- KEFI Minerals said Friday progress had made to get construction of its Tulu Kapi Gold project underway after its Ethiopian private-sector partner ANS had increased its stake in the company's project by 30% to $38m from $30m previously.

KEFI also confirmed that it had now received outstanding Federal consents from the relevant agencies, and upon ratification by the Prime Ministry, the company would be in a position to move the Tulu Kapi Gold project into construction.

The company strengthened its board, with the appointment of 'leading' local businessmen and officials.

'ANS's decision to increase its equity subscription in TKGM by almost 30% to US$38 million is clear testament of not only their commitment to the Project, but also the upside and potential of Tulu Kapi. Whilst KEFI will reduce its overall interest in TKGM from an estimated 54% to an estimated 50.1%, the additional equity investment of US$8 million by ANS serves to derisk the financing of the Project further,' said KEFI Managing Director and TKGM Chairman, Mr Harry Anagnostaras-Adams.

At 9:46am: [LON:KEFI] KEFI Minerals PLC share price was +0.06p at 1.8p

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