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KEFI Gold and Copper PLC reports financing for Tulu Kapi now agreed, with first gold production expected 2025

KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has agreed the details of the US$320mln costings and finance plan for its Tulu Kapi gold project in Ethiopia with its syndicate lead contractors, investors and lenders.

The plan is currently being processed for final reviews and entry into definitive documentation to be signed as soon as possible, with the expectation to achieve this next month.

The financing is to be almost entirely at the project or subsidiary level and remains consistent with previous guidance.

The detailed breakdown of the sources and uses of the US$320 million project funding will be announced at the time of signing definitive documentation.

“The Tulu Kapi Gold Project is designed to world-leading standards technically, socially, environmentally and in terms of financing arrangements acceptable to international capital markets,” said Harry Anagnostaras-Adams, executive chairman of KEFI.  

“Today’s important milestone of the debt and equity leads approving the finalised finance plan allows all the respective boards to formally approve the definitive documentation. I am pleased to report the project is now up and away. Ethiopia’s readiness for foreign direct investment has continued to improve since early 2022 and recent well-publicised positive developments have only served to reinforce that. The company is confident that we can lift the work programmes to full construction in the new year and be in full production from the open pit in 2025 and from the combined open pit-underground operation a few years later.”

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