2023-10-05 11:34:05
Kefi Gold & Copper PLC – Gold exploration and development company focused on Ethiopia and Saudi Arabia – Receives formal confirmation from the National Bank of Ethiopia of details regarding the offshore banking operations of its subsidiary Tulu Kapi Gold Mines Share Co and its project finance banks. This confirmation clarifies the operational details of the implementation of policies outlined in the recently issued guidelines by the National Bank of Ethiopia, which exempt mining projects from exchange controls and capital controls. As a result, the Tulu Kapi project is now fully authorized, with only procedural administrative confirmations remaining to be carried out. The banks responsible for financing the project can therefore proceed to final credit approval for the entire project secured debt, amounting to USD 190 million. Once approval is obtained, the debt conditions of the project will have been resolved, as well as the structure of the overall financing plan of USD 390 million. This is a “crucial” formal step for launching the project. The full launch of the project is expected to begin in the current quarter.
Current share price: 0.81 pence, up 23% in London on Thursday followingnoon.
Variation over 12 months: + 35%.
By Heather Rydings, Alliance News senior business reporter
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