Kefi’s project partners pave the way for Tulu Kapi’s development
Aim-listed Kefi Minerals has received the last remaining federal government consent for the financing and development of its Tulu Kapi gold project, in Ethiopia.
The company explained that the National Bank of Ethiopia finally provided its formal approval of the terms of the proposed full project finance package, an approval which the bank had initially held back until it had also simultaneously approved a policy director for general public application.
The full project finance package includes the right to use leasing as a form of finance, a debt-to-equity capital ratio of up to 70:30, recognition of historical expenditure in the calculation of the capital ratio, the right to use gold price hedging and the application of market-based long-term fixed interest rates.
The way is now paved for Kefi’s project-level partners to subscribe for Tulu Kapi shares for their combined $58-million equity investment and also for the mandated $160-million infrastructure financing.
Meanwhile, Kefi has also obtained the two other third-party approvals it needed.
Sanderson Capital Partners has agreed to security sharing arrangements with ANS Mining Share Company, which is Kefi’s private sector project equity partner in the Tulu Kapi project. This facilitates Kefi’s working capital arrangements and the project equity funding for the first part of the 24-month project development programme.
Additionally, Kefi’s government partner in Tulu Kapi, the Ethiopian Ministry of Finance, has also agreed to the undertakings requested by ANS Mining.
Consequently, upon finalising subscriptions by all three partners in Tulu Kapu, the first ANS Mining equity instalment of $11-million is now allowed.
The Tulu Kapi project may now proceed on the ground with the community and local authorities. The development schedule of the project provides for a cautious build-up of site activities, while site security, detailed engineering and the first small community resettlement are carefully dealt with.
Comments
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