KEFI Gold and Copper - East Africa and Ethiopia attracting investment

Three recent developments have served to put KEFI’s Tulu Kapi into the spotlight. The first is Ethiopia’s recent central bank directive exempting certain strategic industries – including mining – from foreign exchange controls, satisfying the last major condition precedent for the issuance of final approval by the project finance lenders. The second is Allied Gold’s listing on the TSX, including its decision to raise US$250m (US$160m in equity), of which 80% is to be invested in developing the Kurmuk mine, also in Ethiopia, on the border with Sudan, west of Tulu Kapi. The third is the takeover of early-stage OreCorp by Silvercorp at a price equivalent to 24.5% of attributable NPV5% or US$46.14 per resource ounce.