In December 2013, KEFI Minerals acquired 75% of Tulu Kapi. In September 2014, KEFI acquired the remaining 25%. The Ethiopian government became entitled to a 5% free-carry interest in Tulu Kapi upon granting of the Mining Licence in April 2015.
KEFI Gold and Copper plc’s wholly owned subsidiary KEFI (Ethiopia) and the Government of Ethiopia formed Tulu Kapi Gold Mines Share Company (TKGM) as the Project company for developing Tulu Kapi.
Subject to finalisation of full Project financing, KEFI’s current beneficial ownership of 95% in TKGM will likely be diluted to c.80% upon closing.
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