Kefi selects preferred lenders for Tulu Kapi project finance
JOHANNESBURG (miningweekly.com) – Gold exploration and development company Kefi Minerals has selected an African mining bank and the African Development Bank as its preferred senior secured lenders to fund the development of the Tulu Kapi project, in Ethiopia.
The nonbinding terms for the project finance included senior secured project loans of $60-million with an average tenor of six years, security to be on a first-ranking basis, gold hedging of 100 000 oz and the balance of capital requirements to be sourced from product-linked gold finance and equity capital.
The project contracting arrangements, combined with the most recent project cost estimates, aggregated about $120-million.
"Kefi’s successful overhaul of Tulu Kapi has rendered it a robust project. The selection of the preferred banks, the backing of the government of Ethiopia as project partner and the quality of the emerging syndicate of stakeholders serves to reinforce the board's confidence as we move towards commencing production in 2017," Kefi FD John Leach said in a statement on Wednesday.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















