July 19, 2024

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tulu kapi gold mines project by KEFI gold and copper

Tulu Kapi Gold Mines Project Will Start Production in 2026

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On 20th May 2024, KEFI Gold and Copper PLC (KEFI) officially launched the Tulu Kapi Gold Mines (TKGM) project in Ethiopia. The project launch was approved by the TKGM board, in which Ethiopian federal and Oromia regional government members were included. KEFI Gold and Copper Plc is a gold exploration and development company based in Cyprus.

KEFI Gold and Copper announced that the Tulu Kapi Gold Project in West Welega will start production in 2026.

The company issued a statement and said, “Early works comprise a number of activities with the community and other stakeholders to ensure that everyone is fully informed and consulted and the site is prepared for the major works to commence. Our focus is now on successfully completing the Early Works at Tulu Kapi so that we can close the US$320 million project finance package and launch Major Works in October 2024,”

The Tulu Kapi Gold Mines project is located in the Oromia region of western Ethiopia. The project is situated about 28 kilometers east of the town of Ayra-Gulliso in the West Wollega zone. This project would be the first large-scale industrial mining initiative in Ethiopia in nearly 30 years.

According to the report, gold production at this project is expected to commence in the middle of 2026. This will mark an important milestone, as it will be Ethiopia’s first large-scale, industrial mining operation.

The project is expected to create around 1,000 direct jobs and 5,000 to 10,000 indirect jobs. This will provide a major economic boost through increased employment opportunities and increased export revenue for the country.

The project has been designed to comply with the World Bank’s IFC Performance Standards. This suggests a strong focus on environmental, social, and governance (ESG) factors, ensuring the project is developed and operated responsibly and sustainably.

Overall, this project appears to be a significant milestone for Ethiopia’s mining industry. This project will provide an economic lift through job creation and exports. Moreover, the project will also prioritize sustainable and responsible development practices.

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