KEFI Gold and Copper makes progress with project funding for Tulu Kapi Gold Mine in Ethiopia
London, UK
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February 20, 2024 04:30 AM Eastern Standard Time
KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) executive chairman Harry Anagnostaras-Adams joined Proactive's Stephen Gunnion with an update on the company's Tulu Kapi gold project in Ethiopia following stakeholder meetings at the Mining Indaba in Cape Town last week.
Anagnostaras-Adams detailed the innovative financing structure designed to progress these projects without relying on equity market capital. This approach includes utilizing conventional project finance, engaging mining and processing contractors for risk mitigation, and securing development bank support due to Ethiopia's evolving regulatory landscape.
The financing arrangement marks a pioneering effort in Ethiopia, representing the first internationally financed, bankable project development in the country's private mining sector. This development adheres to the highest International Finance Corporation standards for environmental and social governance, highlighting KEFI's commitment to responsible mining practices.
Furthermore, Anagnostaras-Adams emphasized the importance of community engagement and the meticulous planning required to ensure local support and security. With a comprehensive strategy encompassing physical, legal, and financial preparations, KEFI aims to launch the project in the first half of the year. This ambitious plan involves local capital investment, leveraging multinational subsidiaries in Ethiopia, and navigating the country's regulatory adjustments to facilitate foreign investment.
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