KEFI Gold and Copper is progressing its Tulu Kapi gold project in Ethiopia, with renewed development activity marking an important step towards advancing the project following a temporary suspension. The company is taking a phased approach, prioritising infrastructure, community engagement and security as it works towards its longer-term production ambitions.
Development activity resumed following consultations with local communities, government representatives and other stakeholders. Initial work includes electricity connection infrastructure and access roads, with further stages expected to cover community resettlement, security installations, site earthworks and workforce accommodation.
The project has already secured a substantial financing package, including US$240 million in senior debt, US$60 million in mining fleet financing and more than US$100 million in equity-risk capital. This funding structure represents a significant step in establishing the financial foundations for development, while the timing of expenditure and funding drawdowns will continue to be coordinated with the construction programme.
KEFI has also entered into a mining services agreement with BCM Group valued at more than US$400 million over the initial nine years of operations. The agreement provides an important framework for mining activities as the project moves through its development stages.
The company is continuing to work with Ethiopian authorities, local communities, lenders and contractors to support the next phase of construction. Local participation is also a priority, with KEFI seeking to use experienced regional firms for fieldwork where possible.
With financing assembled and key contractors appointed, the focus is now on translating the project’s development plans into practical progress on site. Further updates on construction sequencing and funding arrangements are expected as milestones are completed.
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.
