https://www.miningweekly.com
Copper|Gold|Power|PROJECT|Roads|Underground|Infrastructure
Copper|Gold|Power|PROJECT|Roads|Underground|Infrastructure
copper|gold|power|project|roads|underground|infrastructure

Kefi says Tulu Kapi financing to close by October

23rd August 2021

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Aim-listed Kefi Gold and Copper has announced that it requires $356-million in funding to develop the Tulu Kapi gold project, in Ethiopia, and that the majority of principal approvals from the funding syndicate have been obtained.

This amount will suffice to fund all infrastructure, the start-up of the openpit mine and initial development of an underground mine.  

The company expects to close financing in October and in such a manner that it will retain 70% of the project’s operating company – Tulu Kapi Gold Mines Share Company.

Kefi has focused on minimised ownership dilution by maximising subsidiary-level finance, and arranging for Kefi-subsidiary-level financing with conversion rights into Kefi shares to be based on the volume-weighted average price at the time of production – which the company believes will be materially higher than at current levels – if not repaid beforehand.

The company has already started with offsite works related to roads and power, as well as principal on-site contractors.

If all proceeds to plan, the Tulu Kapi project should start producing gold in mid-2023.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Latest News

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

Showroom

Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 
Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.291 0.327s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: