on Thursday announced that it has received the green light from the Ethopian Government to commence development at the Tulu Kapi Gold Project.
In late October, the company had to wait for the Ethopian Government to resolve “certain internal administrative matters”.
However KEFI said on Thursday that confirmation from the Government of arrangements meant that it could complete and sign the final documentation and trigger subscription procedures for the Project equity capital.
Shares in KEFI jumped 56% to 1.165p on Thursday morning after the update
The Tulu Kapi project is said to have 1.1 million ounces of gold according to a JORC reserve estimate, with All-in Sustaining Costs of US$800 per ounce.
The Tulu Kapi Gold Mines Share Company is a high-profile public-private partnership in Ethiopia which KEFI said “has the potential to be the largest single export-generator” for the country.
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