British earthmoving construction firm PW Mining and Australian process plant construction company Lycopodium, have signed the Final Umbrella Agreement with Tulu Kapi Gold Mines (TKGM), a gold and copper exploration and development company. The companies need to finalize all arrangements in the community before starting construction and gold production. The two companies have hired British and Australian contractors that specialize in mining.

Upon completion of construction by 2025, TKGM is expected to export approximately USD 300 million worth of gold and silver annually. The project will also directly and indirectly employ up to 10,000 people. The capital for the project so far has been about USD 100 million USD, with an additional USD 400 million required to complete it.

The signing ceremony was attended by Abera Mamo, the country director for TKGM, Harry Anagnostaras-Adams, the Chairman for KEFI Gold and Copper PLC, Ciaran Quinn, the Finance Director for PW Mining, Lelise Neme, the Commissioner for Ethiopian Investment Commission (EIC), Semereta Sewasew, the State minister of Finance, and other government officials. Tulu Kapi is the first mining project in Wolega, Oromia Regional State.

Source: Ethiopian News Agency