Full Tulu Kapi project development to start by year-end
Gold and copper exploration and development company Kefi Gold and Copper has informed shareholders that full project development at its Tulu Kapi gold project, in Ethiopia, is set to start by the end of this year.
The company noted in a November 17 statement that the project’s $340-million project had been finalised, while the $240-million debt portion of the project funding had been approved by the lenders.
Equity commitments and proposals had also been received in excess of the remaining $100-million of project funding.
Development activities, including works on community housing and plant and infrastructure, would be immediately escalated.
Tulu Kapi is expected to produce 1.2-million ounces of gold over the life of the project. This includes about one-million ounces from the openpit mine and about 200 000 oz from an initial underground operation.