- KEFI Minerals has confirmed that it has made considerable progress towards finalising the US$140 million infrastructure finance lease facility for the development of the Tulu Kapi gold project.

It said: 'Major milestones achieved included the documentation having been lodged with the Ethiopian government for approval and the Ethiopian minister of finance and economic development has formalised budget approval for the government to proceed with their construction and investment roles for the project.' It said the proposed financing structure had been refined in response to soundings with potential investors in the listed bonds and the placing of the bonds was now expected to start during Q1 2018, with drawdown expected soon thereafter conditional on equity capital subscription.

It said the c. US$20 million residual equity requirement would then be triggered and may comprise, in order of preference, equity issues at one or more of the intermediate, project, or parent company levels. It said project construction was expected to take place over 2018-19 and production commissioning at the end of 2019.

At 8:00am: [LON:KEFI] KEFI Minerals PLC share price was +0.01p at 4.13p

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