The Company is pleased to report that its Ethiopian private-sector Project partner ANS Mining Share Company (ANS) has increased its investment commitment to subscribe to new shares in Project company Tulu Kapi Gold Mines Share Company (TKGM) to the Birr equivalent of US$38 million (from US$30 million) on terms as previously reported.
KEFI is also delighted to confirm its Ethiopian Government-sector Project partner, the Federal Ministry of Finance and Economic Cooperation, has now started (via the relevant government instrumentalities) carrying out the engineering for its construction of off-site infrastructure of an estimated total cost of US$20 million (Ethiopian Birr-equivalent) in exchange for shares in TKGM on terms as previously reported.
KEFI Managing Director and TKGM Chairman, Mr Harry Anagnostaras-Adams, said, We are delighted with the significant progress we have made this month with all stakeholders showing a genuine desire to move the Project into construction in the shortest practical timeframe.
The Regional Government asked TKGM
to be prepared for community resettlement to start as early as
Whilst the remaining required Government consents are important, they are all, in essence, implementation of administrative matters, which include the registration of actual audited historical investment, registration of the updated Project development plan for its latest refinements, approval of the finance-lease structure, finalised Project insurance policies and the various ancillary local permits that can only be granted upon TKGM
taking possession of the Project land from all resettled households.
This quarterly operational report encompasses the activities of KEFI Minerals (Ethiopia) Ltd (KME) and Tulu Kapi Gold Mines Share Company Limited (TKGM
) in Ethiopia and Gold & Minerals Ltd (G&M) in Saudi Arabia.
(iii) no further support for model office construction as TKGM
now rolls out the model office concept with government resources nationwide after implementing it at three cities under the original loan;