London, United Kingdom –News Direct– KEFI Gold and Copper PLC
KEFI Gold and Copper PLC has made further progress on its Turkapi gold project in Ethiopia, passing a new milestone with a development budget of $320 million.
Executive Chairman Harry Anagnostaras-Adams discussed the complexities of raising large amounts of capital in new mining jurisdictions and highlighted the challenges and achievements of navigating development banking and financing in frontier markets.
In an interview with Proactiv's Stephen Gagnon, Ethiopia discusses the complexities of raising large amounts of capital in a new jurisdiction, including overcoming regulatory hurdles and ensuring the protections needed to mobilize the population of Ethiopia. commented on the normality of the project's development pace, given the pioneering nature of the efforts. Required capital and human resources.
Mr. Anagnostaras-Adams also detailed recent regulatory changes that have had a positive impact on the cost of funds for projects through changes in debt-to-equity ratios. Initially facing a closed economy with borrowing limits of 50%, KEFI Gold and Copper secured significant concessions granting a 70:30 ratio, which was further improved to 80:20 by the National Bank of Ethiopia. This adjustment allows for the use of lower-cost capital, providing significant benefits to the project.
Looking to the future, KEFI Gold and Copper aim to conclude an agreement by the end of May, update key components of the project, and set a final model and schedule by the end of June. This includes updating plant costing, asset research for resettlement communities, and adjusting mining contractors' appreciation clauses for inflation.
The company emphasizes its collaborative efforts to raise development finance in Ethiopia, coordinating with all syndicate parties in different countries to ensure schedule alignment and compliance.
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