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Tulu Kapi gold project, Ethiopia – update

Core samples from the Tulu Kapi project

Photo by Kefi Gold and Copper

17th May 2024

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 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
Production is expected to start in 2026.

Latest Developments
The remaining finance syndicate approval process is on track for final approvals this month.

Kefi has started with launch preparations on site ahead of construction, which is earmarked to start by midyear.

All of required development budget of $320-million has been assembled at the subsidiary level in the form of $190-million in secured debt, $100-million in equity risk notes, and between $20-million and $40-million in share subscriptions to Kefi subsidiaries.

Key Contractors, Suppliers and Consultants
Principal contractors: Lycopodium (process plant design and construction); PW Mining; the Ethiopian Electric Power Company; and the Ethiopian Roads Authority.

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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