KEFI Minerals has announced that its subsidiary, Tulu Kapi Gold Mines (TKGM) has launched the company’s Tulu Kapi Gold Project with its Ethiopian private and public sector partners.
The project has gained significant momentum in recent weeks and, after many unfortunate delays, is ready for the start of development.
It is supported by all consortium members and the Ethiopian Government at all levels.
KEFI and TKGM’s Executive Chairman, Harry Anagnostaras-Adams, says:
“I am delighted that the project has reached this stage, after so many delays and setbacks as the country and the sector were going through quite an amazing change.
“We have shared the frustrations of our shareholders and our partners, but I now believe the project has encouraging momentum. As first mover for modern mining in Ethiopia, we have done the heavy lifting with the authorities and the community and we can now all share the benefits as we advance.
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“It is especially pleasing to see the strengthening of capital market interest and support from capital providers both inside and outside the Ethiopia for the project.”
KEFI has strong local partners, principal contractors and an on-the-groundteam. The project also now has two alternative project infrastructure finance proposals to consider, the long-standing bond-lease based proposal and a conventional bank-project finance proposal from leading African banks.
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The project’s 24-month development schedule is expected to start in January 2020 and the project consortium action plan has now been agreed.