Kefi Gold is progressing well with the Tulu Kapi Gold Project in Ethiopia, targeting to finalize agreements by March 31, 2025. A $240 million loan has been confirmed, with government support enhancing project development. Infrastructure work is underway, and favorable market conditions are aiding project advancement.
Kefi Gold is making significant progress in the Tulu Kapi Gold Project located in Ethiopia, with plans to finalize all definitive agreements by March 31, 2025. The company has received credit committee approvals from two banks and completed the terms for a $240 million loan, allowing contractors and service providers to initiate development activities.
Furthermore, the membership approval from Ethiopia’s second co-lending bank has been granted by ministers but is currently pending parliamentary approval, which is crucial for finalizing the financing of the project. “The Tulu Kapi Gold Project is proceeding as anticipated, with the approvals received from banks and widespread Government support, and for detailed documentation to be ready 31 March 2025, to trigger full launch as soon as possible thereafter,” emphasized Harry Anagnostaras-Adams, Co-Founder and Executive Chairman of Kefi Gold.
The government is actively investing in infrastructure to facilitate the project, with 50% completion of the road connecting the site to the highway. Initial community compensation payments have been made, and a construction camp for the mine is underway. The project’s advancement is supported by favorable market conditions, such as rising global gold prices and growing investor confidence in Ethiopia, attributed to the country’s economic growth and significant financial reforms, including the introduction of the Ethiopian Securities Exchange.
In summary, Kefi Gold is effectively advancing the Tulu Kapi Gold Project in Ethiopia, aiming for comprehensive agreements by March 2025. With important financial backing secured, government infrastructure support in progress, and positive market dynamics, the project is positioned for a successful launch. The cooperation between the company and Ethiopian authorities reflects a promising investment environment bolstered by recent economic reforms.
Original Source: energycapitalpower.com
