KEFI Minerals plc (LON:KEFI) has been in communication with all Ethiopian government offices dealing with the Tulu Kapi Gold Project in the Federal and Oromia Regional Governments, welcoming new appointments of state ministers.
The AIM-listed firm said the government is KEFI’s partner in the Project company, Tulu Kapi Gold Mine Share Company Limited (TKGM), and its representatives on the TKGM board work close with KEFI and other members of the Project consortium.
According to the International Monetary Fund, Ethiopia is expected to be the highest growth country in Sub-Saharan Africa again this year, with mining listed as a priority sector in Ethiopia. Also, Tulu Kapi Gold Project is expected to play an important role in the country’s development.
KEFI has been advised that the international bond markets favourably view the Ethiopian government’s smooth transition to its new leadership.
The company said that against this backdrop, market soundings currently indicate that the KEFI Infrastructure Bond will have a c.7% coupon based on the Bond being issued at par, subject to the completion of formal due diligence and market conditions at the time of the Bond issue.
“The Bond will be a senior secured sinking fund bond issued by KEFI's Luxembourg SPV and listed in Luxembourg,” the company said.