KEFI Minerals to Start Production at Tulu Kapi Gold Project in 2 Years

KEFI Minerals has announced that it will start production at the Tulu Kapi Gold Project in Western Ethiopia in two years.

 Executive Chairman of KEFI minerals, Harry Adams, announced the plan after the discussion with the Prime Minister of Ethiopia here today.

 He said “we’ve resolved many administrative issues so that the project could be developed in 2018 and being in production in two years.”

Prime Minister Hailemariam Dessalegn discussed with British and Australian ambassadors and Executive Chairman of KEFI mineral company on ways of helping the company start gold mining.

The Ethiopian Government and KEFI signed the agreement for the Tulu Kapi mining project in April 2015.

The agreement includes a 20-year mining license and a five percent government free-carried interest.

The project is expected to consume 180 million USD. Of the total amount 160 million USD will be covered by the company, while the Ethiopian government will cover the remaining, as it has 25 percent share.

Minister of Mines, Petroleum and Natural Gas Minister Motuma Mekassa expressed expectation that this project will help to attract more companies to the area.

He added that it will pave the way for the development of the industry so that facilitate the situation for the country to earn more foreign exchange from the sector.

Susanna Moorhead, British Ambassador to Ethiopia who took part in the discussion with the Premier said, “We’ve made a lot of progress and we are optimistic that this will continue to make a good progress in the next weeks and months with the full support of the prime minister and the ministry of mines.”

Mark Sawers, Australian Ambassador to Ethiopia who also took part in the discussion said, “We want to bring our knowhow, technology and experience to Ethiopia and that is really through bringing investors here and that is how the sector develops.

“Today was about how to ensure projects, how to reassure project like the KEFI project, it gets finally established and leads the way to other investor”, he added.