KEFI Gold and Copper plc (LON:KEFI), has noted today’s public announcement by contractor Lycopodium Limited as regards its involvement in the Tulu Kapi Gold Project in Ethiopia owned by KEFI subsidiary Tulu Kapi Gold Mines S.C. . Lycopodium’s announcement detailing their award of an engineering, supply and labour hire contract for the development of the Project reflects that all the Project physical activities and associated financing arrangements are flowing in accordance with the schedule for first gold pour in early 2028 and full production by mid-2028.
KEFI are pleased with the progress being made by the recently mobilised leadership teams of TKGM and all major Project contractors: Ethiopian Electric Power Company (electricity connection), Ethiopian Roads Authority (new access roads), Lycopodium (process plant and on-site infrastructure), Dashen (house construction for the resettled community) and BCM (bulk earthworks and mining).
We are also pleased that the full package of interdependent Project agreements has been finalised and many of the agreements have been executed, including the loan facilities. The remainder are expected to be executed in the next few weeks as the broader Project syndicate members’ respective compliance procedures are completed, including tasks such as notarisation where required in the various international jurisdictions.
As regards the full Project financing package, it remains the case that the Company has more than enough capital on offer for the Project development for which commitments have been received for US$310 million of the US$330 million approved budget as at 1 January 2026. The Company is making good progress finalising the remaining finance components.
