8th Dec 2025 15:34
(Alliance News) - Kefi Gold & Copper PLC on Monday said it is moving closer to securing the full financing needed to launch its flagship Tulu Kapi gold project after its USD240 million debt package was formally accepted and key equity-linked components advanced.
The Nicosia, Cyprus-based miner focused on the Ethiopia asset said it intends to finalise the entire USD340 million project finance package this month, as previously guided, enabling the "full launch" of construction.
Of the total funding requirement, USD240 million will be provided through a debt offering that has now been fully documented and is ready for execution. Kefi aims to raise the remaining USD100 million through equity-risk capital.
Since October, the company has secured signed term sheets for USD40 million in equity-ranking gold streams, giving Kefi the right to draw an initial USD20 million with a conditional option for a further USD20 million following due diligence.
These streams entitle financiers to a small percentage of Tulu Kapi's gold output, purchased at a discount, until fixed volume thresholds are met.
Kefi is also processing proposals totalling USD43 million for Ethiopian birr-denominated redeemable preference shares with local institutional investors, USD23 million of which has progressed to detailed documentation. The company added that discussions remain "advanced" over a separate USD50 million in-country investment by a specialist African fund.
Shares in Kefi were up 2.1% at 1.46 pence in London on Monday afternoon.
By Eva Castanedo, Alliance News reporter
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