Kefi said in a project update the Ethiopian Federal and Regional Government agencies had advised the imminent approval of the final community resettlement plans, project financing details and the updated works programme and schedule up to the planned first gold pour in H2 2020. It received key development and financing policy approvals from the government in September. Kefi said ANS' funding would ensure that the company could commit to moving local residents and start the first phase of Tulu Kapi's construction before closing the $160 million bond/lease non-equity capital project financing. As part of closing the non-equity financing, Kefi said Micon International had completed due diligence reports, and the receipt of the upcoming approvals would allow it to proceed with detailed legal documentation in the various jurisdictions. In anticipation of this, Kefi said it had approved the mandated bond/lease indicative terms and the other stipulations of the bond arranger.

Source: Ethiopian News December 06, 2018 10:07 UTC