KEFI suspends Tulu Kapi development following a fatal security incident

KEFI announced on 7 September 2026 that development at Ethiopia's Tulu Kapi gold project has been suspended.

What happened

The company reports that a serious security incident on 4 September caused multiple fatalities among security personnel and community members, including one company employee.

KEFI is engaging with community representatives and the Ethiopian and Oromia authorities. It says development will resume only after appropriate measures establish a safe operating environment.

Financing and timetable

The company will manage expenditure carefully and defer further project-financing drawdown or deployment while assessing the circumstances. It says existing capital reserves and committed standby facilities can support anticipated requirements during suspension.

Before the incident, development was targeting first gold in mid-2028, with road, power and equipment work progressing. KEFI says it is too early to assess the suspension's effect on that timetable.

What matters next

The immediate priorities are people's safety and conditions for a secure resumption. For shareholders, the subsequent issues are the duration of the suspension, revised expenditure and any changes to financing or construction schedules.

Source: Company announcement, 7 September 2026.