KEFI Gold and Copper has assembled more than US$400 million of funding for its Tulu Kapi gold project in Ethiopia, allowing the project to move into development.
The financing package includes US$240 million of secured project debt from Africa Finance Corporation and the Eastern and Southern African Trade and Development Bank, US$60 million of mining fleet financing through BCM and more than US$100 million of equity-risk capital.
KEFI also raised approximately £35.6 million through an equity fundraising in March 2026. The funding was used to complete the Tulu Kapi financing package and strengthen the company’s capital base.
KEFI expects to retain around 86% of Tulu Kapi through Tulu Kapi Gold Mines Share Company, with the Ethiopian and Oromia Governments also participating in the project.
Development has moved from planning into execution. The company launched its 27-month development programme in March 2026, with production targeted for 2028.
A major mining services agreement worth around US$400 million has also been signed with BCM Group. The agreement covers the mining fleet and mining services for the initial development and operation of the project.
KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.
