Kefi remains committed to resolution in Ethiopia as Tulu Kapi development remains on hold
Kefi Gold and Copper says all of its employees affected by the serious security incident at the Tulu Kapi gold project, in Ethiopia, on September 4, have been accounted for and there have been no further fatalities or injuries sustained.
Since its September 7 announcement, the company says its senior management and local management teams have held detailed consultations with community representatives, leaders of the Ethiopia and Oromia governments and their relevant agencies.
Kefi says each of the parties unanimously reiterated the strategic importance of the Tulu Kapi gold project at all levels of Ethiopian society and support a considered approach to determining the appropriate conditions for the safe and orderly resumption of development activities.
“The government has committed to do whatever it can to overcome this serious setback.
“The company will further strengthen and expedite the momentum towards the Ethiopianisation of the project at all levels: community participation, alliancing between the foreign industry-specialist contractors and strong locals, including contractors entering the industry and through local participation in the funding syndicate,” says Kefi executive chairperson Harry Anagnostaras-Adams.
As part of the project’s established financing strategy, the company has this week received renewed and increased indications of interest from Ethiopian institutions and high net worth family offices for Ethiopian redeemable preference shares at the subsidiary level.
Kefi adds that this continued strong local financial support would be non-dilutive to Kefi shareholders and would provide further financial flexibility and additional mitigation of funding risk, should it be required.
The company will not resume development activities until it has completed a full investigation and until appropriate measures have been established to provide a safe and secure operating environment for its personnel and the surrounding communities.
“Our hearts go out to our deceased employee’s family and the families of the other people killed in the invasion and destruction of our security force’s bush camp and the company’s old exploration camp,” Anagnostaras-Adams concludes.