KEFI (AIM: KEFI) reports that the Tulu Kapi Gold Project in Ethiopia is now scheduled for full development start-up by year-end 2025, following confirmation of the complete project financing structure and agreement across all syndicate partners.
The Company has finalized the US$340M development budget for Tulu Kapi.
Key components are now in place:
- US$240M in senior project debt approved by the lending syndicate.
- Equity commitments exceeding the required US$100M, with strong interest from both local and international investors.
KEFI notes that the remaining financing steps are procedural, including final optimization of the equity structure, completion of definitive documentation, and establishing mechanisms for Ethiopian BIRR investment. Work is also advancing toward creating securities for KEFI Minerals Ethiopia, paving the way for a future stock exchange listing.
Stakeholders—including the Federal and Regional Governments, sovereign funds, lenders, local contractors, and the Tulu Kapi Charitable Endowment Fund—signed a Memorandum of Intent outlining coordinated support for the project launch.
Excess local capital subscriptions, if available, may be directed toward accelerating long-term programmes around Tulu Kapi, such as:
- Early underground mine planning
- Exploration initiatives
- Community and regional development projects
Executive Chairman Harry Anagnostaras-Adams presented the project’s progress and the broader take-off of Ethiopia’s minerals sector at MINTEX Ethiopia on 16 November 2025, with senior government officials, lenders, and investors in attendance. The presentation is available on KEFI’s website.
With financing aligned and launch objectives agreed, KEFI is immediately escalating on-the-ground activity, including the roll-out of community resettlement housing, project plant preparations, and infrastructure works.
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