KEFI Gold and Copper plc (LON:KEFI), a gold and copper exploration and development company focused on the Arabian-Nubian Shield with a pipeline of projects in the Federal Democratic Republic of Ethiopia, and the Kingdom of Saudi Arabia, has announced that full Project development is planned to commence by year-end 2025, at the Company’s high-grade/high-recovery Tulu Kapi Gold Project.
Highlights
· The take off of the Ethiopian minerals sector and the launch of the Tulu Kapi Gold Project were presented by KEFI’s Executive Chairman, Harry Anagnostaras-Adams, at MINTEX Ethiopia yesterday, 16 November 2025, to an audience including H.E Eng. Habtamu Tegegne, Minister for Mines, international and local banks and investors, the personnel of Tulu Kapi Gold Mines S.C. and the general public. The presentation is available on the Company’s website.
· The Project’s c.US$340 million Project budget has been finalised.
· The Project’s US$240 million debt portion of the funding has been approved by the lenders.
· Equity commitments and proposals have been received in excess of the remaining US$100 million.
· The remaining Project financing tasks are summarised into the following set of objectives:
o One week to optimise the equity capital structure and then one week to finalise any remaining detailed definitive documentation required for finance closing and launch.
o To facilitate participation by local public and private sectors to invest Ethiopian BIRR.
o To create securities of KEFI Minerals Ethiopia, for stock exchange listing in due course.
o To reinforce support from international specialist mining financiers.
o To examine the potential to deploy any excess local capital subscriptions to bringing forward programmes for long-term sustainability in the region around Tulu Kapi, including planning of the underground mine, exploration and community development.
· These matters were set out in a Memorandum of Intent signed by TKGM in the presence of its principal stakeholders, including its parent company KEFI Gold and Copper, Federal and Regional Governments, its lenders, the Sovereign Funds of Ethiopia and Oromia, the principal local contractors and the Tulu Kapi Charitable Endowment Fund.
· Development activities to be immediately escalated including works on community housing and Project plant and infrastructure
