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Kefi nears last step towards starting Tulu Kapi development

29th October 2019

By: Marleny Arnoldi

Online News Editor

     

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Aim-listed Kefi Minerals has received all outstanding permits and reports required to close the equity financing for the Tulu Kapi gold project, in Ethiopia.

The company on Tuesday said the only outstanding matter now was for the Ethiopian government to resolve certain internal administrative matters around its shareholding in the project.

Kefi advised that its partners and subsidiary Tulu Kapi Gold Mines Share Company and its contractors were ready to proceed as soon as government had resolved its administrative arrangements in a manner that did not impede other shareholders’ protections.

The Ethiopian Mines and Petroleum Minister Dr Samuel Urkato confirmed to Kefi that government was keen to proceed with the project, stating that "the Tulu Kapi project remains of the highest priority for the government at all levels and that there is just one outstanding administrative matter, internal to the government, which will be resolved shortly, so that the development may start”.

Kefi chairperson Harry Anagnostaras-Adams said that while it was disappointing that the company would not be able to close the project equity funding before the end of October, as previously expected, the company appreciated the importance of the project to the Ethiopian government.

 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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