Kefi Gold is advancing the Tulu Kapi Gold Project in Ethiopia, targeting definitive agreements by March 31, 2025. The company has secured a $240 million loan and awaits parliamentary approval for further financing. Government support is evident in infrastructure development, and favorable market conditions bolster confidence in the project’s success.
Kefi Gold is making significant strides with the Tulu Kapi Gold Project in Ethiopia, aiming to finalize all definitive agreements by March 31, 2025. The company has received approvals from two banks’ credit committees and finalized terms for a $240 million loan, which allows for the initiation of project development by contractors and service providers. Additionally, the second co-lending bank’s membership has gained ministerial approval and now awaits parliamentary validation, essential for securing project financing.
Harry Anagnostaras-Adams, Co-Founder and Executive Chairman of Kefi Gold, noted that the project is advancing as planned, with substantial government backing and necessary bank approvals. Documentation is expected to be ready by March 31, 2025, which will enable a full launch shortly thereafter. Meanwhile, the Ethiopian government is investing in crucial infrastructure, with a road connecting the mining site to the main highway currently 50% complete. Community compensation payments have commenced, and an initial construction camp is also underway.
Anagnostaras-Adams emphasized that favorable market conditions, such as high global gold prices and renewed investor confidence in Ethiopia due to economic growth and reforms, especially the introduction of the Ethiopian Securities Exchange, are enhancing the project’s outlook.
Kefi Gold is progressing well with the Tulu Kapi Gold Project, aligning financing and infrastructural support. With a significant loan approved and government investments underway, the project is set to capitalize on favorable market conditions, aiming for a complete launch by mid-2025. These developments indicate strong support and potential for Ethiopia’s mining sector.
Original Source: energycapitalpower.com
