14th Aug 2018 15:24
LONDON (Alliance News) - KEFI Minerals said Tuesday its preparations for the development of the Oromia-based Tulu Kapi gold project continue in "earnest" as the company expects a USD30 million equity investment.
Shares in KEFI Minerals were up 8.2% on Tuesday at 2.213 pence each.
A local syndicate is planning a project-level equity investment, which "remains on track", and will complement the USD20 million equity investment made by the Ethiopian government, leaving KEFI with around a 54% interest in the project.
In total, the expected investment in the project will exceed USD110 million.
Managing Director Harry Anagnostaras-Adams said: "Work continues methodically to prepare for the Tulu Kapi Project development and now includes the final preparations by the Ethiopian equity investment syndicate. The widespread positive atmosphere in Ethiopia is a notable turnaround from that seen during the state of emergency that was lifted in early June 2018 upon the appointment of the new Government."
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