KEFI Gold and Copper has announced that it has assembled the full consortium and set the conditional terms for the independently reviewed development funding package of c.US$221 million for the Company’s flagship Tulu Kapi Gold Project.
Commenting, Harry Anagnostaras-Adams, Executive Chairman of KEFI, says:
“I am delighted that we continue to attract strong African experienced participants in our Tulu Kapi funding structure in a manner that enables KEFI and its Government Partners to increase their beneficial ownership, for KEFI to c.65% of the Tula Kapi Project.
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“The refined structure set out is in accordance with the overall plan already approved by TKGM and the regulatory authorities and now includes investment from a well-capitalised and internationally prominent local investor and a global mining finance specialist.
“The pandemic has meant that the TKGM team have worked even more closely with the Government agencies at all levels and other stakeholders, enabling us to adhere to the overall Project timetable targeting production start-up in Q4,2022.
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“The improved gold price outlook and our negotiations over the past few months have switched KEFI’s focus from owning 45% of a 140,000 oz p.a. operation to owning 65% of 190,000 oz p.a. operation, essentially doubling KEFI’s beneficial interest in terms of net production per annum.
“The Ministry has reserved for KEFI its exploration rights to over 1,000 km2 of the surrounding land for exploration and we are confident that in due course we will significantly boost reserves from satellite deposits and further expand the mine life beyond the term of the current economic model.
“We see Tulu Kapi as a mining district and not just one or two mines.
“Our progress and the Project economics are ever more compelling for KEFI and its shareholders and I look forward to reporting further progress in due course.”