By: Energy capital & power

Gold and copper exploration and development company Kefi Gold is advancing preparations for the Tulu Kapi Gold Project in Ethiopia. The company aims to sign all the definitive agreements for the project by March 31, 2025.

To date, the company has obtained credit committee approvals from two banks. Terms have been finalized for a $240 million loan, paving the way for contractors and service providers to begin project development. Additionally, Ethiopia’s membership with the second co-lending bank has been approved by ministers and is now awaiting parliamentary approval, a key step in finalizing the project’s financing.

“The Tulu Kapi Gold Project is proceeding as anticipated, with the approvals received from banks and widespread Government support, and for detailed documentation to be ready 31 March 2025, to trigger full launch as soon as possible thereafter,” stated Harry Anagnostaras-Adams, Co-Founder and Executive Chairman, Kefi Gold.

Government investment in supporting infrastructure is underway, with the road connecting the site to the highway 50% complete. The first community compensation payments have been made and an initial construction camp for the mine is being built.

Anagnostaras-Adams explained that the project’s progress is bolstered by favorable market conditions, including high global gold prices and increased investor confidence in Ethiopia, driven by economic growth and financial reforms such as the launch of the Ethiopian Securities Exchange.