KEFI Minerals receives key development and financial approvals for Tulu Kapi Gold project

By Dale Benton
Share
An exploration company with a strong portfolio of assets along the highly-prospective Arabian-Nubian Shield has taken one step closer towards beginning...

An exploration company with a strong portfolio of assets along the highly-prospective Arabian-Nubian Shield has taken one step closer towards beginning production at one of its flagship assets.

KEFI Minerals announced in a statement this week that it had received key development and financing policy approvals for its Tulu Kapi Gold Project from the Ethiopian Government.

The project had received an initial approval back in 2015 (development, social, environment and operational) and the latest announcement represents Ethiopian central bank approval for the Project banking arrangements, complementing its approvals of proposed balance sheet capital ratios and TKGM’s right to hedge the gold price.

“The Government has certainly accelerated the pace in recent times as regards the various regulatory processes for this, the first modern mine development in Ethiopia,” said Harry Anagnostaras, Managing Director at KEFI.

 

Related stories:

KEFI Minerals: Striking gold with Ethiopian expertise

Chaarat Gold continues growth with $100 million funding and polymetallic acquisition

Northern Star Resources to acquire Pogo Gold mine for $260 million

 

“All major policy matters are now resolved for the Project. There is every sign that the just-appointed Government leadership at the Federal, Oromia Regional and local levels is focused on making this happen very successfully and smoothly. KEFI and its partners in Project Company TKGM are very appreciative of the priority given to the Project at the same time when so many transformational changes are being made in Ethiopia generally. It is an exciting time to be establishing a new sector in Ethiopia.”

Estimates for the Tulu Kapi project include open pit gold production of c. 140,000oz pa for a 7-year period. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

Share

Featured Articles

Intel Ridding its Supply Chain of Conflict Minerals

Intel first began to work towards responsibly sourced conflict minerals from the Democratic Republic of Congo and adjoining countries about 12 years

IEF on 'Paradox' of Mining's Role in Quest for Clean Energy

International Energy Forum says mining is the 'paradox' at heart of quest for clean energy but recognises the industry is addressing sustainability issues

ABB Reduces its Industrial e-Waste Impact

Leading global engineering company ABB – with strong mining presence – cuts industrial e-waste by promoting reuse and recycling in a push for circularity

Mining Automation Drives Efficiency and Safety Gains

Digital Mining

New Schneider SBS Energy Solution for Mining Sector

Smart Mining

Mining Conflicts Hit Communities As Battery Demand Soars

Sustainability