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Share Name Share Symbol Market Type Share ISIN Share Description
Kefi Minerals LSE:KEFI London Ordinary Share GB00B1HNYB75 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.01p +1.63% 0.625p 0.60p 0.65p 0.66p 0.615p 0.615p 31,821,067 16:15:58
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -4.0 -0.4 - 19.51

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Date Time Title Posts
27/5/201614:00Kefi Minerals-2010 and into the Kingdom of Saudi Arabia49,282
28/4/201612:29Kefi Minerals11,199
14/4/201614:42Kefi Minerals-Moving into the Kingdom of Saudi Arabia30
14/4/201610:33Pumpkin Head - Kefi flying8

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Kefi Minerals Daily Update: Kefi Minerals is listed in the Mining sector of the London Stock Exchange with ticker KEFI. The last closing price for Kefi Minerals was 0.62p.
Kefi Minerals has a 4 week average price of 0.54p and a 12 week average price of 0.44p.
The 1 year high share price is 0.93p while the 1 year low share price is currently 0.26p.
There are currently 3,120,998,693 shares in issue and the average daily traded volume is 44,962,148 shares. The market capitalisation of Kefi Minerals is £19,506,241.83.
goatherd: Today's news says that the government of Ethiopia is paying $20m dollars for 20% share in "TK". It is important to note that this is a share in Ethiopia only - it does not dilute the KEFI shares at all. This clearly values TK at $100m [as the RNS said]. The Ethiopian government now has a 25% share [they previously had a 5% free carry]; so Kefi has 75%. Accordingly KEFI's share is worth $75m. Kefi has 3,411m shares - fully diluted. So each share "owns" a share in TK worth 1.35 p - or 2.6 times the current share price. So you can buy at a 60% discount to what the Ethiopian government paid. Of course IMHO the real value in KEFI comes in Saudi Arabia. TK is just a nice bonus, importantly producing a $50m + cash stream starting late next year, which will fund Saudi exploration and perhaps a dividend.
estseon: Something will need to be done to enable the market to properly value the company. I've suggested floating off KME under a new holding company with Kefi shareholders receiving [90% of] KME holding company shares by way of a demerger distribution and Kefi placing, say, 10% of that new holding company for cash. Looking at the NPV calculations and assuming that the gold price returns to $1250 or above, KME holding co shares might start trading at up to 2.5p. Kefi PLC would have cash from the placing and the KSA operations. Pre the acquisition of TK, Kefi was trading above 2p or 0.35p, adjusting for the dilution since. As Kefi has acquired the Hawiah EL since then and has made some progress on JQ, a price for PLC of a bit above the current price for the combined operation could be justified. With KME relieved of any dilution (assuming that "fully funded" means that) and PLC relieved of the need to make any further raisings before doing a lot of drilling on Hawiah, a restructuring might remove the blight that is holding back the share price. As Union said, a 1 for 10 consolidation would make the share capital of both companies look less like the UK national debt.
mab: goneawol It is unusual for small caps to have such a large issue of shares but share price appreciation is much more to do with profits, low debt, good ROE, cashflows which kefi is years from still and is reflected in the share price accordingly. However in five years time when the price of gold is back to $1800 and kefi has tk, jibal and hawaih on stream spitting out cash, AND paying dividends then maybe harry can start buying back shares with excess cashflows ;-) The other side of the coin is gold $750 in 5 years time, kefi share price down another 95% from current levels or delisted! They don't come packaged with more high risk/reward than junior golds! place yer bets!
goatherd: Tops, You should try reading my posts before replying to them! I choose my words with care! I did not say price does not matter - though I certainly think it matters less than you do! I merely said that I did not agree that the gold price going up 5% [which I welcome] did not lead me to expect the Kefi share price to increase daily. "We are not producing any so why should the price matter?" was merely an expression of how the market views things. And I would accept that I did not choose my words well there. Inverted commas would have made it clearer.
n_w_b: $4m is less than the $5m Edison recently suggested would be required Edsion note from 11th Nov : Valuation: 43.6% IRR in sterling terms over 12 years Our current valuation of KEFI is 2.34p/sh, based on the net present value of (maximum potential) dividends payable to shareholders as a result of an investment into the company at the prevailing share price of 0.38p. This rises to 3.42p/sh in FY19, when the first potentially substantive dividend is payable, and equates to a resource multiple of US$66.32 per attributable in-situ resource ounce. However, KEFI estimates that its cost of discovery of resource ounces is less than US$10/oz overall and less than US$5/oz in Ethiopia. As such, rather than remaining a single-asset company, KEFI’s strategy is to selectively leverage its cash flow into exploration. Contingent on its being successful, we estimate that KEFI’s share price could rise as high as 5.61p in FY19 (which would put it on a contemporary P/E ratio of 4.9x FY19 EPS and an average of 6.4x FY18-26 EPS). ... The company is considering several options on sequencing its development funding but for the purposes of our valuation, we have assumed one further equity raise of US$5m in FY15 at the prevailing share price.
