KEFI (AIM: KEFI) reports that the signing of the US$240M debt financing for its flagship Tulu Kapi Gold Project in Ethiopia is expected to take place this week, following the resolution of a procedural matter involving one syndicate party.
The overall US$340M project funding plan remains on track, with construction activities already underway as part of the phased launch. Equity capital arrangements are also progressing, and KEFI confirms it has sufficient working capital and undrawn facilities in place ahead of the full financing drawdown.
A further update will be provided once appropriate.
Harry Anagnostaras-Adams, Executive Chairman of KEFI commented, “The process for full launch of Tulu Kapi continues intensely on all fronts with all parties, with all steps remaining scheduled for this month and next in accordance with the Tulu Kapi Project syndicate’s agreed schedule. “With the gold price at a record high this is the perfect time to be launching Tulu Kapi and I look forward to providing a further update in the near term.”
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