Wedoany.com Report on Mar 10th, Kefi Gold and Copper announced that its Tulu Kapi gold project in Ethiopia is progressing as planned. The contractor Lycopodium has been awarded contracts for engineering, supply, and labor leasing for project development. The project is owned by Kefi's subsidiary Tulu Kapi Gold Mines (TKGM), with the goal of achieving first gold production in early 2028 and reaching full production by mid-2028.

Kefi stated that all project entity activities and financing arrangements are progressing smoothly. The company is satisfied with the work of the TKGM leadership team and key contractors, including the Ethiopian Electric Power Company responsible for power connection, the Ethiopian Roads Authority responsible for new access roads, Lycopodium responsible for the processing plant and site infrastructure, Dashen responsible for community housing construction, and BCM responsible for earthworks and mining.

The full suite of interdependent project agreements has been finalized, with many agreements, including loan arrangements, already executed. The remaining agreements are expected to be completed in the coming weeks, as compliance procedures for the broader project consortium members, such as notarization requirements in various jurisdictions, are largely in place.

Regarding project financing, the company stated that sufficient capital is available for development. As of January 1st, out of the approved budget of $330 million, financing commitments for $310 million have been secured. Kefi emphasized that good progress is being made in finalizing the remaining financing portions, ensuring that the Tulu Kapi gold project can advance on schedule.