KEFI says Ethiopia to invest $20m for equity in Tulu Kapi Gold Project

KEFI Minerals said the Government of Ethiopia has formally committed to invest $20m for equity in the Tulu Kapi Gold Project. The money would go to roads, power and certain other associated infrastructure required by the project.

The investment would see the Government of Ethiopia with an equity interest in KEFI Minerals (Ethiopia) Ltd (KME), a subsidiary of KEFI Minerals that owns and operates the project, of about 20%.

"The investment commitment by the Government implies a project value of approximately $100m at its current stage of development and reflects the estimated aggregate of equity capital which will have been invested into KME," said KEFI Minerals in a statement.