KEFI Signs US$400m Tulu Kapi Mining Contract
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18 June 2026
KEFI Gold and Copper plc
("KEFI" or the "Company")
KEFI Signs US$400m Tulu Kapi Mining Contract
KEFI (AIM: KEFI), the gold and copper exploration and development company with projects in Ethiopia and Saudi Arabia, is pleased to announce that, following the launch of development at the Company's Tulu Kapi Gold Project (the "Project"), tasks continue to be implemented on schedule. To that end, the Company has now signed the Project's largest operational contract, the mining services agreement, with BCM Group Limited ("BCM") for the provision of services valued at more than US$400 million over the initial nine-year mine life.
Under the contract, BCM will provide a comprehensive suite of mining services, including the provision of the mining fleet, training and management of locally recruited operators, and full mining operations under the supervision of KEFI's Ethiopian subsidiary, Tulu Kapi Gold Mines Share Company ("TKGM"). The award of this long-term contract follows BCM's recent mobilisation to Ethiopia, where it is already providing bulk earthworks and drilling services for TKGM. The agreement also enables BCM to proceed with the ordering and deployment of the Caterpillar mining fleet required for full-scale mining operations at Tulu Kapi.
The contract signing took place in London at the inaugural Ethio-British Investment Forum, in the presence of H.E. Gedion Timothewos Hessebon, Minister of Foreign Affairs of the Federal Democratic Republic of Ethiopia.
Paul Coe, Chief Executive Officer of BCM Group, commented:
"BCM is a pioneering mining services group, that expanded from Western Australia into West Africa more than thirty years ago. We are proud to support the development of Ethiopia's mining sector alongside KEFI, particularly given our shared experience of successfully establishing mining projects in emerging jurisdictions, including the Middle East."
Harry Anagnostaras-Adams, Executive Chairman of KEFI Gold and Copper, commented:
"Today's Ethio-British Investment Forum marks an important milestone in the development of Ethiopia's private sector and international investment profile. Mining has already emerged as Ethiopia's leading export-generating sector, yet the industry is only beginning to unlock its vast potential. The signing of this major mining services contract with BCM represents another significant step towards the full development and launch of operations at Tulu Kapi. We are delighted to be working with an experienced contractor that shares our pioneering approach and long-term commitment to Ethiopia."
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Enquiries
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KEFI Gold and Copper plc |
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Harry Anagnostaras-Adams (Executive Chairman) |
+357 2225 6161 |
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John Leach (Finance Director) |
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SP Angel Corporate Finance LLP (Nominated Adviser) |
+44 (0) 20 3470 0470 |
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Caroline Rowe / Adam Cowl |
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Stifel Nicolaus Europe Limited (Financial Adviser and Joint Broker) Ashton Clanfield / Varun Talwar |
+44 (0) 20 7710 7600 |
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Tavira Financial Limited (Joint Broker) |
+44 (0) 20 7100 5100 |
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Oliver Stansfield / Jonathan Evans |
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IFC Advisory Ltd (Financial PR and IR) |
+44 (0) 20 3934 6632 |
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Tim Metcalfe / Florence Staton |
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Further information can be viewed at https://www.kefi-goldandcopper.com
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