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Mining group Kefi Minerals said Ethiopia's central bank had approved term sheets project finance banks providing development debt to the company's Tulu Kapi gold project.
The National Bank of Ethiopia's approval reaffirmed the government's ongoing support for the company, Kefi said.
'As previously stated, the two proposed senior debt underwriters and co-lenders are leading African banks,' it added.
'This approval will now trigger their normal processes for credit approval and documentation, with a view to full financial closure later this year in accordance with recent company guidance.'
At 2:18pm: (LON:KEFI) KEFI Minerals PLC share price was +0.05p at 0.87p