Kefi Gold and Copper Launches Tulu Kapi Gold Mines Project in Ethiopia
23.05.2024 | NewsDirect
Kefi Gold and Copper Executive Chairman Harry Anagnostaras-Adams joined Steve Darling from Proactive to announce a significant milestone: the formal launch of the Tulu Kapi Gold Mines Project in the Federal Democratic Republic of Ethiopia.According to Anagnostaras-Adams, the TKGM Board, comprising representatives from both KEFI and the Ethiopian Federal and Oromia Regional Governments, has been established to oversee the project's development. This decision to launch Tulu Kapi follows the deployment of dedicated site policing and the swift confirmation of conditions by all members of the Project's finance syndicate.
Several key milestones are expected to be achieved before September, including the completion of preparation for community resettlement, detailed engineering for procurement, and community consultations on social development plans. Additionally, recruitment and other organizational development initiatives are underway.
From an economic perspective, the project is projected to yield significant benefits. At the current gold price of approximately US$2,350/oz, the Tulu Kapi Gold Mines Project is anticipated to generate hard currency exports averaging US$377 million per annum. Furthermore, royalties and taxes are expected to amount to US$69 million on average annually, while operating expenditures are projected to reach US$119 million per annum, with a focus on preferential procurement locally, subject to quality and price considerations.
The launch of the Tulu Kapi Gold Mines Project marks a significant step forward in Kefi Gold and Copper's strategic objectives and underscores its commitment to sustainable development and economic growth in Ethiopia.
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