UK-based KEFI Gold and Copper PLC has announced a USD 30 million investment opportunity for Ethiopian investors as part of its USD 500 million Tulu Kapi Gold Mines project.
The financing, involving international banks, contractors, and investors, has reached a milestone with USD 470 million conditionally secured, including an increased USD 240 million contribution from international banks, up from USD 190 million. Ethiopian governmental entities, including the Federal Government and Oromia Regional State, have also pledged USD 20 million to the project.
With the remaining USD 30 million now offered to local investors, KEFI aims to foster Ethiopian ownership in alignment with national economic goals. “By offering the last 6% to Ethiopian investors, we’re supporting economic inclusivity and strengthening our local partnerships,” said KEFI Executive Chairman Harry Anagnostaras-Adams.
The Tulu Kapi project is designed to accommodate local investors with a gold-linked structure, offering returns in gold or USD to hedge against inflation. This large-scale mining venture is expected to drive economic impact, boost export earnings, and create thousands of jobs. By 2027, KEFI anticipates Ethiopian gold exports could surpass coffee, positioning Ethiopia as a top gold producer in Africa.
Upon completion of construction by 2025, the project is expected to export approximately USD 300 million worth of gold and silver annually. The project will also directly and indirectly employ up to 10,000 people.
Source: The Ethiopian Herald
Additional source: 2Merkato Archives
