Aim-listed Kefi Minerals’ Ethiopian private sector project partner ANS Mining has increased its investment commitment to subscribe for new shares in project company Tulu Kapi Gold Mines (TKGM) to the Birr equivalent of $38-million, compared with the previously planned commitment of $30-million.
ANS has also nominated its appointees to the TKGM board as per its right under a September 2018 subscription agreement.
Its nominated employees are former Federal State Minister of Finance and Economic Cooperation Hailemelekot Teklegeorgis and long-standing natural resources senior executive in Ethiopia and internationally Wondwossen Zeleke.
Moreover, ANS has nominated as special advisers to the TKGM board former Ethiopian Chamber of Commerce chairperson Zafu Eyessuswork Zafu and former head of the Ethiopian Air Force Major General Alemshet Degife.
Further, Kefi had advised earlier this month that a number of formal consents by government for the development of the Tulu Kapi mine remained outstanding.
Those consents have now been received from the relevant agencies.
Accordingly, upon ratification by the Prime Ministry, Kefi will be in a position to trigger project development.
Kefi also confirmed that its Ethiopian public sector project partner, the Federal Ministry of Finance and Economic Cooperation, has started carrying out the engineering for the construction of off-site infrastructure valued at about $20-million in exchange for shares in TKGM.