By: Creamer media

The financing had been put on hold following a procedural matter that had to be addressed by one syndicate party, which has now been resolved.

Kefi says the overall process remains unchanged from the expected steps and schedule of the project, with various construction projects already under way.

The company plans to produce gold at a rate of 140 000 oz/y over the initial seven-year mine life for the openpit operation, with scope for future underground mining development.

In turn, project equity capital arrangements are also advancing. The company confirms it has unused working capital resources and undrawn facilities in place pending drawdown of full project finance.

Kefi expects the full Tulu Kapi development to cost $340-million.

“With the gold price at a record high, this is the perfect time to be launching Tulu Kapi and I look forward to providing a further update in the near term,” chairperson Harry Anagnostaras-Adams says.