# KEFI Minerals plc Considerable progress made

- Link: https://www.directorstalkinterviews.com/kefi-minerals-plc-considerable-progress-made/412740808
- Published: 2017-11-27T07:11:53+00:00
- Author: Giles Arbor

**KEFI Minerals Plc** ([LON:KEFI](https://www.directorstalkinterviews.com/company/kefi-gold-and-copper/kefi.l)),
confirmed today that it has made considerable progress towards finalising the US
$140 million infrastructure finance lease facility for the development of the Tulu
Kapi Gold Project (the “Project”).

Major milestones achieved included the documentation having been lodged with the
Ethiopian Government for approval and the Ethiopian Minister of Finance and Economic
Development has formalised budget approval for the Government to proceed with their
construction and investment roles for the Project.

The proposed financing structure has been refined in response to soundings with 
potential investors in the listed bonds and the placing of the bonds is now expected
to commence during Q1 2018, with drawdown expected soon thereafter conditional on
equity capital subscription. The c. US$20 million residual equity requirement will
then be triggered and may comprise, in order of preference, equity issues at one
or more of the intermediate, project, or parent company levels.

KEFI Minerals plc is the operator of two advanced gold development projects within
the highly prospective Arabian-Nubian Shield, with an attributable 1.93Moz (100%
of Tulu Kapi’s 1.72Moz and 40% of Jibal Qutman’s 0.73Moz) gold Mineral Resources(
JORC 2012) plus significant resource growth potential. KEFI targets that production
at these projects generates cash flows for further exploration and expansion as 
warranted, recoupment of development costs and, when appropriate, dividends to shareholders.

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