KEFI Gold and Copper (KEFI ) has appointed Stifel Nicolaus Europe as financial adviser and joint broker to the company.
The appointment comes ahead of KEFI’s planned move to the main market of the London Stock Exchange, and as it continues with development and construction work at the Tulu Kapi gold mine in Ethiopia.
Stifel will act as sponsor for the move to the main board, which is expected in 2027.
At Tulu Kapi itself, all principal contracts have now been finalised, and all workstreams are on schedule.
The company remains on track for commissioning in late 2027, and full production in 2028.
Among the latest developments is the ordering of the semi-autogenous grinding (SAG) mill, one of the highest-value and the longest-lead items in the processing plant.
The community resettlement programme continues, and once the first phase of resettlement is complete, bulk earthworks at Tulu Kapi will commence
Grid power linkup is also underway: the 47km electrical connection of the main national grid to the project site is in construction, and construction of the first of two substations is well advanced.
At the financial level, KEFI has replaced US$15 million of short-term working capital funding with US$15 million of long-term subsidiary level equity ranking capital without any impact on project economics.
The eight-year-plus subsidiary level equity ranking capital comes in the form of Ethiopian preference shares and a gold royalty.
The company has also signed an additional US$10 million equity ranking royalty deal at subsidiary level with Cyprus-based specialist financier Mithril Royalties. This royalty was constructed on the same terms as US$20 million royalty signed with Chancery Royalty, but for half the amount of gold.
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Progress on several fronts from KEFI, as development work continues and financing arrangements are fine-tuned. The company has frequently shown itself to be adaptable to changing circumstances, and nimble, and that’s one reason why Tulu Kapi is now in construction, when previous owners struggled to make headway. Another reason, of course, is that the gold price remains at historically high levels, even if it is bouncing around these days on news from Iran. As it stands, the margins on Tulu Kapi will be considerable, the payback short, and the returns to investors likely very significant. No wonder the company is pressing ahead at full steam.