Business
Selection of Tulu Kapi preferred bankers
Selection of Tulu Kapi preferred bankers.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 8697N KEFI Minerals plc 03 February 2016 \n\n \n 3 February 2016\n \nKEFI Minerals plc \n(\"KEFI\" or the \"Company\")\n \nTULU KAPI GOLD PROJECT on track to commence production in 2017 following selection of PREFERRED bankS for project financing \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, is pleased to announce that the Company has selected its preferred senior secured lenders (\"Lenders\") for its Tulu Kapi Gold Project in Ethiopia (\"Tulu Kapi\"). \n \nThe Lenders, a leading African Mining Bank and a leading African Development Bank, have indicated their non-binding terms for the project finance for Tulu Kapi, which include the following key features:\n· Senior secured project loans of US$60 million, with average tenor of six years;\n· Security to be on a first-ranking basis, shared pari passu;\n· Gold hedging of 100,000oz (out of total Ore Reserves of 1 million oz);\n· Normal conditions precedent, pricing and covenants for facilities of this nature; and\n· The balance of capital requirements be sourced from product-linked gold finance and equity capital.\n \nThe Directors of KEFI confirm that the project contracting arrangements reported in October 2015, combined with the most recent project cost estimates, aggregate to approximately US$120 million (excluding financing costs and cost overrun ...