RE: We can’t go any lower on SP so expect positive rise !!!16 Nov 2021 07:43
s a prelude to the next stage of community preparations, it is pleasing to report TKGM’s new binding agreement with
the Ethiopian Evangelical Church of Mekane Yesus (“EECMY”). EECMY will be one of KEFI’s long-term partners in TKGM
and also will support our community projects. KEFI is greatly honoured to welcome EECMY and we look forward to
collaborating with EECMY in overseeing the various community-based programmes in a manner which respects the
local rules and regulations, the 21st century international standards for modern gold production such as World Bank
IFC Performance Standards and also the highest moral codes of conduct. Whilst the EECMY investment into TKGM is
not playing a major role in the total project finance package, EECMY’s role is significant for TKGM’s social licence. For
instance, the Tulu Kapi community will potentially significantly benefit from EECMY’s micro-finance institution in
Ethiopia.
We remain focused on starting mining and plant commissioning in late 2023. The Project launch schedule is expected
to trigger certain community steps in December 2021, with full launch within the following months. In the meantime,
as announced on 4 November 2021, the Ethiopian Ministry of Mines recently confirmed that the mining licence is in
good standing to 2035 subject to KEFI’s confirmation of project finance procurement by 31 January 2022, which
remains on track.
The Company is confident that the security situation at the Project has now been addressed and, whilst it has no direct
impact on TKGM’s operations, remains optimistic that the current broader conflicts within the country will be resolved
peacefully. To this end, we note that an African Union-appointed mediator has been accepted by both sides in the
political and military national conflict and that he has begun to engage during the past week, notably with the support
of the United Nations, European Union and other major world powers.
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