03:08 AM EDT, 08/27/2026 (MT Newswires) -- Kefi Gold and Copper (KEFI.L) said Thursday it will start detailed planning to launch the development of its second mine at the Tulu Kapi gold project in Ethiopia. The decision follows the positive results from a standalone preliminary economic assessment for the second mine, dubbed the Tulu Kapi underground mine. The development of the Tulu Kapi open pit mine and processing facility is already underway. The preliminary economic assessment for the underground mine outlined a post-tax net present value, discounted at 5%, of $274.1 million and an internal rate of return of 220%, with payback of nine months. The pre-production development capital is estimated at $8.1 million. The underground mine would raise the overall steady-state production at the project to 180,000 troy ounces of gold per annum. Recovered gold is expected to be 237,000 troy ounces for total recovery from the underground and open-pit mines of 1.2 million ounces over eight years.

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