Kefi Gold and Copper is fast approaching a pivotal moment in its development journey, with its Tulu Kapi gold project in Ethiopia now nearing full launch readiness. With critical government sign-offs and contractor preparations lining up, this quarter could mark a transformative leap for the AIM-listed explorer and developer.
Kefi Gold and Copper is on the cusp of a significant breakthrough at its flagship Tulu Kapi gold project in Ethiopia, with progress accelerating on every operational and administrative front. The company is targeting this quarter for the finalisation and signing of definitive documentation, a major milestone that will formally initiate full-scale project launch.
A key component currently under rigorous review is the Phase 1 property resettlement programme, encompassing approximately 350 properties and 130 households. These evaluations are being conducted against strict verification benchmarks to ensure full compliance with both Ethiopian law and the World Bank’s international resettlement standards. This commitment underscores the company’s focus on maintaining high ethical and operational standards throughout the development process.
On the ground, early construction activity is already under way. This includes the development of essential infrastructure such as expanded water supply systems and dedicated camps for construction and security personnel. Updated tender pricing for mining services is also being assessed, ensuring that cost efficiencies are locked in as the project transitions into execution mode.
In parallel, Kefi is working to finalise residual administrative clearances. These include the ratification of Africa Finance Corporation’s membership in the project by Ethiopia’s Parliament, and securing independent certifications covering construction contracts, security protocols, community commitments and the overall development timeline. All contractors involved have been formally requested to prepare for mobilisation by the end of this quarter, indicating that all project elements are being tightly coordinated for a synchronised start.
At the operational level, the management structure of Tulu Kapi Gold Mines (TKGM) has been strengthened with key appointments. Simon Cleghorn has been installed as Managing Director, with Theron Brand stepping in as Finance Director—ensuring that leadership on the ground is aligned and equipped to guide the project into its next phase.
From a financing standpoint, Kefi is continuing to refine and optimise its funding syndicate at the subsidiary level. The $300 million capital requirement has been substantially de-risked through a combination of committed contractor contributions and planned capital expenditure, highlighting a well-structured approach to financial stewardship.
Executive chairperson and founder Harry Anagnostaras-Adams notes that preparations for full launch are not only on track but advancing in a way that continues to enhance the project’s economics. The latest business plan projects an initial production life of over seven years—excluding any future upside from underground resources—with an average annual output of 167,000 ounces of gold. This translates into projected net cash flows for project shareholders ranging between $1.1 billion and $1.6 billion, presenting a compelling value proposition.
With robust stakeholder support, improving financial metrics, and real-world activity gathering pace on-site, Tulu Kapi is emerging as one of Africa’s most promising new gold developments. For investors seeking exposure to high-potential gold assets with strong backing and advanced planning, Kefi Gold and Copper’s trajectory offers both scale and near-term momentum.
London-listed company 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.
