6th Dec 2018 13:40
LONDON (Alliance News) - KEFI Minerals PLC said Thursday that activities at its Tulu Kapi gold project in Ethiopia are progressing "at a significant pace", as an investor looks to release more funds for the project.
The copper exploration and development company said it expects to receive the final regulatory consents required for the Tulu Kapi project in the coming weeks, after receiving advice from Ethiopian federal and regional government agencies.
Meanwhile, KEFI said that project-equity investor, ANS Mining Share Co, has advised that at the end of December it will release USD9.0 million of equity funds into KEFI subsidiary Tulu Kapi Gold Mines Share Co.
Furthermore, the investor said it will also commit to release an additional USD9 million of equity funds at the end of the first quarter of 2019, to fund the planned activities of the second quarter.
KEFI shares were trading down 5.5% at 1.30 pence each in London on Thursday.
Related Shares:
Kefi Gold & Copper