By:Miningweekly

The company is preparing for the local listing of the bonds and explains that the financing facilities for the project have increased from $190-million to $240-million.

Ethiopia is in the process of ratifying its membership to Africa Finance Corporation, with the organisation helping to bridge Africa’s infrastructure investment gap.

"With the funding package and timing now established, the formalities of confirmations are now under way,” Kefi says.

It expects to sign final definitive documentation for funding of the project by the end of March.

The company continues to advance early works on site, having completed security and community preparations and having started select major works to de-risk the construction schedule.

Kefi chairperson Harry Anagnostaras-Adams says various parallel discussions to reach financial close on Tulu Kapi have progressed well, while discussions with the Ethiopian government on the company’s resettlement plan have also been pleasing. 

"At the same time, with the gold price firming, the potential net present value of Tulu Kapi per Kefi share on issue now stands at 15p apiece at the current gold price of $2 800/oz."

The project is expected to start production at a rate of 140 000 oz/y from mid-2026.