After inspections by the relevant independent certifiers, Aim-listed Kefi Gold and Copper has completed the required early works to enable full project development at its Tulu Kapi gold project, in Ethiopia.

As previously reported regarding initial major works, Kefi says initial construction and security camps, property surveys and new host lands for the community were brought forward into the pre-full launch period. 

The company says these, and other site tasks have been certified as being in order.

Moreover, construction cost escalation estimates and schedules have been updated and incorporated into the project finance plan and financial model and are currently undergoing final review and certification for inclusion in the final definitive documentation for signing.

Subject to final approvals, Kefi says the updated finance plan remains consistent with recent guidance presented during the company’s AGM on July 17.

The company says definitive project documentation has been drafted and is in circulation.

Both co-lending banks have now approved the expanded $240-million finance package at credit committee level. One bank has also completed board ratification, while the other is currently in the process of doing so.

The company explains that equity components of the finance plan will be drawn first, followed by debt drawdowns and are being scheduled in line with the project disbursement schedule.

"I extend my sincere thanks to the teams of all stakeholders for their hard work and diligence in preparing the full launch of the Tulu Kapi gold project,” says Kefi executive chairperson Harry Anagnostaras-Adams.

“This transaction marks a first of its kind in Ethiopia – a bespoke syndicate of carefully selected parties operating within a structure designed to effectively manage risk.

“Each syndicate member is a leader in its field, is committing for the long term and is fulfilling its role with exemplary professionalism. I thank them on behalf of Kefi and our shareholders, who I also especially thank for their patience and support for us preparing the project for this exciting moment,” he continues.