Kefi Gold and Copper PLC Significant Progress on Tulu Kapi Finance Package (1657Z)
January 10 2024 - 2:00AM
UK Regulatory
TIDMKEFI
RNS Number : 1657Z
Kefi Gold and Copper PLC
10 January 2024
10 January 2024
KEFI Gold and Copper plc
("KEFI" or the "Company")
Significant Progress on Tulu Kapi Gold Project US$320 million
Finance Package
KEFI Gold and Copper PLC (AIM: KEFI), an early mover and
successful explorer in the highly prospective Arabian Nubian
Shield, is pleased to announce that it has received confirmation of
conditional final credit committee approval from the lead lender
for its "shovel-ready" Ethiopian development project, the
high-grade Tulu Kapi Gold Project (the "Project"). This followed
the analogous approvals from other key syndicate members including
lead contractors and lead equity parties, and the previously
reported actions by the Government of Ethiopia ("Government")
during 2023. Key Government actions include the previously
negotiated and reported exemptions from foreign exchange
restrictions, commitments to provide permanent security protection
and the approval of additional protections for the lenders for the
Project.
The receipt of these conditional approvals is testament to the
collaborative and long-standing supportive attitude of Project
syndicate parties. The entire US$320 million finance package is
designed at the subsidiary level, with syndicate members who know
the country and are keen to support in our tightly coordinated and
safe manner.
KEFI is now mobilising into the field to prepare the community,
so far having briefed church leaders and congregations, and
distributed medical treatment for the victims of the recent malaria
outbreak, via the Tulu Kapi Charitable Endowment. For good order,
the introductory presentation made available to the community has
been uploaded to the KEFI website and is accessible via the
following link:
https://www.kefi-goldandcopper.com/expo-presentation/addis-adaba
In parallel with the social engagement programme, we are
preparing detailed definitive documentation for signing between the
Project syndicate financiers. Full Project launch, including
funding drawdown, is on course for H1 2024, subject to the
satisfaction of all the standard conditions precedent for a
transaction of this type, independent confirmation that the Project
is ready for launch from security and community standpoints, and
final board approvals of all parties.
Speaking from the Future Minerals Forum in Saudi Arabia, where
KEFI has been the technical partner in the highly successful Gold
and Minerals SLA since 2008, Harry Anagnostaras-Adams, Executive
Chairman of KEFI Gold and Copper, commented:
"The Ethiopian Government and the lead syndicate members of our
high-grade Tulu Kapi Gold Project have been working hard to support
our Project launch. The Government has recently made strong
commitments including approving country membership (a set of
protections for development finance institutions) for both of our
Project lenders, deregulation of exchange controls and commitment
to the preparation of security and our community. These Government
initiatives have played a very important supportive role in
allowing the Project to move forward.
" By the end of 2023, we had updated all independent technical
due diligence and reaffirmed conditional approvals by all lead
members of the Project syndicate, including conditional final
credit committee approval of the lead lender. This has now given us
the confidence to trigger preparations for Project launch,
including progressing the approvals by the other syndicate members,
preparing security and community, the readiness of which will be
independently assessed, finalising legal documentation and the
final board approvals for financial closing by all syndicate
members.
"The targeted value-add from Project implementation is many
times today's KEFI share price, as illustrated from the various
industry-standard valuation benchmarks historically reported in our
corporate presentations. KEFI believes these are realistic targets
as we successfully implement KEFI's strictly risk-managed
development plans, whilst also addressing our highly prospective
exploration pipeline in both Ethiopia and Saudi Arabia."
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Enquiries
KEFI Gold and Copper plc
Harry Anagnostaras-Adams (Managing Director) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance LLP (Nominated
Adviser) +44 (0) 20 3470 0470
Jeff Keating, Adam Cowl
Tavira Securities Limited (Lead Broker) +44 (0) 20 7100 5100
Oliver Stansfield, Jonathan Evans
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe, Florence Chandler
3PPB LLC International (Institutional IR)
Patrick Chidley +1 (917) 991 7701
Paul Durham +1 (203) 940 2538
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