Kefi Gold and Copper has received its long-awaited mining license for the Tulu Kapi copper and gold project in Ethiopia – and will have plenty of time to mine from the asset, as the license extends at least through 2035.
The miner said on November 2 that the license does have a condition: that the company secure financing for the project prior to January 31, 2022. The project must also remain in good standing and compliance with regulations.
“Subject to those conditions and a successful project launch, the license can be renewed by TKGM on expiry in 2035 should the project prove successful in expanding ore reserves and mine life,” the company said, citing Ministry of Mines notification guidelines.
For its end, Kefi has confirmed to the MoM its intention to launch key project development activities and confirm the identified project finance next month.
The target date for commissioning of Tulu Kapi is 2023; according to the miner, it will be the “first-mover in modern Ethiopian large-scale mining” in its quiet, rural setting.
Source: Kefi Gold and Copper