Kefi Gold is progressing with the Tulu Kapi Gold Project in Ethiopia, targeting the finalization of agreements by March 31, 2025. The company secured a $240 million loan, with requisite government approvals underway, while infrastructure development and community support efforts continue. Favorable market conditions and investor confidence further bolster project viability.
Kefi Gold is making significant strides in the advancement of the Tulu Kapi Gold Project in Ethiopia, with a goal to finalize all definitive agreements by March 31, 2025. The company has successfully obtained credit committee approvals from two banks, securing terms for a substantial $240 million loan that will enable project development to commence with contractors and service providers.
In addition to the loan, Ethiopia’s membership in the second co-lending bank has received approval from government ministers and is pending parliamentary consent, marking an important milestone in securing financing for the project. Harry Anagnostaras-Adams, Co-Founder and Executive Chairman of Kefi Gold, emphasized that the Tulu Kapi Gold Project is progressing as planned, with the necessary bank approvals and strong government backing facilitating the readiness of detailed project documentation by the target date.
Infrastructure investment by the government is also in progress, notably with the road connecting the project site to the highway now 50% completed. Initial community compensation payments have been initiated, and construction of a preliminary camp for the mine is underway. Furthermore, Anagnostaras-Adams highlighted that favorable market conditions, such as high global gold prices and increased investor confidence in Ethiopia—thanks in part to economic growth and the establishment of the Ethiopian Securities Exchange—support the project’s momentum.
In summary, Kefi Gold is advancing the Tulu Kapi Gold Project with significant financial and governmental support, aiming to secure all major agreements by March 2025. The project benefits from a $240 million loan and government-backed infrastructure improvements, alongside favorable global market conditions enhancing investor confidence in Ethiopia’s economic situation.
Original Source: energycapitalpower.com
