KEFI (AIM: KEFI) Gold and Copper has reported that approvals and other preparations are progressing well towards an all parties signing of the Tulu Kapi Gold Project financing and the launch of major works.
KEFI founder and executive chairman, Harry Anagnostaras-Adams, commented, “The Tulu Kapi Gold Project is proceeding as anticipated, with the approvals received from banks and widespread government support, and for detailed documentation to be ready 31 March 2025, to trigger full launch as soon as possible thereafter.”
The key activity streams have been proceeding as anticipated and are now considered to comprise procedural formalities given the decisions which have already been taken.
Credit committee approvals have now been granted by both banks with typical applicable conditions for signing and disbursement. Finalized terms and conditions have been set for the expanded project finance secured loan package of US$240M.
Ethiopian Country Membership for the second co-lending bank has been approved at the ministerial level and is going through parliamentary ratification after top-level meetings in Addis Ababa in late February. This is the preferred procedure between countries and their most aligned multilateral development financial institutions, and this form of protection places both co-lenders onto the same in country footing.
The remaining administrative procedures are proceeding in parallel with detailed definitive agreements and are expected to be completed by 31 March 2025.
“It is fortuitous that current timing coincides with gold being at record highs, the recent floating of the local Ethiopian currency and the consequential investor interest in protection against further devaluation with the sharp resurgence of economic growth in Ethiopia and the inception of major economic reforms including the recent launch of Ethiopian Securities Exchange.” Added Mr. Anagnostaras-Adams.
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