KEFI Gold and Copper PLC to Open Tulukapi Mine in Ethiopia

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KEFI Gold and Copper PLC , a mining exploration and development company, made a statement that they are planning to launch the open-pit Tulu Kapi project in Ethiopia launched by 2023 with production set for the year 2025. This is foreseen as a major turning point for the company. The company also will launch Jibal Qutman Gold open-pit in Saudi Arabia in the year 2024 and it will target production by the year 2025 also.

Despite all these, the group as faced with obstacles that came about because of its Exploration Licenses (ELs) which surround the Tulu Kapi Mining License area as a result of the over-pegging issues that arose because of the actions of a shell company that is based in Hong Kong, which lead to administrative proceedings that were initiated by KEFI Gold and Copper PLC.

Also read: $500 Million Earmarked for a Two-Phase Development Plan for Ethiopian Kurmuk Gold Project

KEFI Gold and Copper PLC Tulu Kapi Mine Funding

KEFI Gold and Copper PLC managed to secure US$320 million and the equity development capital. They have also secured the essential permits needed for the project and a US$70 million mining fleet from the assigned mining contractor has also been acquired. All these hereby indicate that this project is fully financed and ready for the approval that will come from the board.

Due to the positive potential displayed on this situation, KEFI  has gone ahead and made applications for additional licenses to allow them to explore further in Ethiopia. On the other hand, the subsidiary of KEFI in Saudi Arabia has made quite a number of substantial discoveries at Jibal Qutman and Hawiah and these projects during their advanced stages have gotten to receive positive, regulatory, and efficient support.

According to the interim results of the company, the pretax losses for the first half of the year 2023 rose to 3.4 million euros from 2.9 million euros in the year 2022. Moreover, the shares in KEFI Gold and Copper PLC dropped slightly more than 6% on Friday having opened to approximately 0.68p.