KEFI Gold and Copper (KEFI) will commence full-scale development work at the Tulu Kapi gold project in Ethiopia before the end of 2025, following agreement on the funding arrangements.
Overall, it will require US$340 million to develop Tulu Kapi. The debt portion of US$240 million has now been approved, and equity commitments and proposals have been received for more than the remaining US$100 million.
KEFI's executive chairman, Harry Anagnostaras-Adams, gave a presentation on the resurgent gold sector and Tulu Kapi at MINTEX Ethiopia on 16 November 2025, to an audience that included Habtamu Tegegne, the Minister for Mines, international and local banks and investors, the personnel of Tulu Kapi Gold Mines S.C. and the general public.
A few matters in relation to the financing do remain, and these were set out in a Memorandum of Intent signed by Tulu Kapi Gold Mines in the presence of its principal stakeholders, including its parent company KEFI, federal and regional governments, the Sovereign Funds of Ethiopia and Oromia, the principal local contractors and the Tulu Kapi Charitable Endowment Fund.
View from Vox
Gold continues to consolidate at its new highs, with little sign of any significant retrenchment coming. Rather, there are plenty of grounds for optimism that it could go higher as 2026 rolls around. It’s a fantastic time to be starting a gold project, and KEFI’s ability to pull all the strands together at Tulu Kapi has certainly been helped by the bull market we’re now entering. Even so, it’s a standout achievement from the KEFI team to have taken the project to where it is, in a country not that used to mining, or to financing mining. The trail really has been blazed. Now, onwards towards production.