KEFI Gold and Copper, which has been operating in Ethiopia and Saudi Arabia, issued its annual report for the year ended 2023.
The highlight of the KEFI annual report was that we had commenced Early Works at the Tulu Kapi Gold
Project in West Welega. “Early Works comprise a number of activities with the community and other stakeholders to ensure that everyone is fully informed and consulted and the site is prepared for the Major Works to commence. Major Works would lead to production starting in 2026,” the company said in a statement released today.
“This is the first gold mine in Ethiopia that complies with World Bank IFC Performance Standards. We apply the same rules that are applied in advanced mining jurisdictions like Scandinavia, Australia and North America,” it said.
The major highlights of the annual report include:
– In Ethiopia, with our partners and banks:
– The company’s focus is now on successfully completing the Early Works at Tulu Kapi so that we can close the US$320 million project finance package and launch Major Works in October 2024. Gold
production would then commence in mid-2026;
– Tulu Kapi’s projected net cash flow to KEFI’s planned 80% beneficial interest is estimated at approximately £80 million per annum. At current spot of $2,346/ounce, KEFI’s planned beneficial interest in the cash flow is estimated to be approximately £100 million;
– The end result will be the launch of Ethiopia’s first industrial-scale mining project and its largest
single export generator and, in so far as environmental, social and governance aspects are
concerned, the project is designed to be in compliance with World Bank IFC Performance
Standards, creating direct and indirect employment for 5,000 to 10,000 people.
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