RE: Kefi update1 Apr 2022 09:47
“has recently formally advised the Ministry of Mines of its progress being on schedule and that it can close project finance by mid-year if the security situation is satisfactory and if the few remaining regulatory administrative tasks are also completed punctually.
facilitated the completion of the few remaining regulatory administrative tasks:
o theMinistryofMineshasnowendorsedhistoricalcostsupto2020ofc.US$60 million and is now addressing the remainder, incurred after that date or by other companies on behalf of TKGM;
o the Ministry of Mines formally requested to allow re-commencement of exploration at satellite deposit prospects in the Tulu Kapi district;
o the central bank now addressing permission for both development banks to be allowed to lend on the same terms. It has already revised, at TKGM’s request, local restrictions which effectively blocked modern mining project finance until now – such as the working rules for the London clearing account to avoid restrictions of capital controls, the capital ratio for project debt up to 70/30 debt/equity, the use of gold price hedging if desired, the use of offshore leasing and the application of market-based interest rates
• maintained the project syndicate, triggered final pricing by the principal contractors and distributed for review an updated term sheet in respect of the offtake-linked mezzanine facility, now to involve the senior lenders as well as the metals trader.”
…
Lots of nitty gritty that has to be cleared for project launch is being cleared everyone is trying to get TK going.
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