Kefi Gold & Copper PLC - Ethiopia and Saudi Arabia-focused gold exploration and development company - Receives formal confirmation from the National Bank of Ethiopia of details for the operation of offshore banking by its operating subsidiary Tulu Kapi Gold Mines Share Co and its project finance banks. Says this clarifies the operational details for the implementation of the policies set out in the recently published National Bank of Ethiopia Directives, waiving mining projects from foreign exchange control and capital controls. As a result, Tulu Kapi is now fully-permitted, with only procedural administrative confirmations remaining. Consequently, the project finance banks can proceed to final credit approval for the project’s $190 million secured debt package. Upon approval, the project’s debt terms will have been resolved, as will the structure of the overall $390 million finance plan. Notes this is a ‘pivotal’ formal step for project launch. Expects full project launch to begin in the current quarter.

Current stock price: 0.81 pence, up 23% in London on Thursday afternoon

12-month change: up 35%

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