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Kefi on track to finalise Tulu Kapi financing by October, MRE for Hawiah next month

Aim-listed Kefi Minerals continues to progress talks with Ethiopian investors and international specialist mining financiers, with the aim of securing project equity ahead of closing the full financing package for the Tulu Kapi gold project, in Ethiopia, by October. The company remains focused on achieving key targets set out in February, including …

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Mining reforms start bearing fruits in Tanzania

Tanzania continues to benefit from mining sector reforms, with the sector’s contribution to GDP in 2018/19 increasing to 5 per cent, up from 4.8 per cent the previous year. Since taking the office in 2015, President Magufuli has been pushing for more revenues from the mining sector. His government introduced …

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East Africa Metals receives final payment in Adyabo transaction

East Africa Metals has received the final payment of US$600,000 from Tibet Huayu Mining as part of the closing of the transaction as it purchased a 70% interest in the company’s Adyabo Project. Andrew Lee Smith, East Africa Metals’ CEO, is reportedly travelling to Addis Ababa, Ethiopia to meet with …

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Ethiopian sets target for its mining sector

The Ethiopian government has set a target for its mining sector to contribute around 10 per cent of the country’s Gross Domestic Product (GDP) by 2025. The sector contributed less than 1 per cent of Ethiopia’s GDP, 14 per cent of exports, 1 per cent of government revenue and was …

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Ethiopia lures Chinese miners

Potential Chinese investors have set their eyes on Ethiopia’s mining sector for major investments.The development comes as Ethiopian authorities escalate efforts to attract foreign firms in the extraction of the country’s abundant mineral resources. Assefa Kumsa, Ethiopia’s State Minister of Mining and Petroleum said his government is inviting experienced foreign …

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JV on the cards for Mato Bula, Da Tambuk deposits in Ethiopia

Toronto Stock Exchange listed East Africa Metals has executed a definitive share purchase agreement and joint venture contract with Silk Road Resources Investments to develop and operate Adyabo Project’s Mato Bula and Da Tambuk deposits located in the Tigray region of Ethiopia. The company has agreed to transfer to Tibet …

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Gold and Copper mining licenses accorded to East Africa Metals

The Ethiopian Government has approved the mining license for East Africa Metals to proceed with the Mato Bula Gold Copper and Da Tambuk Gold Deposits at its Adyabo project within the country. The mining license agreements for Mato Bula and Da Tambuk have been formally approved by the Ministry of …

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Tulu Kapi project gets approval in Ethiopia

Authorities in Ethiopia, contractors Lycopodium and Ausdrill/African Mining Services and preferred project financiers have agreed on the final project model for Kefi Minerals’ Tulu Kapi. “The models were uploaded into the formal financing data rooms. They show some improvements for shareholders, as compared with recent company guidance,” said Harry Anagnostaras-Adams, …

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Ethiopian court dismiss litigation claims against Kefi

Ethiopia’s Federal Supreme Court has eliminated all claims against gold miner Kefi Minerals, The ruling has released the company from potential liability regarding an inherited claim for damages. Earlier this year, a court judgment reduced the company’s liability from $12-million to $600 000. “If another appeal is raised, which remains …

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Ethiopia’s minerals attract Hong Kong investor

Africa focused mineral exploration company – East Africa Metals has signed a finance deal with Hong Kong-based Luck Winner. Luck Winner Investment Limited will provide development financing to the tune of US$250 million to be used for development of projects in Ethiopia. The deal also includes a private placement for …

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