Gold Mining Company Looks to Turn a Corner

Feb 25 , 2023

A London-based gold mining company survives the woes of licence revocation after the central bank granted a final extension to pay the remaining 80 million dollars in equity capital for the gold mining project at Tulu Kapi, Oromia Regional State. Several months ago, authorities issued a warning of possible retraction over KEFI Gold and Cooper Plc's delay to present the remaining equity capital for the project. Last week, the Chairman of KEFI, Harry Adams, discussed the remaining consents and approvals left to commence the project with officials from the Ministry of Mines, National Bank of Ethiopia and Ministry of Finance. “The regulatory and legal issues are yet to be resolved,” said Habtamu Tegegne, Minister of Mines. KEFI had faced a series of setbacks since its emergence in the country in 2016, with Tulu Kapi allegedly encountering security issues, forcing it to halt operations four years ago. The Tulu Kapi project, located approximately 360km southwest of Addis Abeba, includes an ore reserve of over 1.1 million ounces and mineral resources totaling 1.7 million ounces of gold. The mining firm estimates over 250 million dollars in annual export revenue, employing approximately 1,000 individuals. Officials expect the company, along with Tulu Kapi Gold Mines Plc, a subsidiary of the UK KEFI, to start full production in 2025.



A painting depicts traditional farming equipment at the Science Museum around the Arat Kilo area. Since the seizing of power by the current administration, large-scale architectural projects marked by grandeur have proliferated across the capital. The satellite city being built in the Yeka mountains, which is set to cost around 600 billion Br, according to the Prime Minister, is one such project yet to see the light of day. Some estimates put the plot size for the project at around 503hct despit...



A queue for diagnostics at the nation's largest state-owned hospital, Black Lion. As the health sector is largely funded by development partners from abroad, decreased support as donors shied away due to the war in the North has required the suspension of several new projects. Social health Insurance slated for next year was scraped due to a budgetary shortfall of five billion Birr. With the physician-to-patient ratio titering at around 1:30,000, queues in public hospitals are commonplace in Eth...



A street vendor puts up pepper for sale around the Lideta area. With agricultural produce accounting for the largest share of the nation's GDP at around 40pc, setbacks in the delivery of fertilizer have become a source of strife in rural Ethiopia. Only a third of the scheduled fertilizer of 1.3 million quintals has been distributed into the hands of farmers this year. This is despite the year being one in which the government claims to have met local demand for wheat and started exporting. Low p...