KEFI Prepares Leadership Overhaul as Tulu Kapi Gold Project Targets 2028 Production

KEFI Gold and Copper is preparing to hand executive leadership to a new chief executive as its flagship Tulu Kapi gold project in Ethiopia moves towards production, in a management transition that reflects the company’s shift from project development to mine operations. The AIM-listed miner said a CEO is expected to be appointed around the start-up of Tulu Kapi, currently scheduled for mid-2028. Executive Chairman Harry Anagnostaras-Adams would then become non-executive chairman, while Finance Director John Leach is expected to retire and be replaced. KEFI said internal staff development and recruitment are already under way as part of the succession process.

The leadership transition comes as Tulu Kapi moves into its execution phase. KEFI says it launched a 27-month development programme in March 2026, targeting first gold in early 2028 and full production by mid-2028. Early works have begun, while infrastructure, procurement and community resettlement are progressing. The project is backed by more than 400 million US dollars of financing and contractor commitments, including 240 million US dollars of secured project finance debt, more than 100 million US dollars of equity contributions and about 60 million US dollars in mining fleet commitments. KEFI estimates development costs at about 330 million US dollars, excluding costs already incurred and provisions for cost overruns.

Tulu Kapi has a Probable Ore Reserve of about 1.05 million ounces of gold and Mineral Resources of roughly 1.7 million ounces. The company says the project is permitted for development and operation, with its processing plant designed for an ore throughput of 1.9 million to 2.1 million tonnes a year. Against that backdrop, KEFI has appointed Danny Callow as an independent non-executive director, filling the vacancy created by Richard Robinson’s retirement at the company’s recent annual general meeting. Callow brings experience from major mining operations, having served as head of African Copper Operations at Glencore and chief executive of Mopani Copper Mines in Zambia and Mutanda Copper Mine in the Democratic Republic of Congo.

At KEFI, Callow will chair the Operations and Physical Risks Committee. He joins three other independent non-executive directors overseeing the company's ESG and sustainability, nomination and remuneration, and audit and risk functions. The board is also extending its oversight into Ethiopia. All non-executive directors are expected to join the boards of KEFI's principal subsidiaries, including KME Minerals Ethiopia Holdings and Tulu Kapi Gold Mines. Senior executives will also sit on the Ethiopian subsidiary boards, with Chief Operating Officer Eddy Solbrandt joining as a director and deputy chairman, Ethiopia Country Adviser Abera Mamo becoming deputy chairman, and Tulu Kapi Managing Director Simon Cleghorn continuing to oversee the operating company.

Why This Matters

The structured management transition and localized board expansion reflect a deliberate operational pivot from capital raising and regulatory clearance to physical execution and extraction. By integrating senior executives and independent directors directly into the governance frameworks of KME Minerals Ethiopia Holdings and Tulu Kapi Gold Mines, the organization is attempting to fortify governance oversight at the asset level. This dual-tier oversight mechanism ensures that operational risks identified on the ground in the Oromia region receive direct attention from technical committees chaired by experienced regional operators.

Furthermore, the alignment of executive succession with the project execution schedule provides continuity as the asset absorbs substantial capital allocations. With more than 400 million US dollars in financing and contractor commitments tied to the 27-month development timeline, institutionalizing clear lines of operational authority helps mitigate execution risk. The presence of seasoned mining leadership on both the parent board and subsidiary boards signals to financial syndicates and regional partners that operational accountability is distributed across a multidisciplinary team.

Opportunities

• Contractors and Fleet Providers: Engagement in the ongoing procurement and deployment of the estimated 60 million US dollars in mining fleet commitments and associated site infrastructure works.
• Local Integrators and Resettlement Specialists: Participation in the active community resettlement programs and localized supply chains supporting the execution phase of the project.
• Technical and ESG Specialists: Advisory and operational roles supporting the specialized board committees overseeing physical risks, environmental compliance, and sustainability standards.

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