KEFI seeks higher borrowing capacity as Tulu Kapi stays on track for mid-2028 gold output
KEFI Gold and Copper is using its annual general meeting to outline a shift from exploration into mine development, with its flagship Tulu Kapi project in Ethiopia remaining on schedule. The company is also asking shareholders to approve a higher borrowing limit, a step it says is required for Tulu Kapi debt drawdown and intended to reduce future equity dilution.
Highlights
- KEFI targets mid-2028 for Tulu Kapi’s first gold production, maintaining project timeline and seeking AGM approval to increase borrowing capacity to limit share dilution.
- Tulu Kapi aims for average annual output of 166,000 ounces with KEFI retaining about 86% interest across two Ethiopian mines and prioritizing local partnerships.
- KEFI advances its Saudi portfolio with Jibal Qutman’s first-stage development decision expected in Q4 2026 and plans LSE Main Market transition by end-2026 to strengthen governance.
Tulu Kapi financing and development timeline
As reported by London Stock Exchange Regulatory News Service, KEFI says Tulu Kapi is targeted to begin first gold production in mid-2028 and the project remains on schedule. The company says the AGM resolution to increase borrowing capacity is a condition precedent for drawing down project debt and is designed to help limit additional share issuance.Executive Chairman Harry Anagnostaras-Adams tells shareholders the group is at a defining moment as it moves from exploration into development. KEFI estimates it holds about 86% across two Ethiopian mines and says average annual production is targeted at 166,000 ounces, while it continues to emphasize local partnerships and adherence to international standards in Ethiopia.
Saudi portfolio and market transition plans
KEFI also says its Saudi Arabian portfolio is advancing, with Jibal Qutman targeted for a first-stage development decision in the fourth quarter of 2026. The company adds that GMCO, its operating entity in Saudi Arabia, is now managed independently and has projected gold-equivalent production that significantly exceeds Tulu Kapi's.The board has recently been strengthened through the appointment of a new Non-Executive Director and Senior Independent Director. KEFI says it is aiming for a transition to the London Stock Exchange Main Market by the end of 2026, subject to compliance processes, as it works to reinforce governance and operating structures for further growth.
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