KEFI Minerals (LON: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has now reported that it has received confirmation from the Ethiopian Government that they have now resolved the outstanding internal administrative arrangements with respect to the Company’s Tulu Kapi Gold Project, as outlined in the Company’s announcement on 29th October 2019.
These outstanding Government administrative arrangements had held up the closing of the Project equity investment past the originally foreseen date of 31 October 2019. Following receipt of this confirmation from the Ethiopian Government, the partners of the Project subsidiary, Tulu Kapi Gold Mines Share Company, are now in a position to complete and sign final documentation relating to the shareholders’ agreement and trigger subscription procedures for the Project equity capital. The community, contractors and other stakeholders will now also be asked to prepare for the commencement of Project development and the site and district security arrangements will continue to be checked and refined with all the authorities. Further announcements will be made by KEFI Minerals in due course.