Gold and copper exploration and development company KEFI Gold and Copper has formally launched the Tulu Kapi gold project located in Western Ethiopia.
The move comes after the implementation of dedicated site policing and the conditional confirmations from all members of the Ethiopian gold project’s finance syndicate.
KEFI Gold and Copper has scheduled early works for the Tulu Kapi project until September this year.
These include completing preparations for community resettlement, detailed engineering for procurement, conducting community consultations on social development plans, and undertaking recruitment and other organisational development activities.
This will be followed by major works, including procurement and fabrication of plant, site earthworks, grade-control drilling, mining, and definitive feasibility study (DFS) on underground mine, from October 2024.
The company also aims to satisfy all conditions required for closing the project financing.
KEFI Gold and Copper executive chairman Harry Anagnostaras-Adams said: “Our launch timing is fortuitously coinciding with the improved conditions in Ethiopia and all-time high gold prices.
“Tulu Kapi’s high grade and high process recovery, combined with our project design, has resulted in a robust set of economics for long-term operations which should support further exploration and development along with good opportunities to continue supporting local social development projects such as the already provided local school and water supply.”
The company holds a 95% stake in the Tulu Kapi gold project. The remaining 5% free-carry interest is held by Ethiopian government.
Last year in April, KEFI Gold and Copper signed the final umbrella agreement for project financing of the Tulu Kapi project. It outlined the roles of all syndicates, finance conditions, and conditions precedent to final formal approval being granted.
