Ethiopia gold mine fully permitted
Aim-listed Kefi Gold and Copper has completed the last of many special permissions and policy changes agreed with the Ethiopian authorities over the years since Kefi assumed control of the Tulu Kapi gold project.
The Tulu Kapi project is now finally fully permitted, with only procedural administrative confirmations remaining.
The company on October 5 received formal confirmation from the National Bank of Ethiopia of the details for the operation of offshore banking by Kefi’s operating subsidiary, Tulu Kapi Gold Mines Share Company (TKGM) and its project finance banks.
This clarifies the operational details for the implementation of the policies set out in the recently published National Bank of Ethiopia Directives, which waive strategic mining projects from foreign exchange control and capital controls.
The special permissions and policy changes allow modern project finance arrangements to be applied given there has been no industrial-scale mine development in Ethiopia for 30 years.
With all matters of principle for the project now having been resolved with the authorities, the project finance banks can proceed to final credit approval for the project’s $190-million secured debt package.
Upon approval, Tulu Kapi’s detailed debt terms will have been resolved, as will the structure of the overall $390-million finance plan, of which the secured debt component amounts to $190-million and the equity risk capital to $130-million.
Contractor supply of mining equipment amounts to $70-million.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
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