KEFI Gold and Copper (LSE:KEFI) has suspended development activities at its Tulu Kapi Gold Project in Ethiopia following a security incident on 4 September 2026 that resulted in multiple fatalities.
According to the company, those killed included security personnel, members of the local community and one KEFI employee.
Prior to the incident, development work at Tulu Kapi had been progressing across several areas, including construction of a new access road, power connection works and equipment procurement. The company was also carrying out phased community resettlement and compensation activities aligned with IFC Performance Standards.
The project had been scheduled to achieve first gold production in mid-2028.
Following the incident, KEFI suspended all project development activities and said it is engaging with community representatives as well as Ethiopian and regional authorities regarding the conditions required for work to restart safely.
The company said development activities will not resume until adequate security measures are in place.
KEFI is also deferring further project financing drawdowns during the suspension. The company said it has sufficient capital reserves and standby facilities to cover its anticipated requirements while activities remain halted.
The impact of the suspension on the Tulu Kapi development schedule has not yet been determined.
More about KEFI Gold and Copper plc
KEFI Gold and Copper plc is an exploration and development company focused on gold and copper projects in the Arabian-Nubian Shield, with assets in Ethiopia and Saudi Arabia.
Its principal Ethiopian asset is the Tulu Kapi Gold Project, where development activities have included mine infrastructure, power connections, equipment procurement and community resettlement.
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