KEFI Minerals PLC extended an agreement with project equity investor ANS Mining Share Co. to January for the latter to release the first tranche of US$9 million for the Tulu Kapi gold project in Ethiopia due to a delay in the receipt of government consents.
The company had expected to receive the sum by the end of December 2018. It said the deadline extension will have minimal impact on the project's progression.
Meanwhile, KEFI employed 180 locals for drilling on the mine for infrastructure design and land clearing. The company said Jan. 3 that it also introduced a finance plan for nearly 50% Ethiopian ownership.