Aim-listed Kefi Gold and Copper has broken ground at the Tulu Kapi Gold Project, in Ethiopia, which will produce about 140 000 oz/y of gold from 2027.

The commencement of the construction works at the project comes after Kefi undertook more than 10 years of development and preparation. This is since the company acquired the project between 2013 and 2014. Furthermore, this gold project will join others in Africa such as the Royal Ghana Gold Refinery in boosting the continent’s overall gold production capacity.

The Groundbreaking Breaking Ceremony

The ground-breaking ceremony was officiated by Ethiopia Prime Minister Abiy Ahmed Ali and Ethiopian State President of Oromia Shimelis Abdisa. Also, they were accompanied by other senior government, local community representatives and other project stakeholders.

Furthermore, the ground-breaking ceremony was held at the construction site of the new precinct in the local village of Genji being built by Kefi’s subsidiary Tulu Kapi Gold Mines (TKGM) to house resettled farmers from the Tulu Kapi mining licence area.

Additionally, this is part of the livelihood restoration and development programme being undertaken by TKGM. It is part of the project, which includes financial compensation, new farmlands, vocational training and education and health facilities.

Also, Kefi founder and executive chairperson Harry Anagnostaras-Adams stated that he was honoured and proud to be entrusted with the responsibility of implementing the Tulu Kapi project, which Kefi considered to be Africa’s highest-grade and highest-recovery gold development.

“Having been banked by major African development institutions, as well as international mining specialist investors, we have designed and now implement all aspects of the project to the highest Ethiopian and international standards for environment, social, technical and financial disciplines,” he stated.

Initially, Tulu Kapi will produce gold from an openpit but there is potential for underground expansion. Approximately 2-million ounces of gold will be produced over the current projected mine life of 10 years.

Tulu Kapi Gold Project Factsheet

Construction Start: Groundbreaking held on Feb 18, 2026.

Commissioning goal: Late 2027.

Full production goal: 2028

Owner: KEFI Gold and Copper

Partners: Ethiopian Government

Reserves: 1.05 million oz gold

Core Infrastructure and Contractors

Process plant: Lead EPC contractor is Lycopodium

Power: 47km dedicated 132 kV power line being built by Ethiopian Electric Power.

Roads: New site access roads being constructed by Ethiopian Roads Authority

$240 million in debt provided by major African development institutions (AFC and TDB)