Headline:
KEFI’s Tulu Kapi Gold Project Moves to Construction Despite Loss
Key Takeaways:
• KEFI Gold & Copper reported a GBP 9.7 million net loss for 2025 due to financing and exploration costs but said its Tulu Kapi gold project in western Ethiopia is transitioning from planning to construction【958171951059053†L100-L139】.
• The company has secured around US$400 million in syndicated loans and equity for the project, which is expected to produce 1 million ounces of gold over its life【958171951059053†L100-L139】.
• First ore processing is planned for mid‑2028, with initial gold production shortly thereafter【958171951059053†L100-L139】.
Market Impact:
Tulu Kapi is one of Ethiopia’s largest industrial mining projects. Its development will boost foreign-exchange earnings and create local jobs, strengthening Ethiopia’s emerging mining industry.
Key Numbers:
- Net loss 2025: GBP 9.7 million.
- Project financing: US$400 million.
- Proven and probable reserves: 1.05 million oz of gold【958171951059053†L100-L139】.
- Projected net present value: around US$300 million at a gold price of US$1,750/oz【958171951059053†L100-L139】.
Business Signal:
Investors and mining service providers should monitor KEFI’s construction milestones, which could catalyse further investment in Ethiopia’s mining sector and supply chain.