April 13, 2015

KEFI Minerals Ethiopia mining licence to be signed off later Monday

KEFI Minerals (LON:KEFI) has confirmed the mining agreement for its flagship Tulu Kapi gold project in Ethiopia will officially be signed later today.


The country’s minister for mines, Tolassa Shagi Moti, and KEFI chairman Harry Anagnostaras-Adams will put pen to paper in Addis Ababa at 2pm London time.


The green light means KEFI is fully permitted to develop the mine, which is expected to be commissioned by the end of next year and is being designed to produce 86,000 ounces of the precious metal a year.


The licence allows it to operate for the next 20 years, but also fires the starting pistol on the financing and construction phase.


The cost of building the mine is put at around US$120mln, US$100mln of which will be project debt.


The balance will be found from “a number of possible sources”, including financing from contractors and equity at the project or parent company level.



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