The Ministry of Mines has given Kefi Gold, a British mining company, a six-month delay to start extracting gold in the Tulu Kapi resource. Over the past year, the Ministry of Mines has issued repeated warnings to Kefi Gold and Copper, which was granted a license to develop the Tulu Kapi gold reserves in 2015, according to The Reporter. The corporation received its most recent warning notice in September.
The company was given the deadline of the end of January to begin gold production. Takele Uma, the Minister of Mines, believes the corporation lacks the financial resources to launch the project. On its part, the corporation claimed that security issues in the area had prevented it from obtaining the necessary finance. The Ministry of Mines and the corporation met on February 7, 2022, to discuss the matter, and the company was given a six-month extension. However, the corporation still needs to fix security and other administrative difficulties in order to get the roughly USD 300 million in funds required to start the project.
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