- KEFI Minerals has signed a shareholder agreement with the government of Ethiopia for the Tulu Kapi gold mine project.

KEFI said its wholly-owned subsidiary, KEFI Minerals (Ethiopia), and the government had signed a shareholders' agreement and other foundation documentation for the incorporation, ownership and operation of Tulu Kapi Gold Mines Share Company Limited, which would 100% of the Tulu Kapi gold project.

KEFI said it would own 75% of TKM and the remaining 25% would be owned by the government of Ethiopia.

The government's shareholding is based on receiving 20% of the equity in return for its US$20m investment in the project with the additional 5% being free carry.

KEFI said exploration projects outside the Tulu Kapi mining Lease area were not part of TKM and remained 100% owned by KEFI.

At 9:12am: [LON:KEFI] KEFI Minerals PLC share price was +0.15p at 5.85p

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