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LONDON (Alliance News) - Kefi Minerals PLC Monday said that its Tulu Kapi project in Ethiopia has been approved by the country's council of ministers.
The mining agreement, which was signed with Ethiopia's Ministry of Mines, will include a 20-year mining license which fully permits the development and operation of the Tulu Kapi gold project.
Harry Anagnostaras-Adams, Kefi's executive chairman, called the development a "landmark achievement" that will allow the company to begin to develop the asset.
"We remain on track for development to commence in 2015 leading to commissioning at the end of 2016 for production in 2017," Anagnostaras-Adams said in a statement.
Tolassa Shagi Moti, the Ethiopian Minister for Mines, also lent his support to the deal.
"Responsible mine development is a high priority for the Government and hence we are pleased to have approved the Tulu Kapi gold project. We acknowledge and appreciate KEFI's professionalism and dedication in getting the project back on track. The joint effort with our Ministry officials has also served to pave the way for other mining projects to follow," the minister said.
Kefi shares were up 3.4% at 1.11 pence on Monday afternoon.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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