Kefi says Tulu Kapi preparations 'flowing' on-schedule

Kefi Gold & Copper PLC on Monday said it was ‘pleased with the progress being made’ as its Tulu Kapi Gold Project in Ethiopia moves closer to production.

The gold and copper exploration and development company noted an announcement, also on Monday, by contractor Lycopodium Ltd, which has won an engineering, supply and labour hire contract for the development of Tulu Kapi.

This, Kefi said, demonstrates that ‘all...physical activities and associated financing arrangements are flowing in accordance with the schedule for first gold pour in early 2028 and full production by mid-2028.’

Kefi also said it was ‘pleased with the progress being made by the recently mobilised leadership teams’ by its subsidiary Tulu Kapi Gold Mines SC, and by all the project’s ‘major’ contractors.

‘We are also pleased that the full package of interdependent project agreements has been finalised and many of the agreements have been executed, including the loan facilities,’ Kefi said. ‘The remainder are expected to be executed in the next few weeks as the broader project syndicate members’ respective compliance procedures are completed, including tasks such as notarisation where required in the various international jurisdictions.’

Kefi added that it continues to have ‘more than enough capital on offer’ for Tulu Kapi’s development, having received commitments covering $310 million of the $330 million approved budget as of January 1.

Furthermore, Kefi said it is making good progress towards finalising the remaining finance components.

Shares in Kefi were down 2.8% at 1.56 pence on Monday afternoon in London.

The price of gold was quoted lower around midday, at $5,089.22 an ounce against $5,142.35 near the London market close on Friday.

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