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KEFI Minerals has provided an update regarding the Company’s Tulu Kapi Gold Project and its progress towards the goals of closing full Project funding in October 2020 and for gold production to commence in 2022.

Harry Anagnostaras-Adams, Executive Chairman of KEFI, comments:

“I am pleased to report that development and financing activities have been adjusted following recent operational and global events, and plans remain on schedule for project finance closure in October 2020, acceleration of construction in 2021 and gold production in 2022.

“After inputs from all Project contractors, last week TKGM has now signed off all capital expenditure, operating and financing requirements as the final 2020 Tulu Kapi Plan. These detailed and comprehensive Project updates and revisions were within expectations and show a reduced overall Project funding requirement.

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“The senior secured financiers are fully engaged in achieving our timetable and the final details of the finance plan await confirmation of the level of commitment from Ethiopian institutional investors, which we still expect will be clarified later this month.”

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