Tulu Kapi project progressing as scheduled
Aim-listed Kefi Gold and Copper notes contractor Lycopodium’s announcement detailing its award of an engineering, supply and labour hire contract for the development of Kefi’s Tulu Kapi gold project, in Ethiopia.
This reflects that all the project 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 points out.
The project is owned by Kefi’s subsidiary Tulu Kapi Gold Mines (TKGM).
Kefi says the company is pleased with the progress being made by the recently mobilised leadership teams of TKGM and all major project contractors: the Ethiopian Electric Power Company for electricity connection, the Ethiopian Roads Authority for new access roads, Lycopodium for process plant and on-site infrastructure, Dashen for house construction for the resettled community and BCM for bulk earthworks and mining.
Kefi also highlights that the full package of interdependent project agreements has been finalised and many of the agreements have been executed, including the loan facilities.
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.
For the full project financing package, the company says that it has enough capital on offer for the project development for which commitments have been received for $310-million of the $330-million approved budget as at January 1.
Kefi highlights that it is making good progress in finalising the remaining finance components.
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