Kefi Minerals further cuts Tulu Kapi funding requirements

Shares in Kefi Minerals are down about 5% as it further cut the funding requirements and finance costs for developing the Tulu Kapi Gold Project in Ethiopia.

The Saudi Arabia- and Ethiopia-facing gold exploration and development firm said it remained on track to execute syndicated financing documentation at the end of third-quarter 2016.

The project's net-funding requirement had been reduced to about $130m, from roughly $145m, due to further refinements to contracting arrangements and plans.