soul limbo: "constantly posted articles here warning of higher US rates, stronger Dollar and a lower Gold price." as opposed to rose tintys, over the past 4+ years, constantly ramping KEFI share price was going to be 10p, 20p, 30p, 40p, 50p..... even £1 not to forget all the b/s that gold price was going to zoom to $10,000... when gold bulls were frothing at the mouth.
tim_the_trout2: Hi Estseon I'm not concerned what the Stockmarketwire says, just reporting it. I appreciate you can make a paper profit whilst Revenues were nil but Kefi share price won't move northwards until we either start to produce or exiting news comes from Hawiah. I'm prepared to wait for both. TTT
estseon: I don't think that anyone was realistically expecting a linear correlation between Kefi share price and time. Movement in the share price will be event driven and we are awaiting the relevant events. Whether the market will react to the events in the manner hoped is, of course, quite another matter. But if Kefi continues to pile on value it will eventually. The trigger might then be quite inconsequential. That is why the only sensible strategy is to hold.
n_w_b: KEFI Minerals firing on all cylinders as it makes significant progress in Ethiopia and Saudi Arabia By Ian Lyall December 15 2014, 11:44am The past year has been one of significant progress for KEFI Minerals (LON:KEFI) and its flagship Tulu Kapi gold property in Ethiopia. Not that this has translated into a significant increase in the value of the company, which also owns two earlier stage, but highly prospective projects in Saudi Arabia. Quite the reverse, the share price has gone down, mirroring the prolonged sell off in the junior mining space. However, this weakness will be seen by savvy investors as an opportunity. And, indeed, this is how Perth Global Funds viewed KEFI (as a contrarian investment) when it arrived as the firm’s third major investor as part of last month’s £4.9mln share sale. The other two big funds on the KEFI shareholder register are Odey Asset Management, run by the hedge fund billionaire Crispin Odey, and Standard Life. And their interest reveals there is institutional appetite for gold diggers and mine developers with the right assets and management. “They are three quality institutional investors quite well versed in taking a contrarian point of view and seeing the cycle as we do,” said KEFI chairman Harry Anagnostaras-Adams. KEFI, since it took a majority stake in Tulu Kapi a year ago, has gone about ‘crafting and sculpting’ the project to make it a cheaper, but economically more enticing proposition. Now, the investment required to get it into production will be US$120-150mln, or roughly half the figure proposed by its former owner. Okay, output will be lower than first projected (around 10% lower at an annual 92,000 ounces ignoring the start-up and close-down years), but the mine will be one of the cheapest gold producers in the world. The plan is to start mine development in the final quarter of next year, with first gold set to be poured in 2016. In October KEFI reactivated the mining licence application put on hold by former owner Nyota Minerals and hopes to have the sign-off by January or February next year. Anagnostaras-Adams said the development thus far has been hitch-free – which contrasts with the struggle he had re-starting the historic Rio Tinto copper mine in Spain for former employer EMED. “It feels refreshing to be able to run a project like Tulu Kapi here in Ethiopia,” the KEFI chairman told Proactive Investors. “The emotion of setting up shop in Europe almost a decade ago has been one of frustration. “Ethiopia has been exceptional. Within the company we have around a century of experience of dealing with governments. “For us, Ethiopia has the most progressive, constructive and pragmatic administration we have come across. They are a pleasure to deal with.” If anything, KEFI is slightly ahead of the curve with Tulu Kapi. This, Anagnostaras-Adams said, will allow management to “squeeze down the capex and optimise the development plan”. KEFI is talking to the “natural funders” for projects of this type, with those negotiations expected to notch up a gear when it receives the mining licence. By the middle of next year prospective lenders should be ready to go to their credit committees, while the development plan should also have been finalised, Anagnostaras-Adams revealed. Of course there is the issue of finding equity funding for the project; but there are options at “project or parent company level”, said Anagnostaras-Adams. And as the KEFI team has shown, it is adept at getting the job done. Meanwhile, the last cash call also revealed management can find the money and the investors when they are needed. “It had been falsely assumed by people setting the [share] price at the margin we would struggle to assemble the finance we need as most of the sector has struggled,” said Anagnostaras-Adams. “But the fact we have brought on board three strong shareholders who are there to invest more money shows we are not struggling at all.” In other words it has been a mug’s game so far betting against KEFI. The plan is broader brush than simply setting up shop in Ethiopia. KEFI also has plans to develop and exploit its significant position in Saudi Arabia, where it is exploring the Jibal Qutman area licence. Earlier on Monday it