en.Wedoany.com Reported - Exploration company KEFI Gold and Copper has signed a mining services contract worth over $400 million (€349.55 million) with BCM Group for its Tulu Kapi gold project in Ethiopia.
The nine-year agreement stipulates that BCM will provide a mining fleet, training, and management of locally recruited operators, while also overseeing comprehensive mining activities. These operations will be conducted under the supervision of KEFI's Ethiopian subsidiary, Tulu Kapi Gold Mines Share Company.
Paul Coe, CEO of BCM Group, stated that BCM is a mining services group that expanded from Western Australia to West Africa over 30 years ago. The company is proud to support the development of Ethiopia's mining industry alongside KEFI, particularly based on their shared experience of successfully establishing mining projects in emerging jurisdictions, including the Middle East.
The contract was signed in London during the inaugural Ethiopia-UK Investment Forum, with Ethiopian Foreign Minister Gedion Timothewos Hessebon in attendance. Prior to this, BCM had already begun mobilization in Ethiopia to support earthworks and drilling services for the project. The finalization of the agreement enables BCM to proceed with ordering and deploying a Caterpillar mining fleet for large-scale operations on site.
Harry Anagnostaras-Adams, Executive Chairman of KEFI, noted that the Ethiopia-UK Investment Forum marks a significant milestone in the development of Ethiopia's private sector and international investment profile. The mining industry has become a major export revenue earner for Ethiopia, yet its potential is only beginning to be unlocked.
The Tulu Kapi gold project has probable ore reserves of 1.05 million ounces (moz) and total mineral resources of 1.72 million ounces of gold. KEFI has been working with the Ethiopian government to develop the project since signing a mining agreement in April 2015. Gold was first discovered at Tulu Kapi in the 1930s by an Italian consortium, which conducted small-scale mining operations.
This article is compiled by Wedoany. All AI citations must indicate the source as "Wedoany". If there is any infringement or other issues, please notify us promptly, and we will modify or delete it accordingly. Email: news@wedoany.com
