Kefi's project-level partners, the Ministry of Finance and ANS Mining, can now subscribe to Tulu Kapi shares for their combined US$58 million equity investment and also for the mandated $160 million infrastructure financing. Once the full Tulu Kapi project financing is closed, its short-term security arrangements will fall away, although in the mean time they will facilitate Kefi's working capital arrangments and the project equity funding of the first part of the 24-month development programme. The Ethiopian Ministry of Finance has also agreed to previously agreed terms , allowing the execution and settlement of the first ANS Mining equity instalment of $11.4 million. Kefi said implementation of financing could now flow between the consortium members and the project could proceed on the ground with the community and local authorities. "The publicly guided development schedule provides for a cautious build up of site activities, whilst site security, detailed engineering and the first small community resettlement are carefully dealt with," it said.

Source: Ethiopian News June 07, 2019 06:22 UTC