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KEFI Minerals seeks Development Bank support in gold mine development project
In a bid to accelerate its gold mine development project, British gold exploration and development company KEFI Minerals PLC has applied for a credit facility to the Development Bank of Ethiopia as part of its plans of raising $85 million in loan.
The project that is estimated to cost an estimated $140 million is based in Oromia regional state which occupies the largest part of Ethiopia.
According to the Development Bank of Ethiopia, the loan application is under appraisal.
KEFI said that the total cost of the project is estimated at $140 million adding that it anticipates securing 85 million dollars loan. The company should get a clearance from the National Bank of Ethiopia (NBE) for the proposed debt gearing of 85 million dollars.
The company said it held encouraging dialogue with a number of lenders as possible participants in the syndicate alongside the DBE.
The gold mine, which is under development will have the capacity to produce 28,875kg of gold in the coming ten years.