Aim-listed Kefi Minerals has confirmed the signed subscriptions of ANS Mining into the Tulu Kapi Gold Mines Share Company (TKGM) – the project company for the Tulu Kapi gold project, in Ethiopia.
The existing TKGM shareholders – Kefi and the Ethiopian government – have also approved the issue of TKGM shares to ANS Mining.
TKGM will receive the transfer of the first $9.5-million tranche of the ANS Mining funding during this month, following the completion of certain procedural matters.
Kefi executive chairperson Harry Anagnostaras-Adams on Monday said that following first funds this month, the company would begin Phase 1 of the community resettlement, trigger debt implementation and detail the final procurement and contractual arrangements with the principal project contractors.
Kefi has committed to installing into TKGM all the systems and expertise required to develop and operate this first modern mine development in Ethiopia to the highest international standards environmentally, socially and in all other respects, the company stated.
“We will maximise local participation in all aspects of the project and have already built a school, provided local water supply and launched a project to initiate industry-wide training in parallel with the project start-up,” the company said.