Home » Kefi Gold Readies for Tulu Kapi Construction Start

Kefi Gold Readies for Tulu Kapi Construction Start

Kefi Gold Expects Final Approvals, Gold Production Set for 2026

by Ikeoluwa Ogungbangbe

With final clearances anticipated later this month, London Stock Exchange-listed Kefi Gold and Copper is getting ready to start building at its Tulu Kapi gold project in Ethiopia. At the location, the corporation has already started launch preparations. Construction is expected to commence by the middle of the year, and gold production is anticipated to begin by the middle of 2026.

After it is operational, the Tulu Kapi project is expected to produce 200,000 ounces of gold per year. Kefi has successfully gathered a $320 million overall budget to finance the development. $190 million in secured debt, $100 million in equity risk notes, and an extra $20–40 million from share subscriptions to Kefi’s subsidiaries make up this finance.

The Tulu Kapi project is 70% owned by Kefi. By a variety of agreements and procedures with the Ethiopian central bank, the corporation is also deliberately raising its beneficial interest in the project to 80%, recognizing the Ethiopian government’s stake as a co-shareholder in Tulu Kapi’s holding company.

Beyond Ethiopia, Kefi is making major strides in Saudi Arabia, where he owns a quarter of both the Jibal Qutman and Hawiah projects. Through continuing drilling activities, the company is constantly involved in upgrading and expanding its resource categories with the goal of increasing the projects’ future output and value.

In addition to working on the Tulu Kapi project in Ethiopia, Kefi is also actively participating in the initial stages of building at a second, larger gold mine to the west of Tulu Kapi. Its renovation program at an already-running gold mine south of Tulu Kapi is another example of the company’s all-encompassing approach to its mining operations in the area.

The rapidly growing gold sector in Ethiopia is about to see a substantial upswing. Within the next five years, the nation’s top five gold development projects—including Tulu Kapi—are expected to boost annual national gold production from the current 400,000 ounces to over 1.5 million ounces. Ethiopia’s expansion is expected to make it a significant participant in the global gold market, offering substantial economic benefits to the country.

The improvements at Tulu Kapi and other projects demonstrate Kefi’s dedication to improving gold production capacities while also supporting Ethiopia’s economic growth, as the business continues to lay the basis for these massive mining operations. Through the creation of jobs and increased industrial activity, the advancement of these projects would not only benefit Kefi but also significantly strengthen the local economies where these mines are located.

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