KEFI Gold and Copper secures funding and triggers contractor for Tulu Kapi development
KEFI Gold and Copper PLC said it secured funding to develop its Tulu Kapi gold project with minimal shareholder dilution and has activated its principal contractor and in-country teams. Ethiopian government, local community and other stakeholders have been mobilized to meet project responsibilities and advance site preparations.
1. KEFI Transforms into Multi-Asset Gold Producer
In a regulatory update published earlier this week, KEFI Gold and Copper PLC outlined a strategic shift from a single-asset explorer to a multi-asset gold producer. Executive Chairman Harry Anagnostaras-Adams emphasized that the company has evolved substantially over the past month. The detailed RNS addressed a surge of investor inquiries and clarified that KEFI now manages a portfolio approach, with plans to advance both the Tulu Kapi project in Ethiopia and its recently acquired licences in Saudi Arabia. Anagnostaras-Adams noted that the company’s organisational structure has been reconfigured to support parallel project development and production ramps, positioning KEFI for diversified revenue streams by 2026.
2. Funding Secured and Tulu Kapi Development Triggered
KEFI has secured the full project funding package for the 4 Moz Tulu Kapi gold project without the need for additional equity from existing shareholders. The company’s financing comprises US$280 million in senior debt and US$20 million in mezzanine funding, arranged with a consortium of international lenders. With financing in place, KEFI has issued the notice to proceed to its principal EPCM contractor, activating on-site mobilisation. Local stakeholder agreements, including memoranda with regional authorities and community development committees, have been finalised, enabling earthworks and site preparation to commence this quarter.