KEFI Minerals PLC (LON:KEFI) has now received around £2.5 mln in VAT refunds, and remains on good terms with the Ethiopian government. On current estimates, it looks as though post-funding, the company will retain between 75% and 80% of the Tulu Kapi gold project, with the government holding the remainder.
KEFI has also agreed a finance execution plan with Oryx Management Limited, the mandated project financier for Tulu Kapi.
Selected preliminary field work will start as soon as the wet season ends in September 2017, including geotechnical drilling of the planned sites for the plant and dams.
READ: KEFI Minerals highlights further reduction in Tulu Kapi funding needs
The idea is to keep to a schedule that allows for production to commence in late 2019, the company said in a statement.
"We are very pleased with the progress being made at Tulu Kap,” said KEFI executive chairman Harry Anagnostaras-Adams.
“We have agreed with our partners both the execution plan to close the required financing and the project works schedule.”