9th Sep 2015 08:05
LONDON (Alliance News) - Kefi Minerals PLC on Wednesday said its board has approved the funding plans for the Tulu Kapi gold project in Ethiopia, which will include equity capital for the development being raised at project, rather than company, level and which has reduced the peak funding requirement.
Kefi said its talks with the shortlisted construction contractors for the project has resulted in potential reductions to the peak funding requirement for the project to USD120 million, down from the USD130 million estimate which had been made in its definitive feasibility study for the project.
Up to USD100 million of the funding may be secured through debt financing, the company said, with the remaining USD20 million to be secured through selling a minority stake in the project.
Shares in Kefi were up 2.1% to 0.715 pence on Wednesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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