Kefi Gold is advancing the Tulu Kapi Gold Project in Ethiopia, targeting the completion of definitive agreements by March 31, 2025. The project has secured a $240 million loan and government support, with ongoing infrastructure development and favorable market conditions contributing to its progress.
Kefi Gold is progressing with the Tulu Kapi Gold Project in Ethiopia, aiming to finalize all definitive agreements by March 31, 2025. The company has secured credit committee approvals from two banks and finalized the terms for a $240 million loan, allowing contractors and service providers to initiate project development. The project awaits parliamentary approval for Ethiopia’s membership with its second co-lending bank, a crucial step toward completing its financing.
Harry Anagnostaras-Adams, Co-Founder and Executive Chairman of Kefi Gold, stated that the project is moving forward as expected with necessary bank approvals and robust government support. Comprehensive documentation is set to be prepared by the specified date, enabling a full project launch shortly thereafter. Infrastructure development is supported by government investment, with essential road connections approaching completion, and initial community compensation payments have been issued alongside the establishment of a construction camp for the mine.
Anagnostaras-Adams also highlighted that the project is benefiting from favorable market conditions characterized by high global gold prices and bolstered investor confidence in Ethiopia, which is propelled by economic growth and significant financial reforms, including the introduction of the Ethiopian Securities Exchange.
Kefi Gold is making significant strides in the advancement of the Tulu Kapi Gold Project, with critical financing steps underway and governmental backing. The project’s future seems promising, supported by favorable market dynamics and steady infrastructural developments. The commitment to finalizing project agreements by March 2025 positions Kefi Gold for a successful implementation phase, reflecting the increasing investment potential in Ethiopia’s mining sector.
Original Source: energycapitalpower.com
