(Kitco News) - KEFI (AIM: KEFI), the gold exploration and development company with projects in Ethiopia and Saudi Arabia, provided today its latest quarterly operational update. According to the company, in Ethiopia, the Tulu Kapi gold project financing remains on track with the project finance consortium for financial closing in March 2021 and production in Q4 2022. On 22 October 2020, KEFI announced that it had assembled the full funding consortium and set the conditional terms for the development funding package for the company’s flagship Tulu Kapi gold project. At a gold price of US$1,700/oz, KEFI’s beneficial interest in Tulu Kapi’s annual gold production remains at 124,000oz p.a. ); Tulu Kapi NPV attributable to KEFI remains estimated at US$264 million.

Source: Ethiopian News January 25, 2021 19:39 UTC