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Ethiopian syndicate to buy 30% stake in Kefi subsidiary

Emerging gold producer Kefi Minerals has reached an agreement with an Ethiopian investment syndicate that wants to acquire a 30% ownership interest in Kefi subsidiary Kefi Minerals Ethiopia (KME), which holds the company’s interest in the Tulu Kapi Gold Mines (TKGM). Under the proposed terms, which remain subject to final documentation and government approval, the syndicate will invest about $30-million in local currency, the equivalent of $9-million of which will be invested in August this year and the balance upon closing of project finance.

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