Highlights

  • Total project budget of c.USD 340 million has been finalised, with USD 240 million debt funding approved.
  • Equity commitments exceed the remaining USD 100 million required for full financing.
  • Development activities, including community housing and project infrastructure works, are set to escalate immediately.

KEFI (LSE:KEFI), a gold and copper exploration and development company operating in Ethiopia and Saudi Arabia, has confirmed that full development of its Tulu Kapi Gold Project is scheduled to begin by the end of 2025. The announcement follows progress on financing arrangements and the formal presentation of the project to national stakeholders at the MINTEX Ethiopia conference.

KEFI Outlines Final Steps Before Development Launch

Project Presented to Ethiopian Stakeholders

KEFI outlined the planned transition to full development at the Tulu Kapi Gold Project following its presentation at MINTEX Ethiopia on 16 November 2025. Attendees included representatives from financial institutions, government officials and project personnel. The presentation, now available on the company’s website, highlighted the national minerals sector’s progress and the role of Tulu Kapi in supporting Ethiopia’s mining expansion.

Funding Structure Nears Completion

The overall project budget of approximately USD 340 million has been completed. Of this, USD 240 million in debt funding has received lender approval. Equity commitments and proposals received exceed the remaining funding requirement of more than USD 100 million, positioning the project to move toward finance closing.

KEFI has summarised the remaining financing work into a focused set of objectives. These include a one-week period to optimise the equity capital structure, followed by a further week to finalise remaining documentation for finance closure and project launch.

Local Participation and Listing Preparations Advance

Equity Participation and Exchange Preparations

The financing plan aims to support participation by Ethiopian public and private sector investors through contributions in local currency. KEFI also plans to create securities for KEFI Minerals Ethiopia, enabling a future stock exchange listing.

Long-Term Regional Investment Options Under Review

KEFI is assessing how potential excess local capital subscriptions may be allocated. Areas under consideration include forward-planning for the underground mine, expanded exploration activity and programmes linked to long-term regional sustainability and community development.

These matters were outlined in a Memorandum of Intent signed by Tulu Kapi Gold Mines S.C. (TKGM) in the presence of key stakeholders including government authorities, lenders, sovereign funds, contractors and representatives of the local charitable endowment fund.

Development Activities to Accelerate in 2025

Preparations for full project development are set to escalate ahead of the year-end 2025 launch. Immediate activities include community housing works and early-stage plant and infrastructure planning. These steps mark the transition toward construction of what is set to become a high-grade, high-recovery gold operation in Ethiopia’s Arabian-Nubian Shield.