KEY POINTS
- Tulu Kapi Gold Project early works now complete.
- Final financing approvals expected by September 2025.
- Nearly $1 billion in contracts to also be unlocked.
KEFI Gold and Copper Plc is moving closer to launching full-scale development at its flagship Tulu Kapi Gold Project in Ethiopia, with major early works complete and final financing steps expected to wrap up in the coming months.
The London-listed miner said it has finished key preparatory tasks, cleared initial approvals, and is on track for a September 2025 financial close.
The company’s $240 million financing package backed by a syndicate of two co-lending banks — has already cleared credit committee review. One lender has secured full board approval, while the other is awaiting sign-off. Once they sign the definitive documentation in August, KEFI will first draw equity and then secure phased debt funding according to the construction schedule.
Major works at Tulu Kapi Gold Project complete
KEFI confirmed that early site activities and initial major works have been certified as ready for full project launch. They have completed an updated financing plan and financial model, and are now certifying them for inclusion in the final agreements.
Financing steps advance toward September close
The next stage also involves board meetings of KEFI, its Ethiopian subsidiary KME, and the project company TKGM to finalise and sign all outstanding documents. Once closed, the transaction is expected to unlock nearly $1 billion in development and also operational contracts.
Tulu Kapi Gold Project to further unlock major investment
Executive Chairman Harry Anagnostaras-Adams described the deal as “a first of its kind in Ethiopia,” and said the financing structure brings together long-term, highly skilled partners while mitigating risk. He further thanked shareholders for their patience and stakeholders for their “exemplary professionalism” as the project nears its long-anticipated launch.
