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(Alliance News) - Kefi Gold & Copper PLC on Tuesday said the National Bank of Ethiopia have published a new directive which satisfies the request made to ensure conformity with the specific detail of its Tulu Kapi gold project in western Ethiopia.
The Ethiopia-focused gold and copper company said the NBE directive was published on Friday last week and marks one of the final action points remaining towards completion of the financing of Tulu Kapi.
Kefi Gold & Copper said other Ethiopian government confirmations have been received, such as formal approval of the updated environmental and social impact assessment.
This was facilitated by the Ethiopian Ministry of Mines, alongside the requested updated completion schedules by the electricity and roads authorities for offsite infrastructure.
Kefi Gold & Copper said only documentation and administrative matters remain, while it is addressing security measures to facilitate next steps in the field and ensure continuing stability.
Further announcements will be made in "due course", Kefi Gold & Copper said, as it remains on track for project launch in the fourth quarter of 2023.
Shares in Kefi Gold & Copper were up 7.6% to 0.68 pence each in London on Tuesday morning.
On Wednesday last week, Kefi Gold & Copper said it completed a 13,000 metre drill programme at Jibal Qutman in Saudi Arabia.
Trenching and diamond drilling to identify additional resources was ongoing, Kefi Gold & Copper said, while metallurgical test work has been completed on oxide ore.
Meanwhile, at Hawiah, Kefi Gold & Copper said the ongoing infill and expansion drilling campaign "continues to yield positive results". The programme is designed to upgrade the resource classification to allow for further ore reserves definition.
By Greg Rosenvinge, Alliance News reporter
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