KEFI Minerals looks forward to government support as it continues to advance Tulu Kapi gold project in Kenya
05 Abril 2018 - 9:19AM
ADVFN NewsWire
In a quarterly update, KEFI has highlighted the 'good
progress' it is making with its project-level financing and its
preparatory works ahead of the full mine development
phase.
KEFI is preparing to scale up
mine development works
() said in its quarterly
operations update that it expects strong support for the Tulu Kapi
gold project to be reinforced by the Kenyan government following
the appointment of Dr Abiy Ahmed as the country’s new prime
minister earlier this week.
Abiy Ahmed was previously vice president of the regional
government for Oromia, where Tulu Kapi is located.
“KEFI expects that the government will maintain its
determination for Ethiopia to remain within the world's top 10
growth countries, where it has been ranked for a remarkable 15
years in a row,” the mine developer said in a statement.
“The company also expects that the strong support for our
project will now be further reinforced.”
READ: KEFI Minerals scheduled to start work at Tulu Kapi this
year
It added: “Throughout the recent government transition, KEFI and
joint government-KEFI company TKGM have been maintaining
communications with the ministries and government agencies at
federal, regional, zonal and local levels and we can now
re-intensify the collaboration.”
KEFI also noted ‘good progress’ with the financing element of
the project, highlighting that during the quarter a full consortium
was assembled to raise all development funding at project level – a
US$150mln bond issue is planned, alongside an anticipated US$40mln
of project level equity (including a US$20mln government
commitment).
Operationally, a number of ‘pre-works’ programmes are underway
including work related to road and power infrastructure.
Development work is due to scale up after the wet season
(June-September), and KEFI noted that it expects project
commissioning will start by the end of 2019.
In the meantime, the company is planning to start what it
describes as an “aggressive” exploration programme in the second
half of the year – as it looks to get working on its recently
expanded footprint, which is due to span some 3,000 square
kilometres.
The plan is to unearth mineralisation in satellite deposits from
which ore can be trucked to Tulu Kapi.
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