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Mithril Royalties Signs Royalty Agreement At Tulu Kapi Gold Project

by THEFUTURE.TEAM

June 23, 2026

Strategic Expansion In Africa’s Gold Arena

Cyprus-based Mithril Royalties announced a development related to Ethiopia’s Tulu Kapi gold project after KEFI Gold and Copper finalized a mining services contract with BCM Group valued at more than $400 million. The agreement covers the first nine years of mining operations and represents the largest operational contract signed for the project to date.

Landmark Contract With BCM Group

Announced on June 22, 2026, the contract forms part of the project’s preparations for production. Mithril’s involvement comes through a $10 million gold royalty linked to Tulu Kapi Gold Mines, KEFI’s Ethiopian subsidiary. As a result, royalty payments will be tied directly to the performance of the project rather than the wider corporate group.

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Resilient Royalty Structure And Risk Profile

According to the company, the royalty carries commercial terms comparable to those of a $20 million royalty held by Chancery Royalty, despite representing a smaller nominal gold exposure.

Disclosures published by KEFI Gold and Copper on the London Stock Exchange state that royalty payments will be made from distributable cash alongside shareholder distributions. The company also said the arrangement does not create additional default risk for lenders or shareholders during the development phase.

Looking Ahead: Production Forecast And Market Impact

Tulu Kapi contains reserves of 1.05 million ounces of gold and total resources of 1.72 million ounces. Annual production is projected at approximately 175,000 ounces during the early and mid-life stages of the mine.

Commenting on the transaction, Mithril Royalties founder and CEO John Costaschuk said the royalty structure provides exposure to producing assets as projects move from development into operation.

The Future Forbes Realty Global Properties

Cyprus Fuel Prices Jump 20.5% As Energy Costs Rise Across The EU

Cyprus recorded a 20.5% year-on-year increase in the prices of fuels and lubricants for personal transport in May 2026, according to Eurostat data released on Monday.

The increase was broadly in line with the European Union average of 20.7%, with fuel and lubricant prices rising across all EU member states during the period.

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Cyprus Tracks The EU Average

Among EU countries, the largest annual increases were recorded in Bulgaria (33.9%), Luxembourg (32.2%), Lithuania (30.8%) and Romania (30.4%). At the other end of the scale, Hungary registered the smallest increase at 3.5%, while annual growth ranged from 12.7% in Poland to 29.2% in France across the remaining member states.

Eurostat noted that fuel and lubricant prices generally declined across the EU until February 2026 before moving higher in subsequent months.

Diesel And Petrol Follow Different Paths

Across the European Union, diesel prices increased by 29% in May 2026 compared with the same month a year earlier, while petrol prices rose by 16.2%. Monthly trends, however, were more mixed. Between April and May 2026, diesel prices across the EU fell by 5.8%, whereas petrol prices increased by 0.8%.

In Cyprus, diesel prices declined by 1.5% over the same period. Although lower than in April, the decrease was less pronounced than in Germany (-11.9%), Greece (-8.5%), Estonia (-8.4%) and Ireland (-8.1%).

Petrol prices moved in the opposite direction, rising by 2.1% between April and May. A similar pattern was observed across much of the EU, with 23 member states reporting monthly increases. Italy recorded the largest monthly rise in petrol prices at 6.9%, while decreases were reported in Germany (-5.6%), Ireland (-2.0%) and Sweden (-0.7%).