KEFI Gold and Copper Plc
KEFI Gold and Copper Plc is developing the Tulu Kapi open-pit gold project in Ethiopia (Ethiopian government holds a 5% free-carried interest under a 20-year mining license granted Apr 2015). The company completed a US$340 million development financing package for Tulu Kapi -- including ~US$240 million of senior project debt approved by the lending syndicate and a US$20 million equity-ranking royalty with Chancery Royalty Limited -- with the project formally and fully launched on 22 Dec 2025 following financial close. Phase 1 resettlement compensation agreements are 100% complete and over 50% of major equipment is ordered or ready for order; project debt drawdown is on track for a Q4 2026 trigger. As of the Aug 2026 update, commissioning is targeted for late 2027 with full production from the open pit and process plant in mid-2028. At a base case of US$4,000/oz gold, the project is modelled to deliver a combined AISC of US$1,184/oz and average EBITDA of ~US$526 million per annum over its first three years, with net cash flows intended to fund a second, underground project at the same site. KEFI raised a further GBP35.6 million in Apr 2026 to complete financing and add cost-overrun reserves. Harry Anagnostaras-Adams is Executive Chairman; John Leach is Finance Director; Eddy Solbrandt is Chief Operating Officer.
Notable vs. Peers
- Jurisdiction risk score of 4/10 is meaningfully riskier than the peer average of 7.8/10.
- All-in sustaining cost of $1,184/oz is 40% lower than the peer producer average of $1,965/oz.
Lifecycle Milestones
Construction Milestones
2 of 5 reached- Apr 2015 · 20-year mining license for Tulu Kapi granted by the Ethiopian government, April 2015 (government retains a 5% free-carried interest). · Source
- Dec 2025 · Tulu Kapi Gold Project 'fully launched' on 22 Dec 2025 following financial close of the US$340M development financing package (US$240M senior project debt approved by the lending syndicate plus a US$20M equity-ranking royalty), enabling full development to proceed. · Source
- Not yet reached
- Not yet reachedExpected Late 2027 – Mid 2028 · Commissioning targeted late 2027, full production mid-2028 at Tulu Kapi · Source
- Not yet reached
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Executive Chairman of KEFI Gold and Copper Plc.
Finance Director of KEFI Gold and Copper Plc.
Chief Operating Officer of KEFI Gold and Copper Plc.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Checked thoroughly: T. Rowe Price's holdings are generalist emerging-markets/international funds rather than resource specialists, and no confirmed genuine open-market insider purchase was found -- the sole priced insider entry shows a suspiciously round nominal price consistent with a share allotment rather than a market trade.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Tulu Kapi Gold Project (Ethiopia). Ore Reserve (Probable only, effective 22 Apr 2015): 15.4 Mt @ 2.12 g/t Au = 1.05 Moz. Mineral Resource (effective 4 Feb 2015, inclusive of the Reserve): Indicated 17.7 Mt @ 2.49 g/t (1.42 Moz, above 1,400m RL) + 1.1 Mt @ 5.63 g/t (0.20 Moz, below 1,400m RL) = 1.62 Moz Indicated total -- no Measured category exists, so Indicated is the full M+I figure written to ouncesFound. Inferred = 0.08 + 0.02 = 0.10 Moz, excluded per repo's M+I-only convention. Per KEFI's own resources/reserves page, current and uncontested as of this pass (Aug 2026) -- construction formally launched 22 Dec 2025 on this reserve base. dcfNpvUsd/irrPct/mineLifeYears deliberately NOT written: every NPV/IRR figure KEFI discloses (from its DFS-update financial model and investor materials) is levered, ~80-83%-KEFI-attributable EQUITY value 'at construction start', quoted separately at US$3,000/US$3,600/US$4,000-per-oz gold scenarios (e.g. NPV5 ~US$1.1-1.5bn / IRR 89-109% at $3,000-3,600/oz; NPV US$1,114M/IRR 73% at $4,000/oz) -- there is no single disclosed 100%-project, unlevered after-tax figure comparable to this schema's dcfNpvUsd/irrPct convention. Mine life is similarly scenario-dependent (7-year open-pit-only DSO-style figure appears in some secondary coverage vs. the DFS's own open-pit-plus-underground staged plan). Picking one number would misrepresent a genuinely multi-scenario, equity-level disclosure as a single project-level fact.