KEFI and partners to start Tulu Kapi Gold Project development

5 September 2019 (Last Updated September 5th, 2019 10:51)

Exploration and development company KEFI and its partners in Tulu Kapi Gold Mine Share Company (TKGM) have confirmed development work plans for the Tulu Kapi Gold Project starting in October

Exploration and development company KEFI and its partners in Tulu Kapi Gold Mine Share Company (TKGM) have confirmed development work plans for the Tulu Kapi Gold Project starting in October.

The announcement was made at the opening of the Africa Down Under Conference in Perth, Australia.

This confirmation follows the company receiving a scheduled independent security update.

The report found that the company has ‘comprehensive security and crisis management plans’ in place to maintain an acceptable security risk level.

KEFI and TKGM executive chairman Harry Anagnostaras-Adams said: “It is exciting that the Tulu Kapi Gold Mine development is starting and especially pleasing that it is in a joint venture with both the Ethiopian Government and private sectors.

“All parties are completing the last-minute actions for next month’s start of the 24-month development schedule to achieve full production in 2021.

“This will be the first modern mine development in Ethiopia for decades and has taken great determination and collaborative effort by all parties, for which we are most grateful.”

In 2017, KEFI Minerals signed an agreement for $135m funding for development of its Tulu Kapi gold project in Ethiopia.

Under the arrangement, infrastructure will be leased to the project company KEFI’s subsidiary Tulu Kapi Gold Mines (TKM).

Ethiopian Minister for Mines Petroleum and Natural Gas H E Samuel Kurke said: “The Tulu Kapi Gold Project has full support from the Ethiopian Government at all levels because it is a priority for the country and community.”