(Ecofin Agency) - The Ethiopian government has officially confirmed to KEFI Minerals it would invest $20 million in its Tulu Kapi gold project. Through this investment, the government will quadruple its stake in the firm to 25%.

The firm said funds provided by government will be used to finance roads, power and other infrastructures associated to the project. "This represents an important step towards formalising the finance syndicate, which remains on track for settlement in Q3-16, and we are honoured that the government is choosing to partner with KEFI.We look forward to reporting further progress as we continue to advance towards commencing construction of the processing plant in Q4-16 and production commissioning from Q4-17,” said the firm’s CEO, Harry Anagnostaras-Adams

 KEFI Minerals owns 100% of the Tulu Kapi project which holds a reserve of one million gold ore and plans to achieve an average output of 100,000 oz per year, over more 10 years and more.

Louis-Nino Kansoun