally, the Ethiopian government is working towards parliamentary approval of its membership with the second co-lending bank, which is essential for completing the financing of the project.
Harry Anagnostaras-Adams, Co-Founder and Executive Chairman of Kefi Gold, remarked, “The Tulu Kapi Gold Project is proceeding as anticipated, with the approvals received from banks and widespread Government support, and for detailed documentation to be ready 31 March 2025, to trigger full launch as soon as possible thereafter.”
Progress on supportive infrastructure is evident, as the road linking the site to the highway is currently 50% complete. The company has commenced community compensation payments and is in the process of constructing an initial camp for the mine.
Furthermore, Anagnostaras-Adams noted that the advancement of this project benefits from favorable market conditions, particularly elevated global gold prices and heightened investor confidence in Ethiopia, which stem from the nation’s economic growth and significant financial reforms, including the establishment of the Ethiopian Securities Exchange.
In summation, Kefi Gold is making commendable progress with the Tulu Kapi Gold Project, highlighted by financial commitments, government support, and infrastructure development. The anticipated completion of definitive agreements by March 31, 2025, positions the project for a full launch, further supported by favorable market conditions. This project not only signifies advancement for Kefi Gold but also for Ethiopia’s economic landscape.
Original Source: energycapitalpower.com
