KEFI Minerals - Blue sky and beyond

KEFI has formally mandated the placing of US$160m of Luxembourg-listed infrastructure bonds, which are expected to fund ownership by the Luxembourg-regulated SPV of the gold processing plant and ancillary infrastructure at the Tulu Kapi Gold Mines Share Company (TKGM), jointly owned by KEFI Minerals (Ethiopia) and the Ethiopian government. This initiative follows a positive draft independent technical expert’s report on the project. Subject to completion of all due diligence, documentation and government approvals, drawdown and development is planned for the end of the Ethiopian wet season, in September. While originally designed as a 1.2Mtpa operation, plant throughput at Tulu Kapi has since been increased to 1.9–2.1Mtpa for around the same overall capital cost.