Business: Key stakeholders discuss regulatory, legal issues ahead of launching Ethiopia’s first industrial gold mining project
Addis Abeba – Major local and international stakeholders of the Tulu Kapi Gold Mining Project, Ethiopia’s first modern mining development have met in Addis Abeba on 23 February to discuss and resolve regulatory and legal issues which is believed to pave the way to commence activities on the ground.
According to a statement sent to Addis Standard by Tulu Kapi Gold Mines S.C, the project is “Ethiopia’s only ‘ready-to-start’ industrial mining project, making it the country’s first large-scale mining project for some 30 years and is designed to the highest international standards”.
The stakeholders meeting was intended to resolve regulatory approvals, legal documents, security protection and preparation of the community among other things according to Harry Anagnostaras-Adams, Chairman of Tulu Kapi Gold Mines S.C and its UK parent Company KEFI Gold and Copper PLC.
Resolving these issues is necessary “so that the project can be financed in an internationally standard manner for the mining industry…, and finish all project preparations quickly” he added.
KEFI Gold and Copper PLC has recently announced that the finance plan of $320 million for financing of the Tulu Kapi Gold had been agreed upon in principle by the lenders.
Habtamu Tegene, Minister of Mines said during the meeting that “the regulatory issues remaining to be resolved are a very small subset of the many matters resolved already” adding that, “by the time full production is happening in 2025, foreign direct investment will have exceeded $400M on Tulu Kapi”.
Tulu Kapi Gold mining project which is located 28 km East of Ayra-Gulliso town in West Wollega zone of Oromia region, is expected to employ approximately 1,000 local people in 12 months, and generate over US 250 million USD per annum making it the largest single export earner of the country. AS
