- KEFI Minerals has further reduced the funding requirements and finance costs for the development of the Tulu Kapi gold project in Ethiopia. The company remains on track to execute syndicated financing documentation at the end of Q3-16.

Highlights of the changes include:

· Net funding requirement reduced from c. US$145 million to c. US$130 million due to further refinements to project contracting arrangements and the project plans;

· Average cost of finance reduced by removing a large gold stream finance facility - decision taken in consultation with the proposed lead banks and major shareholders at project and Company level;

· Updated plan facilitates increased net cash generation - projections at gold price of US$1,250/oz now indicate US$173 million available for debt repayment, reinvestment and dividends in first 3 years of production.

At 8:47am: [LON:KEFI] KEFI Minerals PLC share price was -0.03p at 0.57p

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