KAFI says its Gold Project in Ethiopia will Start Production in 2026

KEFI, a UK based Gold and Copper mining company, says its Tulu Kapi Gold Project in Ethiopia will start production in mid 2026.

The company acquired the gold deposit site, located in the West Wollega Zone of the Oromia regional state, about ten years ago.

It has now commenced early works at the Project site, according to a statement issued by the mining company on Monday.

“Early Works comprise a number of activities with the community and other stakeholder to ensure that everyone is fully informed and consulted and the site is prepared for the Major Works to commence,” the statement explains.

KEFI operates in Ethiopia through Tulu Kapi Gold Mines S.C.

“With our partners and banks our focus is now on successfully completing the Early Works at Tulu Kapi so that we can close the US$320 million project finance package and launch major works in Oct 2024,” the London-listed company says.

Gold production would then commence in mid-2026, per the company’s latest plan.

“The end result will be the launch of Ethiopia’s first industrial-scale mining project and its largest single export generator,” KEFI states.

The gold mine project is expected to comply with World Bank IFC Performance Standards and create direct and indirect jobs for 5,000 to 10,000 people.

“We apply the same rules that are applied in advanced mining jurisdictions like Scandinavia, Australia and North America,” the mining firm says.

The project has an ore reserve of about 1.05 million ounces and mineral resources totaling 1.7 million ounces of gold. It will have an estimated total production capacity of 140,000 ounces per annum, according to KEFI website.

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