KEFI minerals set to launch its Tulu Kapi gold project in Ethiopia.

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KEFI Gold & Copper PLC said Friday that it is now preparing for the launch of its Tulu Kapi gold project in Ethiopia.

The AIM-listed miner said the site remains quiet despite the security situation elsewhere in the country, as the closest conflicts are several hundred kilometers away.

The development of the Tuku Kapi gold mine project is expected to bring in 500 jobs. The gold mine has been estimated to generate over one billion dollars from just initial open-pit operations alone. 

In May 2017, KEFI Minerals and the Ethiopian Ministry of Finance established a share company called Tulu Kapi Gold Mines Share Company Limited in which KEFI owns 75 percent shares while the Ethiopian government owns the remaining 25 percent of the company.

Tulu Kapi is the first modern mine development in Ethiopia for decades.