Kefi receives long-awaited arrangement resolution for Ethiopia project
Gold exploration and development company Kefi Minerals has received confirmation from the Ethiopian government that the outstanding internal administrative arrangements related to the Tulu Kapi gold project, have been resolved.
The Aim-listed miner’s shares rose by 68.24% on Thursday afternoon following the announcement.
The outstanding government administrative arrangements had held up the closing of the project equity investment past the originally foreseen date of October 31.
Following receipt of the confirmation from the Ethiopian government, the partners of the project subsidiary, Tulu Kapi Gold Mines Share Company, are now in a position to complete and sign final documentation relating to the shareholders' agreement and trigger subscription procedures for the project equity capital.
The community, contractors and other stakeholders will now also be asked to prepare for the start of project development, while the site and district security arrangements will continue to be checked and refined with all the authorities.
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