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KEFI Minerals said ANS Mining had completed its equity subscription in the company's Tulu Kapi gold project.
ANS Mining completed the subscription agreement into the project company, Tulu Kapi Gold Mines Share Company (TKGM) on 5 January after it had completed its own internal processes in accordance with local procedures.
The existing TKGM shareholders, KEFI and the Ethiopian Government, had also approved the issue of TKGM shares to ANS Mining.
Transfer of first tranche funding of US$9.5m was expected to be completed in during January, the company said.
'KEFI had committed to installing into TKGM all the systems and expertise required to develop and operate this first modern mine development in Ethiopia,' the company said.
'Following first funds flow this month we will commence phase one of the community resettlement, trigger debt implementation and detail the final procurement and contractual arrangements with the principal project contractors,' it added.
At 8:28am: (LON:KEFI) KEFI Minerals PLC share price was +0.37p at 1.75p