KEFI Gold and Copper has moved materially closer to development at Tulu Kapi since October, combining a steady stream of project updates with the start of site works and the completion of two equity raises worth £51.5 million gross. The March financing of £35.8 million was larger than many investors had expected, but its level of institutional backing suggests continued market support at an important stage in the project timetable. Following shareholder approval, total funds raised or committed now broadly match the project’s stated financing requirement of US$355.6 million, leaving only a marginal balance that appears manageable in the context of additional funding proposals already available to the company. For investors, that shifts attention away from immediate funding risk and towards delivery, execution and the pace at which Tulu Kapi can move through construction towards first production.
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.
