Kefi Gold Progresses with Tulu Kapi Project in Ethiopia

Kefi Gold is advancing the Tulu Kapi Gold Project in Ethiopia, aiming to finalize agreements by March 31, 2025. The firm has obtained approvals for a $240 million loan, with necessary governmental support and infrastructure developments underway. Positive market conditions are further bolstering the project.

Kefi Gold, a company specializing in gold and copper exploration, is making significant strides toward advancing the Tulu Kapi Gold Project in Ethiopia. The firm has set an ambitious goal to sign all definitive agreements for this project by March 31, 2025. To date, approvals from two banks’ credit committees have been secured, facilitating finalization of a $240 million loan, which will enable contractors and service providers to commence project development.

Furthermore, the Ethiopian government’s membership with the co-lending bank has been approved by ministers and is now pending parliamentary approval, which is crucial for the project’s financing. Harry Anagnostaras-Adams, the Co-Founder and Executive Chairman of Kefi Gold, expressed optimism regarding the project, stating, “The Tulu Kapi Gold Project is proceeding as anticipated, with the approvals received from banks and widespread Government support, and for detailed documentation to be ready 31 March 2025, to trigger full launch as soon as possible thereafter.”

In terms of infrastructure, the Ethiopian government is already investing in key developments, evidenced by the road connecting the site to the highway being 50% complete. Compensation payments to the local community have begun, and the construction of an initial camp for mine operations is underway.

The project is further supported by favorable market conditions, including elevated global gold prices and growing investor confidence in Ethiopia, attributed to ongoing economic growth alongside vital financial reforms such as the establishment of the Ethiopian Securities Exchange.

In summary, Kefi Gold’s Tulu Kapi Gold Project is progressing positively with significant financial backing, government support, and completed infrastructure developments. The timelines established may facilitate a swift launch by 2025, with favorable market conditions further enhancing the project’s viability.

Original Source: energycapitalpower.com