18th Jun 2026 14:03
(Alliance News) - Kefi Gold & Copper PLC on Thursday said it signed the largest operational Tulu Kapi gold project contract.
The gold and copper exploration and development company, which has projects in Ethiopia and Saudi Arabia, said it signed a mining services agreement with BCM Group Ltd for the provision of services valued at more than USD400 million over the initial nine-year mine life.
Under the contract, BCM will provide a comprehensive suite of mining services, such as the provision of the mining fleet, training and management of locally recruited operators, and full mining operations under the supervision of Kefi's Ethiopian subsidiary, Tulu Kapi Gold Mines Share Co.
Kefi Gold Executive Chair Harry Anagnostaras-Adams said: "Today's Ethio-British Investment Forum marks an important milestone in the development of Ethiopia's private sector and international investment profile. Mining has already emerged as Ethiopia's leading export-generating sector, yet the industry is only beginning to unlock its vast potential. The signing of this major mining services contract with BCM represents another significant step towards the full development and launch of operations at Tulu Kapi. We are delighted to be working with an experienced contractor that shares our pioneering approach and long-term commitment to Ethiopia."
BCM Chief Executive Officer Paul Coe said: "BCM is a pioneering mining services group, that expanded from Western Australia into West Africa more than 30 years ago. We are proud to support the development of Ethiopia's mining sector alongside Kefi, particularly given our shared experience of successfully establishing mining projects in emerging jurisdictions, including the Middle East."
Kefi Gold shares rose 1.1% to 1.15 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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