Nothing has changed...29 Nov 2019 11:16
What is the process for settlement by ANS Mining in TKGM in Ethiopia?
Following receipt of this confirmation from the Ethiopian Government on 7 November that it had resolved its internal administrative arrangements, the partners of the Project subsidiary, Tulu Kapi Gold Mines Share Company (“TKGM”), were in a position to proceed to:
1.review these administrative changes;
2.update the shareholder documentation accordingly for TKGM;
3.distribute the revised documents to the partners’ compliance teams and boards as the case may be;
4.sign final documentation relating to the shareholders’ agreement; and
5.trigger subscription procedures for the Project equity capital.
Those processes are in train and in Ethiopia typically take between one and two weeks each, as was stated in the shareholder webinar at the end of October.
This being a public-private partnership and an innovative first-mover project may easily cause delays but we have seen none so far. We are about half way through these steps and certainly KEFI would announce if there is any material change.
Posted 18 November 2019