Major mining contractor Lycopodium has announced it has been awarded the engineering, supply and labour hire contract for the development of the Tulu Kapi project in Ethiopia, currently being developed by KEFI Gold and Copper (KEFI ).
KEFI itself has noted that this Lycopodium announcement reflects that all the project physical activities and associated financing arrangements are flowing in accordance with the schedule for first gold pour in early 2028 and full production by mid-2028.
The company has highlighted progress being made by the recently mobilised leadership teams of Tulu Kapi Gold Mines and all major project contractors: Ethiopian Electric Power Company (electricity connection), Ethiopian Roads Authority (new access roads), Lycopodium (process plant and on-site infrastructure), Dashen (house construction for the resettled community) and BCM (bulk earthworks and mining).
In addition, the full package of interdependent project agreements has been finalised and many of the agreements have been executed, including the loan facilities.
The remainder are expected to be executed in the next few weeks as the broader project syndicate members' respective compliance procedures are completed, including tasks such as notarisation, where required in the various international jurisdictions.
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Things are ticking along nicely at Tulu Kapi, and why shouldn’t they be, with gold riding high and KEFI’s share price trading three times higher than it was nine months ago? KEFI has more than enough capital on offer for the project development for which commitments have been received for US$310 million of the US$330 million approved budget as at 1 January 2026.