Business
Co-Lenders’ Boards and Committees Approve Project
Co-Lenders’ Boards and Committees Approve Project.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n\n18 March 2025\nKEFI Gold and Copper plc\n \n(\"KEFI\" or the \"Company\")\n \nCo-Lenders' Boards and Committees Approve Project\nCommunity Supports Resettlement Plans\n \nKEFI (AIM: KEFI) the gold and copper exploration and development company focused on the Arabian-Nubian Shield,is delighted to report that following the recent confirmation of credit committee approvals (see RNS announcement 11 March 2025), the Company has now been advised that both banks have also processed Board approvals for the Tulu Kapi project.\n \nTherefore, both of our co-lending-banks have now received support from all their respective committees and Boards to proceed. This is subject to formal updates of prior approvals and to all documentation reflecting the expanded $240 million offering, and the satisfaction of standard conditions previously reported for a transaction of this nature (see below).\n \nEqually important, on the ground, we can now report that the community is supporting and agreeing to the resettlement plans and compensation surveys, as explained by Government authorities for individual households within the large mining licence area. This follows our earlier report on settling the first compensation sum for the initial construction camp area.\n \nAll other preparations are on track.\n \nKEFI Founder and Executive Chairman, Harry Anagnostaras-Adams, commented, \"After a decade of preparing Tulu Kapi and overcoming various external challenges, we're pleased to have secured Tier 1 support from the Government, industry specialists, and financial institutions to initiate development. This comes at a time when gold prices are at record highs, with projections indicating net cash flow surpassing the total project finance debt of $240 million in the first year alone.\n \n\"Of course, the support of the Tulu Kapi community is by far the most important foundation for our Project. Their continued support is very pleasing to witness. The community will have an important role to play in establishing Tulu Kapi as a 21st century-standard gold mine and one of Ethiopia's flagship developments.\"\n \n \n\n\n\n\nKEFI Gold and Copper plc\n\n\n \n\n\n\n\nHarry Anagnostaras-Adams (Executive Chairman)\n\n\n+357 99457843\n\n\n\n\nJohn Leach (Finance Director)\n\n\n+357 99208130\n\n\n\n\n\n\n\n\n\n\n\n...