KEFI Minerals prepares for development at Ethiopian asset

AIM-listed copper ores company KEFI Minerals has appointed itself a new head of project implementation as the company ramps-up preparations for the development of its Tulu Kapi gold project in Ethiopia.

Along with its unnamed appointee, KEFI told investors on Tuesday that it had also added a construction oversight team to engage with principal project contractors Lycopodium and Ausdrill.

Elsewhere, KEFI revealed that financing arrangements to bring in equity investment by a local syndicate was its next key milestone, something it said remained "on track".

KEFI stated the investor would provide it with $30m in equity investment to complement the $20m the firm has already received from the government of Ethiopia, leaving the Cyprus-based miner with around 54% of the Tulu Kapi project.

Harry Anagnostaras-Adams, KEFI's managing director, said, "Work continues methodically to prepare for the Tulu Kapi Project development and now includes the final preparations by the Ethiopian equity investment syndicate."

"The widespread positive atmosphere in Ethiopia is a notable turnaround from that seen during the state of emergency that was lifted in early June 2018 upon the appointment of the new Government," he added.

As of 1450 BST, KEFI shares had picked up 8.8% to 2.22p.