7th Nov 2019 11:16
(Alliance News) - KEFI Minerals PLC said on Thursday it has received confirmation from the Ethiopian government it has now resolved outstanding internal administrative arrangements with respect to the Tulu Kapi gold project.
KEFI shares were up 65% in London at 1.22 pence each on Thursday.
The gold exploration and development company said these outstanding government administrative arrangements had held up the closing of project financing past the originally set date of October 31.
The issues related to how the government manages its shareholding in Tulu Kapi Gold Mines Share Co, KEFI said back in October.
Following the receipt of this confirmation, formal closing of project financing can now be completed and the project can now proceed, the company said.
"The community, contractors and other stakeholders will now also be asked to prepare for the commencement of project development and the site and district security arrangements will continue to be checked and refined with all the authorities," the company said.
KEFI forecasts 140,000 ounces of gold per year for the first seven years from the open pit at Tulu Kapi.
By Loreta Juodagalvyte; [email protected]
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