KEFI Gold and Copper plc (AIM: KEFI) has announced a successful equity raise of £7.6M to accelerate preparations for the launch of its flagship Tulu Kapi Gold Project in Ethiopia.
The proceeds from the fundraise will be used to fast-track several pre-development activities, including community resettlement, infrastructure upgrades, and early-stage mobilization. These steps are critical to maintaining momentum ahead of the project’s anticipated full financing close, expected by mid-2025.
The funding round saw participation from both existing and new institutional investors, reinforcing confidence in KEFI’s progress and development plan.
“This financing positions us to move decisively toward production at Tulu Kapi, a transformational project for both KEFI and Ethiopia,” said Harry Anagnostaras-Adams, Executive Chairman of KEFI. “We are grateful for the continued support of our investors as we unlock the project’s significant value.”
The Tulu Kapi Project, located in western Ethiopia, is designed as a conventional open-pit gold mine expected to produce approximately 140,000oz of gold per year over an initial seven-year mine life. The company has plans to expand the project’s scale and life through further exploration and development.
Tulu Kapi is being developed through TKGM, KEFI’s Ethiopian subsidiary, in collaboration with a syndicate of international and local partners, including banks, contractors, and government stakeholders.
For further information, visit www.kefi-goldandcopper.com
To read more articles like this, please visit www.theassay.com/news
