KEFI Minerals continues project in Ethiopia amid COVID 19 pandemic
Addis Ababa, May 15, 2020 (FBC) – KEFI Minerals said it was focused on its projects in Ethiopia during the first quarter of 2020.
The gold exploration and development company said it is focused on two targets during the lockdown period: allow major site activities to start for Tulu Kapi gold project in Ethiopia form October and to deliver a maiden mineral resources for the Hawiah project in Saudi Arabia in mid – 2020.
On Monday, KEFI arranged an equity placing for GBP3.7 million to maintain Tulu Kapi project preparations despite the challenges created by COVID 19, including the delays in project-level equity funding from the Ethiopian private sector.
The pacing proceeds will provide KEFI with the funds to ebable the closing of the 260 million USD project financing of Tulu Kapi.
“The current gold price has highlighted the strong investment case for Tulu Kapi to both investors and the Ethiopian government.” said KEFI Chair Harry Anagnostaras Adams.