Updated October 22, 2025- KEFI Gold and Copper plc issued an update on the continuing progress of the Company’s high-grade Tulu Kapi Gold Project. According to the project update the co-lenders and KEFI have signed the $240 million debt offering. Currently, the site preparations are progress on schedule with various construction projects advancing. Additionally, housing contractor for resettling households has been mobilised to construct the replacement housing selected for the local community.
Furthermore, the Ethiopian Roads Authority is installing new all-weather site access roads which will more than halve travel time from the highway. Also, The Ethiopian Electric Power Company is connecting the site to the mains grid generation facilities at the Grand Ethiopian Renaissance Dam (“GERD”), the largest hydro-electric scheme in Africa. Tulu Kapi is the closest industrial-scale electricity consumer of the GERD – excellent for reliability of low-cost “green energy”.
Furthermore, the process plant contractor has been at site planning his security and logistics for delivery of plant components the procurement of which has started. The plant is designed to highest international standards, and its footprint is laid out to accommodate expansion for production uplift from the planned underground mine after the open pit has settled down.
In a similar gold project, the country is also pursuing the development of Kurmuk Gold Project. The Kurmuk Gold Project is a significant, advanced-stage, open-pit mine development located in the Benishangul-Gumuz region of western Ethiopia, approximately 750 km from the capital, Addis Ababa and is wholly-owned by Allied Gold Corporation.
Reported on November 7, 2024
A report just released today indicates that KEFI and Copper PLC have secured enhanced loan facility from US$190m to US$240m. The KEFI Executive Chairman, Harry Anagnostaras-Adams is quoted saying “Today’s announcement that our project finance banks are looking to increase the Tulu Kapi project debt offering from US$190 million to US$240 million is testament to KEFI’s focus”
Tulu Kapi Gold Mine is located in Ethiopia and the company says that tTulu Kapi’s high grades and high recoveries offer the potential to repay all project finance debt from the estimated net cash flows of the first full year of production, at US$2,600/oz gold price
In September of last year 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.
