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KEFI Minerals' funding requirement for Tulu Kapi further reduced to US$24M

KEFI Minerals Plc's remaining funding requirement for its Tulu Kapi gold project in Ethiopia has been further reduced to US$24 million after improvements to planned capital expenditure and contingency provisions.

Tulu Kapi's remaining funding requirement was previously reduced to about US$32 million in July after it secured project funding of US$135 million, from about US$289 million when KEFI took control in 2014.

KEFI is now looking to source the remaining funding from a separate finance facility against ore stockpiles and from project-level equity, it said Aug. 10.