London-listed mining company Kefi Gold and Copper has immediately suspended all development activities at its flagship Tulu Kapi gold project in Ethiopia following a serious security incident that resulted in multiple fatalities.
The incident, which occurred on September 4, involved security personnel and community members, and tragically claimed the life of at least one company employee. In response to the breach, Kefi announced it has halted field operations while it engages directly with community representatives, regional authorities, and security stakeholders to assess the situation and establish the conditions necessary for a safe and orderly resumption of work.
Company leadership stressed that project activities will remain paused until comprehensive security measures are put in place to guarantee a secure environment for all personnel and the surrounding communities. Owing to the sensitive and ongoing nature of the situation, Kefi stated it is unable to release further operational or security specifics at this time, noting that this cautious approach is intended to protect the safety and interests of all affected individuals.
“The company is deeply saddened by the loss of life and extends its sincere condolences to all those affected,” Kefi said in an official statement.
Despite the setback, the company emphasized its continued collaboration with federal and regional partners. “The governments of Ethiopia and of the Oromia region are committed partners in Tulu Kapi, and we are working together on both the immediate response and on securing the project’s long-term future in a manner which protects the community and all stakeholders,” the statement added.
Kefi reaffirmed its long-term commitment to the venture. Construction and development at the site officially commenced in March and, prior to the incident, had been running strictly on schedule, with initial gold production targeted for mid-2028.
During the current suspension period, management plans to tightly control expenditures. The company confirmed it will defer further drawdowns and deployments of project financing until the circumstances have been fully evaluated and appropriate risk-mitigation measures are implemented.
To weather the pause, Kefi assured investors that it maintains sufficient capital reserves and committed standby facilities to cover anticipated financial requirements. It remains too early to determine whether the temporary suspension will introduce delays to the broader project development timetable or shift the targeted production window.
