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(Alliance News) - Kefi Gold & Copper PLC on Wednesday said that it had made "significant" financing progress in relation to its Ethiopian high-grade gold project.
The Cyprus-based gold exploration company, focused on assets in Ethiopia and Saudi Arabia, confirmed that its lead lender had approved a conditional final credit committee. The company said that the USD320 million financial package will go towards its "shovel-ready" Tulu Kapi gold project in western Ethiopia.
The project has already received approval from "key syndicate members", the company said, and Kefi believes that reported actions by the Ethiopian Government indicate its assent.
Executive Chair Harry Anagnostaras-Adams said: "The Ethiopian Government and the lead syndicate members of our high-grade Tulu Kapi gold project have been working hard to support our project launch. The government has recently made strong commitments including approving country membership (a set of protections for development finance institutions) for both of our project lenders, deregulation of exchange controls and commitment to the preparation of security and our community."
Alongside these approvals, Kefi said that it is "prepar[ing] the community" through an orchestrated social engagement programme, which involves meeting with community leaders and distributing medical treatment to local victims of a recent malaria outbreak.
The project's launch is anticipated within the first half of 2024, contingent on the necessary preparations and approvals taking place.
Kefi shares were up 2.3% at 0.62 pence each in London at midday on Wednesday.
By Hugh Cameron, Alliance News reporter
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