Kefi Gold & Copper PLC on Monday said it is moving closer to securing the full financing needed to launch its flagship Tulu Kapi gold project after its $240 million debt package was formally accepted and key equity-linked components advanced.
The Nicosia, Cyprus-based miner focused on the Ethiopia asset said it intends to finalise the entire $340 million project finance package this month, as previously guided, enabling the ‘full launch’ of construction.
Of the total funding requirement, $240 million will be provided through a debt offering that has now been fully documented and is ready for execution. Kefi aims to raise the remaining $100 million through equity-risk capital.
Since October, the company has secured signed term sheets for $40 million in equity-ranking gold streams, giving Kefi the right to draw an initial $20 million with a conditional option for a further $20 million following due diligence.
These streams entitle financiers to a small percentage of Tulu Kapi’s gold output, purchased at a discount, until fixed volume thresholds are met.
Kefi is also processing proposals totalling $43 million for Ethiopian birr-denominated redeemable preference shares with local institutional investors, $23 million of which has progressed to detailed documentation. The company added that discussions remain ‘advanced’ over a separate $50 million in-country investment by a specialist African fund.
Shares in Kefi were up 2.1% at 1.46 pence in London on Monday afternoon.
Copyright 2025 Alliance News Ltd. All Rights Reserved.
