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Tulu Kapi gold project, Ethiopia – update

Image of drill core from the Tulu Kapi project

Photo by Kefi Gold and Copper

10th February 2023

By: Sheila Barradas

Creamer Media Research Coordinator & Senior Deputy Editor

     

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Name of the Project
Tulu Kapi gold project.

Location
Western Ethiopia.

Project Owner/s
Kefi Gold and Copper (formerly KEFI Minerals) will own 80% of the exploration and holding company for the government of Ethiopia, KME, which, in turn, will own 56% of Tulu Kapi Gold Mines Share Company (TKGM), thus bestowing Kefi with a 45% beneficial interest in the project.

Project Description
Tulu Kapi has an ore reserve estimate of 15.4-million tonnes at 2.1 g/t gold for 1.1-million ounces of gold.

Openpit gold production is estimated at 140 000 oz/y over a seven-year mine life.

Total life-of-mine production is estimated at 980 000 oz.

The conventional openpit mining operation will include a carbon-in-leach processing plant. The mine will be connected to Ethiopia’s electricity grid through a new 47-km-long, 132 kV dedicated power line relatively close to the country’s major hydropower-generation source. An emergency diesel power plant will also be installed to provide emergency backup power for critical process equipment in the event of a grid power failure.

A preliminary economic assessment has indicated the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi openpit after the startup of the openpit and the repaying of project debts through positive cash flows.

Potential Job Creation
The project will employ 1 000 people directly and up to 10 000 people indirectly.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
$320-million.

Planned Start/End Date
The company is confident that the project’s construction can start in 2023 and that the openpit mine will start producing gold in 2025.

Latest Developments
Kefi Gold and Copper is nearing finalisation of financing for the Tulu Kapi gold project.

Kefi has already launched key initial aspects of the Tulu Kapi development and intends to continue with a staged build up to full launch. It still awaits certain approvals from the central bank and the Ministry of Mines, before it will start with procurement, community resettlement and site works.

The company also continues building up to 80% ownership of the Tulu Kapi project.

Key Contractors, Suppliers and Consultants
Lycopodium (plant construction); and Corica Group (mine services).

Contact Details for Project Information
Kefi Gold and Copper, tel +90 232 381 9431, fax +90 232 381 9071 or email info@kefi-minerals.com.

Edited by Creamer Media Reporter

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