- Mining small cap Kefi Minerals said a consortium of Ethiopian investors had agreed to help fund its projects in the country by providing between $30m and $35m.

A first payment of $9m was subject to completion of remaining due diligence and execution of a binding share subscription agreement, which was expected this quarter.

'Project equity investor ANS Resources is being carefully structured to provide diversified local equity participation in Ethiopia's first modern mine development for its exciting new gold sector,' chief exeutive Harry Anagnostaras-Adams said.

'This approach also ensures clear Tulu Kapi Gold Project control by Kefi, as required by the planned non-equity financiers.'

At 1:26pm: [LON:KEFI] KEFI Minerals PLC share price was +0.09p at 2.14p

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