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Reduced Tulu Kapi Funding Requirements Replacement
Reduced Tulu Kapi Funding Requirements Replacement.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 0727A KEFI Minerals plc 02 June 2016 \n\n 2 June 2016\n \nThe following announcement replaces the \"Reduced Tulu Kapi funding requirements\" announcement released on 2 June 2016 at 07:00 with RNS number 9673Z. The original announcement contained erroneous figures for the \"Financing/Insurance/Transaction Costs\" and \"Cost Overrun Facility\" in the column headed \"2015 DFS-based Plan\" in the table showing net funding requirements. All other information remains unchanged.\n \nKEFI Minerals plc \n(\"KEFI\" or the \"Company\")\n \nREDUCED TULU KAPI FUNDING REQUIREMENTS AND FINANCE COSTS \n \nFlagship project in Ethiopia sees funding requirements reduced further by c. US$13 million to approximately US$130 million and cost of financing lowered by removing large gold stream finance facility\n \nKEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, announces that it has further reduced the funding requirements and finance costs for the development of the Tulu Kapi Gold Project. The Company remains on track to execute syndicated financing documentation at the end of Q3-16.\n \nHighlights of the changes include:\n· Net funding requirement reduced from c. US$145 million to c. US$130 million due to further refinements to project contracting arrangements and the project plans;\n· Average cost of finance reduced by removing a large gold stream finance facility - decision taken in consultation with the proposed lead banks and major shareholders at project and Company level; and\n· Updated plan facilitates increased net cash generation - projections at go...