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KEFI Gold and Copper PLC (LSE:KEFI) has provided an update on the progress of early works at the Tulu Kapi site in Ethiopia, indicating that the project funding syndicate is moving closer to obtaining investment approval.
The company said that security inspections have been successfully completed, with no additional inspections required by funding members prior to granting approval. Additionally, ongoing local consultations with stakeholders have been well-received, and preparations for community resettlement are actively in progress.
From a financial perspective, the Ethiopian government has expressed its readiness to provide all necessary ratifications for the project. KEFI continues to prioritize securing the equity portion of the project financing, which is critical for moving forward. Executive Chair Harry Anagnostaras-Adams noted the importance of the early works program, stating that preparations are underway for the launch of major construction activities.
The company aims to enter into definitive commitments from the funding syndicate in the coming month, which will facilitate financial closure and the initiation of major works. Anagnostaras-Adams emphasized the positive support and collaboration received from the community, government agencies, and the project syndicate, which are vital for the project's success.
Additionally, the Chair highlighted the recent upward trend in gold prices, which continue to set new record highs, positioning the project favorably in the current market. Ethiopia’s re-entry into the list of the world’s top ten growth countries further underscores the for economic development and investment in the region.
As KEFI Gold and Copper advances through these crucial early stages, the company remains committed to maintaining transparency and fostering strong relationships with local stakeholders to ensure the successful development of the Tulu Kapi project.
