Diamond drilling at Tulu Kapi in 2012, (Photo: Kefi Minerals)Addis Abeba – Kefi Gold & Copper PLC has achieved a significant milestone in securing funding for its high-grade Tulu Kapi gold project, with the approval of a $320 million financial package by the lead lender. The Tulu Kapi gold project, located 28km east of Ayra-Gulliso town in the West Wollega zone of the Oromia region, represents a significant development in Ethiopia’s mining sector, being the first industrial-scale mining initiative in the country for approximately 30 years. The project has garnered the necessary approvals from key syndicate members and has received supportive indications from the Ethiopian Government. Foreign direct investment in Tulu Kapi is projected to surpass $400 million by 2025. The launch of the Tulu Kapi gold project is anticipated in the first half of 2024, contingent on the completion of the necessary preparations and receiving final approvals.

Source: Ethiopian News January 10, 2024 14:00 UTC