(NewsDirect)
Kefi Gold and Copper Executive ChairmanHarry Anagnostaras-Adams joined Steve Darling from Proactive toannounce a significant milestone: the formal launch of the Tulu KapiGold Mines Project in the Federal Democratic Republic ofEthiopia.
According toAnagnostaras-Adams, the TKGM Board, comprising representatives fromboth KEFI and the Ethiopian Federal and Oromia Regional Governments,has been established to oversee the project's development. Thisdecision to launch Tulu Kapi follows the deployment of dedicated sitepolicing and the swift confirmation of conditions by all members ofthe Project's finance syndicate.
Several key milestones are expected to be achieved beforeSeptember, including the completion of preparation for communityresettlement, detailed engineering for procurement, and communityconsultations on social development plans. Additionally, recruitmentand other organizational development initiatives are underway.
From an economic perspective, the projectis projected to yield significant benefits. At the current gold priceof approximately US$2,350/oz, the Tulu Kapi Gold Mines Project isanticipated to generate hard currency exports averaging US$377 millionper annum. Furthermore, royalties and taxes are expected to amount toUS$69 million on average annually, while operating expenditures areprojected to reach US$119 million per annum, with a focus onpreferential procurement locally, subject to quality and priceconsiderations.
The launch of the Tulu Kapi Gold Mines Projectmarks a significant step forward in Kefi Gold and Copper'sstrategic objectives and underscores its commitment to sustainabledevelopment and economic growth in Ethiopia.
ContactDetails
Proactive UK Ltd
+44 20 7989 0813
Copyright (c) 2024 TheNewswire - All rights reserved.