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.

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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.