KEFI Gold and Copper told investors at its general meeting that, subject to shareholder approval of the resolutions, it has now financed and launched the start-up of the Tulu Kapi gold project in Ethiopia, which it describes as potentially one of Africa’s highest-grade, highest-recovery and highest-margin gold developments. The company highlighted strong backing from new and existing shareholders, African development banks TDB and AFC, and key contractors Lycopodium and BCM, noting that the project has been officially classified in Ethiopia as a Strategic Priority Project.
Management said the long-planned development is expected to lead to first production by mid-2028, with estimated average EBITDA of £264 million to £520 million in the first three years of output at a gold price range of US$3,000 to US$5,000 per ounce. KEFI also flagged its intention to identify further Tulu Kapi-style prospects in Ethiopia and to advance its critical materials portfolio in Ethiopia and Saudi Arabia, while maintaining Tulu Kapi as its top priority and signalling a potentially transformative period for the company and its stakeholders.
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