Kefi Gold Makes Progress on Tulu Kapi Gold Project in Ethiopia

Kefi Gold is advancing the Tulu Kapi Gold Project in Ethiopia, targeting to finalize agreements by March 31, 2025. The company has secured a $240 million loan and received governmental support, alongside infrastructure development and community compensation efforts. Favorable market conditions contribute to investor confidence in the region.

Kefi Gold, a company specializing in gold and copper exploration, is making significant advancements in the Tulu Kapi Gold Project located in Ethiopia. The objective is to finalize all definitive agreements related to the project by March 31, 2025.

The company has received approvals from two banks’ credit committees to secure a $240 million loan, which enables the commencement of project development activities with contractors and service providers. Furthermore, the second co-lending bank’s membership has gained backing from Ethiopian ministers and now awaits parliamentary approval, a critical step for securing project financing.

Harry Anagnostaras-Adams, Co-Founder and Executive Chairman of Kefi Gold, stated that the project is progressing as anticipated, with approvals from banks and significant government support. He noted the goal is to have detailed documentation ready by March 31, 2025, to facilitate an immediate launch thereafter.

The Ethiopian government is currently investing in essential infrastructure, with a road connecting the project site to the main highway now 50% complete. Community compensation payments have been initiated, and groundwork for the initial construction camp is underway.

Anagnostaras-Adams commented that favorable market conditions, such as elevated global gold prices and heightened investor confidence in Ethiopia, driven by economic growth and financial reforms like the establishment of the Ethiopian Securities Exchange, are supporting the project’s momentum.

In summary, Kefi Gold is on track with the Tulu Kapi Gold Project, having secured substantial bank approvals for financing and government backing. With essential infrastructure being developed and community compensation underway, the company is well-positioned to finalize agreements by the target date. Additionally, positive market conditions are amplifying investor confidence in Ethiopia’s evolving economic landscape.

Original Source: energycapitalpower.com