Gold exploration and development company Kefi Minerals has selected an African mining bank and the African Development Bank as its preferred senior secured lenders to fund the development of the Tulu Kapi project, in Ethiopia. The nonbinding terms for the project finance included senior secured project loans of $60-million with an average tenor of six years, security to be on a first-ranking basis, gold hedging of 100 000 oz and the balance of capital requirements to be sourced from product-linked gold finance and equity capital.