announced a 30% resource upgrade to an indicated and inferred 633,461 ounces. The company also revealed that a good proportion of the material uncovered to date would be amenable to the heap leach method of extracting the precious metal. This, KEFI said, would likely result in saving on the initial investment requires to get Jibal Qutman up and running, while speeding up development. The potential to build the operation in a modular fashion from an initial open-pit has prompted the company to apply for four more licences nearby. Meanwhile last week it and its local partner were awarded a 95-square kilometre Hawiah area in Saudi, which is prospective for volcanogenic hosted massive sulphide systems (VHMS). “Our vision by 2017 is to be producing gold in Ethiopia and not far after starting a smaller operation in Saudi Arabia,” said Anagnostaras-Adams. “The Saudi cash flow will underwrite an aggressive exploration programme there. It is a world class prospecting district and we have world class positioning and team.” Proactive
dorifij: RNS Number : 3193U Kefi Minerals plc 15 October 2014 15 October 2014 KEFI Minerals Plc ("KEFI" or the "Company") Quarterly Operational UPDATE KEFI Minerals (AIM: KEFI), an emerging gold miner with projects in the Kingdom of Saudi Arabia and Democratic Republic of Ethiopia, is pleased to provide its third quarter operational update for the period from 1 July to 30 September 2014 as well as post-period events. The update encompasses the activities of KEFI Minerals (Ethiopia) Limited ("KME") in Ethiopia and Gold & Minerals Llc Limited ("G&M") in Saudi Arabia. HIGHLIGHTS Tulu Kapi gold project, Ethiopia -- Received final independent verifications and approvals to enable, post period, reactivation of Mining Licence Application o Updated JORC compliant Mineral Resource reporting of total Indicated and Inferred Resource of 23.7 Mt at 2.51 g/t Au for 1.9Moz Au o Updated JORC compliant Ore Reserve reporting of total Probable Ore Reserves of 12.9 Mt at 2.41 g/t Au for 1.002 Moz Au o All-in-Costs estimated at $844/oz - well below global industry averages -- Acquired remaining 25% of Tulu Kapi gold project from previous owner, which gives the Company full control and funding flexibility -- Post period, received headline indicative terms for project finance from several financial institutions, which is intended to be implemented in parallel with the project development timetable Jibal Qutman project, Western Saudi Arabia -- Drilling and trenching continued with mineralisation remaining open in three of the five adjacent pits included in the reported Mineral Resource Harry Anagnostaras-Adams, Executive Chairman of KEFI Minerals, commented: "We made tremendous progress during the last quarter which, post period, culminated in the reactivation of the Mining Licence Application for Tulu Kapi. With the strong support of the Ethiopian Government, KEFI can now see a clear path towards becoming a gold developer and commencing commercial production. "While the present focus is predominantly on Tulu Kapi, we are also ready to advance our strong exploration portfolio of carefully selected targets within the highly prospective Arabian-Nubian Shield. As such, the Directors of KEFI are excited about the Company's future prospects and are confident of delivering value to shareholders. "I would like to thank the Ethiopian Government for their support and also our exploration, development planning and financing teams without whom the rapid progress of the Tulu Kapi project would never have been achieved." OPERATIONAL REVIEW Democratic Republic Of Ethiopia Tulu Kapi gold project, Western Ethiopia This has been a historic period for the Tulu Kapi gold project where the Company focused on receiving the requisite independent verifications of project plans and headline indicative financing terms to enable the reactivation of the Mining Licence Application ("MLA") on 6 October 2014, which had been suspended in mid-2013 by the previous owner of the asset. The Ethiopian Minister for Mines, Hon. Tolassa Shagi Moti, has confirmed to the Company, the Government's intention to expedite the processing of the MLA with a view to construction commencing in early 2015. In addition, during the third quarter, KEFI took full control of the Tulu Kapi project. On 3 September, the shareholders of Tulu Kapi's previous vendor approved the sale of the remaining 25% to KEFI - resulting in the Company owning 100% of the project (it will convert to 95% upon the Government exercising its right in due course before commencement of production to a 5% free-carried equity position). The acquisition cost was paid mainly in KEFI shares and totalled GBP6M, which represents under $10/oz gold Reserve. The independent verifications received during the period and subsequently include: -- updated JORC 2012 compliant Mineral Resource reporting of total Indicated and Inferred Resource of 23.7 Mt at 2.51 g/t Au for 1.9 Moz Au; -- open pit Mine Plan for targeted production of 86,000 oz Au per annum for 10.5 years from mining and processing 1.2Mtpa at 2.4g/t Au; -- updated JORC compliant Ore Reserve reporting of total Probable Ore Reserves of 12.9Mt at 2.41g/t Au for 1.002 Moz Au; and -- costs estimates for the open pit, including total estimated operating costs at $626/oz and All-in-Costs at $844/oz including capex, opex, closure and royalties - well