Kefi confirms Tulu Kapi on track for late-2027 commissioning
Kefi Gold & Copper PLC on Tuesday said its Tulu Kapi gold project in Ethiopia remains on track for commissioning in late 2027 and full production in 2028, as the company confirmed the formal launch of development and progress on key contracting and financing milestones.
Kefi shares were down 4.8% at 1.20 pence in London on Tuesday afternoon.
The gold and copper exploration and development in Ethiopia and Saudi Arabia said all final project contracting packages have now been secured, covering the full capital expenditure and more than half of the project‘s seven-year operating costs, including mining services and electricity supply.
Kefi said Lycopodium has started work as the lead design and construction contractor for the process plant and on-site infrastructure, after its contract was activated. Field activities have also ramped up, including work by Ethiopian Electric Power on the power connection and by the Ethiopian Roads Authority on new access roads to the site.
The company said the development finance package for Tulu Kapi now totals $340 million, comprising $240 million in debt and $100 million in equity, alongside $60 million for the mining fleet funded via a mining services agreement. A further $30 million of non-dilutive capital has been arranged for contingencies and growth opportunities in Ethiopia and Saudi Arabia.
Kefi said the financing process was finalised following Ethiopian parliamentary ratification earlier in 2025, with debt commitments formalised in October and equity components assembled in December. Lender approvals for the remaining detailed documentation are expected shortly.
At gold prices of $3,000 to $5,000 per ounce, Kefi estimates the net present value attributable to the company at the start of construction at between $710 million and $1.67 billion, equivalent to roughly 5 pence to 11 pence per share, excluding its Saudi assets.
Executive Chair Harry Anagnostaras-Adams said: ‘Our successful funding of the high-grade and high-recovery Tulu Kapi gold development took many years of intense effort as the first-mover, against a changing, and at times challenging, geopolitical landscape.’
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