KEFI Minerals secures $135m to develop Tulu Kapi project in EthiopiaExploration and development company KEFI Minerals has signed an agreement to secure $135m funding for development of its Tulu Kapi gold project in Ethiopia. For this, Oryx will form a special purpose vehicle (Finance SPV) to issue bonds in order to raise funds to build the necessary infrastructure. Under the arrangement, the company will lease infrastructure to the project company KEFI’s subsidiary Tulu Kapi Gold Mines (TKM). "Proceeds from the lease deal with TKM will enable Finance SPV to repay the principal and interest on its bonds." In addition, the financing agreement signed by KEFI includes funding finance charges during a 30-month construction and production ramp-up period.

Source: Ethiopian News July 18, 2017 12:11 UTC