Aim-listed Kefi Minerals says its preparations for the development of its Tulu Kapi gold project, in Ethiopia, continue in earnest with the recent appointment of the head of project implementation, his construction oversight team and the start of their engagement with the principal project contractors Lycopodium and Ausdrill.
On the financing front, the planned project-level equity investment by a local syndicate is the next key milestone and this remains on track for the syndicate to provide its planned $30-million equity investment to complement the $20-million equity investment by the government of Ethiopia, leaving Kefi with a stake of about 54% in the project.
"Work continues methodically to prepare for the Tulu Kapi project development and now includes the final preparations by the Ethiopian equity investment syndicate.
“The widespread positive atmosphere in Ethiopia is a notable turnaround from that seen during the state of emergency that was lifted in early June upon the appointment of the new government," MD Harry Anagnostaras-Adams said in a statement on Tuesday.