KEFI Gold and Copper PLC, a UK-listed exploration and development company, announced a pivotal investment milestone for its Tulu Kapi Gold Mines SC project in Ethiopia. Of the original $500 million required to finance Tulu Kapi’s development, KEFI and its consortium of international banks, contractors, and investors have collectively conditionally approved $470 million. This follows a recent increase in proposed funding contribution from international banks to $240 million, up from $190 million, as reported today by KEFI in London.
With this milestone, KEFI is advancing its commitment to facilitate Ethiopian participation by having invited local qualified investors to participate in the project’s remaining $30 million in accordance with the current capital market rules & regulations. Ethiopian governmental entities, including the Federal Government and the Oromia Regional State, have already committed $20 million in the project as part of the assembled $470 million.
