Gold and copper exploration company KEFI has announced the launch of the Tulu Kapi Gold project in western Ethiopia. The project was launched by the Tulu Kapi Gold Mines (TKGM) Board, which includes representatives from KEFI, the Ethiopian Federal and Oromia Regional Governments. The finance plan for the Tulu Kapi Gold project includes $190m in secured debt from development banks, around $100m in equity risk capital from KEFI’s shareholders and a $110m equity risk note from Ethiopian subsidiaries of multinational corporations, repayable in cash or KEFI shares. The Tulu Kapi Gold project is expected to create around 1,000 direct jobs and between 5,000 and 10,000 indirect jobs, with foreign direct investment of around $500m, including historical investment. KEFI executive chairman Harry Anagnostaras-Adams said: “Our launch timing is fortuitously coinciding with the improved conditions in Ethiopia and all-time high gold prices.
