KEFI Gold and Copper Gears Up for Ethiopia’s First Eco-Friendly Gold Mine

KEFI Gold and Copper (KEFI) announced progress on its Tulu Kapi Gold Project in Ethiopia, aiming to be the country's first large-scale mine built with environmental and social responsibility at the forefront. KEFI has begun initial preparations, focusing on community engagement and readying the site for full-scale development. This paves the way for securing project financing and launching major construction by October 2024.

Tulu Kapi is set to be a model for sustainable mining practices in Ethiopia. The project adheres to World Bank IFC Performance Standards, which include recycling industrial chemicals, minimizing waste, and conducting regular environmental monitoring. This approach aims to differentiate Tulu Kapi from the artisanal mining practices prevalent in Ethiopia.

The project has the potential to be a significant economic driver. KEFI estimates annual net cash flow of £80 million (approximately US$98 million) with potential to reach £100 million (around US$122 million) at current gold prices. Additionally, Tulu Kapi is expected to create 5,000 to 10,000 direct and indirect jobs, prioritizing local suppliers and supporting sustainable development initiatives in nearby communities.

KEFI acknowledges recent market volatility and emphasizes its strategy of securing project-specific financing to minimize reliance on broader market conditions.

With a successful launch, Tulu Kapi is expected to commence gold production in mid-2026, positioning KEFI as a leader in the Arabian-Nubian Shield and potentially paving the way for future projects in the region. The company will hold its Annual General Meeting (AGM) on July 22nd, 2024, in Addis Ababa.

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