Kefi starts first phase of Tulu Kapi community resettlement
By Josh White
Date: Wednesday 16 Jul 2025
(Sharecast News) - Kefi Gold and Copper announced the start of the first phase of the community resettlement programme for its Tulu Kapi Gold Project in Ethiopia on Wednesday, marking a key milestone ahead of full project launch.
The AIM-traded company said compensation payments would begin this month, funded from existing cash reserves following its recent capital raise, and would later be reimbursed from the broader project financing package.
It said the resettlement was being carried out in collaboration with the Ethiopian Government and in line with World Bank IFC Performance Standards.
Kefi noted that the programme was starting slightly ahead of schedule, reflecting efforts to accelerate development and commission gold production in the second half of 2027.
"We are now pressing forward accordingly and appreciate the support we receive from the local community and the government at all levels to complete the remaining administrative tasks so that we can proceed with all development tasks leading to commissioning of production in 2027," said executive chairman Harry Anagnostaras-Adams.
He added that the final of three key conditions for launch - parliamentary ratification of both of Kefi's banking partners - was secured in May, paving the way for detailed project financing documentation to be signed by the end of August.
Kefi said recent progress included completion of security and construction camps, along with near-completion of a new access road.
The company also highlighted the entry of major institutional investors such as Ruffer Gold, Konwave/Gold 2000, and Phoenix Gold Fund into its shareholder base, as momentum continued to build around the Tulu Kapi project.
At 1303 BST, shares in Kefi Gold and Copper were down 1.52% at 0.53p.
Reporting by Josh White for Sharecast.com.
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