Ethiopia: Business - KEFI Approves Capital Raisings of 1.8 Bln Etb

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A nugget of gold.
23 May 2022
Addis Standard (Addis Ababa)

Addis Abeba — The shareholders of KEFI Minerals, the gold exploration, and development company authorized 28 GBP, or 1.8 billion ETB, into the company's capital raisings, reports said. This money is intended to be imputed into its Tulu Kapi site and two other Saudi Arabian projects according to a presser released last week.

The presser noted that in connection with the Tulu Kapi site, the aforementioned amount is part of a larger package of 18 billion ETB. KEFI was able to come up with this total package after meetings with concerned bodies in South Africa.

Initial development in the Tulu Kapi site is limited to community-relevant programs, engineering, and early construction efforts said the press release. KEPI emphasized that the Tulu Kapi project is a testament to how much international stakeholders are willing to invest in Ethiopia and depend upon the local people and government in regards to how a niche can be provided for the project.

KEFI expects 250 million USD of gold exports and a workforce of over a thousand people, derived from the local community, when the Tulu Kapi site assumes optimal production.

Read the original article on Addis Standard.

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