RE: All looking23 Jan 2023 07:40
Got to admit I was sweating a bit but RNS a lot better than expected picking a few bits out…
We are now pleased to report that all lead contracting and equity investment parties have agreed their draft agreements and confirmed their intention to sign. Likewise for nearly all Government agencies which have to also sign agreements within the syndicate.
Whilst the Government is clarifying the outstanding regulatory matters, it is also reorganising its systems around the Project, including for upgraded security and for preparing the community for resettlement.
Following the completion of these steps, and the receipt of final credit committee approval by the lenders, KEFI will call a General Meeting of KEFI shareholders to seek formal shareholder approval of the transaction, in particular any convertibility rights (into KEFI shares) embedded in the financings at the KME level by regional investors as previously outlined.
The Company expects all outstanding issues to be addressed imminently, the exact timing of which will largely be driven by the Government process, so that final lender documentation can be completed, and signing can take place, enabling the KEFI General Meeting to be called, funds to flow and full Project launch to proceed.
"It is very pleasing that we are finalising the US$320 million financing of the Tulu Kapi Gold Project.
"Our Tulu Kapi financing package is predominately at the Project or subsidiary level. This is also as planned for our Saudi project developments, the first of which, Jibal Qutman Gold, is smaller than Tulu Kapi and now expected to start construction around the end of 2023 and the second of which, Hawiah Copper-Gold, is bigger than Tulu Kapi and expected to start construction after production has commenced at Tulu Kapi and Jibal Qutman."
We are looking forward to working with the newly appointed Minister for Mines, H.E. Habtamu Tegegn who was already supporting the project from his previous role as head of the Ethiopian Roads Authority.
It should be noted that the huge effort over the past few years by the Ethiopian Government and its agencies has resulted in only very few regulatory actions and clarifications now remaining, which are being addressed.
Basically not a lot left to do which could have been done at the target December date with a cooperative mining minister. New minister was already working with kefi under his capacity as road minister kefi happy with his appointment and government on board.
Sign In
Follow the stocks
