Exploration and development company Kefi Gold and Copper (Kefi) has progressed with preparations to launch the Tulu Kapi Gold Project in Ethiopia. The launch is slated for mid-2024, with production expected to begin in mid-2026.
Kefi secured commitments for a $320 million development budget from project partners and debt providers including the Ethiopian government, the Eastern and Southern Trade and Development Bank and Africa Finance Corporation. Final approvals for the funding are anticipated this May.
The project secured certification for adherence to international Environment, Community and Safety standards from entities like SLR, Constellis, and Behre Dolbear.
“The timing of our launch is fortuitously coinciding with the improved conditions in Ethiopia and the increased gold price.
The Standard and Poor’s consensus long term forecast for the gold price is now US$1,965/oz and spot is higher,” stated Harry Anagnostaras-Adams, Kefi Executive Chairman.
Kefi aims to produce approximately 200,000 ounces of gold annually through open pit and underground mining, potentially generating up to $400 million in gold export revenue per year.
Ethiopia’s top five gold projects have the potential to increase annual gold production from around 400,000 ounces presently to an estimated 1.5 million ounces within the next five years, positioning the country among Africa’s top ten gold producers, according to Kefi.
