A single government internal administrative issue is all that is standing in the way of AIM-listed KEFI Minerals progressing its Tulu Kapi gold project in Ethiopia.
Ethiopia – KEFI, a gold exploration and development company with projects in Ethiopia and Saudi Arabia, recently confirmed the receipt by Tulu Kapi Gold Mines Share Company (TKGM) of all government permits and independent consultants reports required for closing the project equity financing and triggering the development of the project.
The only outstanding matter now is for the Ethiopian government to resolve certain internal administrative matters.
KEFI has also received re-confirmation from its partners, and TKGM from its contractors, of their respective commitments to proceed as soon as the government has resolved its internal administrative arrangements in a manner which does not impede other shareholders’ protections.
Government support for Tulu Kapi
The budget for the Tulu Kapi project investment has already been approved by the Ethiopian Parliament and the associated infrastructure work for which it pays has already commenced. TKGM has the potential to be the largest single export generator for Ethiopia.
The Minister for Mines and Petroleum, Dr Samuel Urkato, has confirmed to KEFI that the government is keen to proceed with the Project and has authorised the company to report to its shareholders that: “The Tulu Kapi project remains of the highest priority for the government at all levels and that there is just one outstanding administrative matter, internal to the government, which will be resolved shortly, so that the development may commence.”
Harry Anagnostaras-Adams, executive chairman of KEFI, added, “We appreciate the enormous importance of the project to the Ethiopian government and that they need to complete their internal processes. All stakeholders continue to work very hard and we look forward to this being resolved shortly so that the project equity funding can be closed and development of the project started.”