JOHANNESBURG (miningweekly.com) – Selected preliminary field work at gold exploration and development company Kefi Minerals’ Tulu Kapi mine, in Ethiopia, will start as soon as the wet season ends in September.
The preliminary field work will include geotechnical drilling of the planned sites for the plant and dams.
The Aim-listed company on Tuesday also reported that it has received £2.5-million in value-added tax refunds and that it and mandated project financier Oryx Management had agreed the finance execution plan for financial close later this year.
Meanwhile, Kefi and the government of Ethiopia have also launched a new company, Tulu Kapi Mines Share Company (TKGM) to hold the Tulu Kapi project. Kefi will own 75% to 80% of TKGM and the government the balance.
The TKGM board includes two representatives from the government and four from Kefi, with Kefi chairperson Harry Anagnostaras-Adams appointed TKGM chairperson and Kefi COO Wayne Nicoletto appointed MD of TKGM.
“We are very pleased with the progress being made at Tulu Kapi. We have agreed with our partners both the execution plan to close the required financing and the project works schedule.
“The launch of project company TKGM has cemented our relationship with the government and everyone is pushing to complete the financing and get into development and production,” Anagnostaras-Adams commented.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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