Aim-listed Kefi Gold and Copper says joint venture (JV) subsidiary Tulu Kapi Gold Mines Share Company (TKGM) has worked intensely with the Ethiopian Ministry of Mines to expedite the Tulu Kapi project and that the Ministry has given it until July 8 for full project financing and launch commitments to be achieved.

Further, as mentioned previously, the civil war has abated since peaking at the end of December 2021 and the Ethiopian state of emergency has been lifted.

Intense policing operations are also being conducted in the areas around Tulu Kapi and other mining projects.

As from this month, TKGM will restart the project development activities that were suspended in 2021 as a precautionary measure owing to the security situation.

Activities will include preparation of new host lands for resettling households and also accommodation for construction personnel. An appropriate security system is being installed in readiness for construction and operations, Kefi notes.

The launch of the project requires several matters to be completed, which are all under way.

Firstly, the JV partners will undertake an external independent security assessment of the project site, district and transport routes, over several months of uninterrupted project preparation activities. This is expected to be possible from later this month given the situation on the ground.

There is also the completion of administrative arrangements with the government regarding the Tulu Kapi project finance plans.

Moreover, the finance syndicate remains in place and on standby to finalise documents for signing. Subject to final construction pricing and document execution, capital requirements have already been catered for within the syndicate.

Lastly, in terms of development management, the Ethiopia-based planning and permitting team was recently replaced by the development team in preparation for project launch and building of the required about-1 000-strong workforce over the next 18 months.