New Financing Agreements for Tulu Kapi Gold Project in Ethiopia Nearing Completion

KEFI Gold and Copper have announced that they are in the final stages of completing detailed definitive agreements pertaining to the financing of their Tulu Kapi project in Ethiopia. These agreements involve several stakeholders, including contractors, equity investors, and government agencies.

The company has disclosed that the documents for the lenders have been prepared and are currently awaiting approval by the co-lender’s credit committee before they can be formalised. Additionally, the statement also noted independent confirmation of compliance with international banking standards for the updated technical due diligence and security.

As per the statement released by KEFI Gold, the estimated net present value for the Tulu Kapi project amounts to US$377 million at the construction start and US$588 million at the production start, based on a gold price of US$2,020 per ounce.

The Tulu Kapi project, situated in Ethiopia, is a significant gold mining project that has been in the development phase for an extended period. Achieving completion of the financing agreements represents a major stride forward for KEFI Gold and Copper, marking progress towards the full realization of the project.

The company’s commitment to adhering to international banking standards and ensuring compliance with regulations signifies a strong focus on responsible and sustainable business practices. This is an encouraging indication for investors and stakeholders seeking stability and reliability within the mining industry.

Ethiopia is renowned for its abundant untapped mineral resources, and the development of the Tulu Kapi project presents a substantial opportunity for the country’s economy. The interest from equity investors and lenders in the project underscores the potential for growth and development in the region.

In conclusion, the near-finalization of the financing agreements for the Tulu Kapi project represents a positive development for KEFI Gold and Copper. The adherence to international banking standards and confirmation of compliance underscores the company’s dedication to upholding best practices in the industry. This progress signifies an important step forward for the company and the potential economic growth of Ethiopia.