below global industry averages. Post period, KEFI has received headline indicative financing terms of c. $100M from several financial institutions, all of which are familiar with the project and have already undertaken initial due diligence. The finance plan remains to fund all pre-development obligations and activities with equity capital of c. $5M through mid-2015, and that the c. $130M investment required for development in 2015 will be optimised in mid-2015 and mostly financed by project-related debt. Kingdom of Saudi Arabia Jibal Qutman project, Western Saudi Arabia Drilling and trenching continued at KEFI's Jibal Qutman project in Saudi Arabia and, on 14 July 2014, the Company reported drilling results with the best results including 17m at 3.72g/t Au, 8m at 3.22g/t Au (including 3.0m at 7.21g/t Au), 13m at 2.27g/t Au and 22m at 2.51g/t Au. Mineralisation remains open in three of the five adjacent pits included in the reported Mineral Resource. Other Licences In Ethiopia, KEFI continued drilling at licences adjacent to Tulu Kapi, reporting exploration results at Guji including 44m at 1.73 g/t Au and 6m at 3.98 g/t Au, and results at the Chalte prospect of 8m at 1.91 g/t Au and 8m at 1.88 g/t Au. This re-affirms the excellent prospectivity for additional gold deposits within haulage distance of the planned processing plant at Tulu Kapi. In Saudi Arabia, Selib North was downgraded in priority and, pending the grant of additional licences, the focus is now exclusively on Jibal Qutman and prospecting application areas, including the set of four tenements adjacent to Jibal Qutman. Corporate During the period, the Company raised gross GBP2.125M cash, through private placement of ordinary shares, to fund the acquisition of remaining 25% of KME (the 95% owner of Tulu Kapi) and all costs for the reactivation of the MLA. Following the acquisition of KME, the vendor distributed its 13.85% shareholding in KEFI to its own shareholders on 24 September 2014. On 12 September, KEFI announced the grant of 2,250,000 incentive options to the newly-appointed Non-Executive Director, His Excellency Mr Norman Ling, former British Ambassador to Ethiopia. The exercise price was set at a 24% premium to the then prevailing price per KEFI share and all terms and conditions were in accordance with the Incentive Options Scheme. KEFI appointed, on 15 September, share price Angel Corporate Finance LLP as Nominated Adviser to the Company. Post period, upon re-activating the Tulu Kapi MLA, Mr Harry Anagnostaras-Adams moved from Non-Executive to Executive Chairman with a particular focus on permitting, financing and staffing in preparation for exploitation of the Tulu Kapi asset. Previous Managing Director, Mr Jeff Rayner, assumed the role of Exploration Director to focus on identifying the Company's next value-adding stages beyond the construction and start-up of the Tulu Kapi open pit. OUTLOOK FOR Q4 2014 Tulu Kapi The previously foreshadowed milestones for 2014 have now been achieved, other than the updating of the Definitive Feasibility Study ("DFS") from its 2012 version (prepared by the previous owner of the asset). The Company is now working to update the DFS to reflect KEFI's overhaul of Tulu Kapi. Other priorities include the assessment of opportunities for further improvement such as considering refurbished plant (rather than all-new) and contract-mining (rather than owner-mining). Jibal Qutman G&M continues to consider the development plan for Jibal Qutman whilst the zones of mineralisation expand with drilling results. As stated previously, the Saudi authorities are reviewing their regulatory policy with regards to mineral exploration. The Directors of KEFI are increasingly confident that, given the Company's approach of strong local ownership from the outset - through its joint venture company, G&M, which is 60% owned by local partner ARTAR - for its operations in Saudi Arabia, it is well-positioned to avoid any potentially negative impact resulting from a change in policy. EXPLORATION AND CORPORATE STRATEGY In Ethiopia, there are three licences adjacent to Tulu Kapi. There are some encouraging historical results and further fieldwork has commenced under KEFI's ownership which reinforces the Company's initial positive assessment. In Saudi Arabia, there are two granted licences other than Jibal Qutman and 25 Exploration Licence Applications ("ELAs") on behalf of G&M by ARTAR. Overall, KEFI has operatorship of and potential exposure to a +1550 km(2) portfolio of targets at various stages within the highly prospective Arabian-Nubian Shield. The value-adding potential for shareholders of this portfolio surpasses that of the Tulu Kapi mine development. Accordingly, it is KEFI's intention to apply equal priority to exploration managed by Jeff Rayner, Exploration Director, as it will to building and operating Tulu Kapi. The Company is in the process of appointing a suitable individual for managing this process. Whilst the budgetary allocation to mine development will naturally dwarf the allocation to exploration, both activities are at the core of KEFI's business plan and will require equal commitment and leadership. Further information, including a slide presentation which complements this Quarterly Update, can be viewed on KEFI's website at www.kefi-minerals.com

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