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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Kefi Gold And Copper Plc | KEFI | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -0.009 | -1.78% | 0.496 | 16:27:17 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.512 | 0.496 | 0.512 | 0.496 | 0.505 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
|---|
Posted at 09/12/2024 08:44 by dudishes robjm66,The share price report title refers to the Syrian uprising not kefi. wrt kefi, he refers to the kefi Q&A reports objections to the Report written by Ashenafi Endale of "The Report". I'm not sure he has read it, as apart from the warnings by Oromia admin demands of finance "Put Up or Shut up", in both Nov 2021 and again in Jan 2022 (not sure confirmed), the remainder of the report is from kefi announcements (Security & delays etc...). So exactly what is the kefi Q & A quote referring to? An attempt to deflect whilst sweating on the fund raise perhaps? Maybe you being keen, have a chat with Takele Uma, re Oromia administration demands, he will know all about it. At 0.49P, 0.55p raise, ideal! |
Posted at 08/12/2024 13:25 by bostanli Thanks for the heads up Gizmohican!!Q: A newspaper in Ethiopia reports that the Oromia Government has sent the company a warning letter. Please explain. A: The report is wrong and we will publish the following statement: KEFI Gold and Copper Responds to Misleading Reporting by The Reporter KEFI Gold and Copper, along with its Ethiopian subsidiaries KEFI Minerals Ethiopia and Tulu Kapi Gold Mines, operates under the highest standards of transparency and regulatory compliance. We have noted false and misleading information published in The Reporter. We respectfully demand that The Reporter adheres to the same standards of accuracy and accountability expected of responsible journalism. Specifically, we wish to clarify that the recent capital raise of approximately £10 million from our international shareholders was fully disclosed and detailed in KEFI Gold and Copper’s official regulatory news statements. Contrary to the claims in The Reporter, no member of our group has received any warning letters or notifications from any Government agency on any matter. KEFI Gold and Copper and its subsidiaries are proud of the constructive relationships we maintain with all members of the community and all levels of the Ethiopian Government. We are at a loss to understand either the basis or the motivation for the claims made in The Reporter’sarti Posted 08 December 2024 |
Posted at 07/12/2024 16:17 by tuna hunter Sources told The Reporter the Oromia regional administration has issued a final warning to the mining company, instructing it to fulfill capital requirements and resume activities at its site in Wollega.thereporterethiopia. KEFI Gold opts to dilute shares in light of Oromia admin demands By Ashenafi Endale December 7, 2024 Company awarded Konso concession despite lack of progress in Tulu Kapi KEFI Gold and Copper has diluted its shares in a bid to raise funds to address outstanding payables. Sources told The Reporter the Oromia regional administration has issued a final warning to the mining company, instructing it to fulfill capital requirements and resume activities at its site in Wollega. KEFI has initiated the issuance of 1.9 billion additional shares on the London Stock Exchange through the dilution of seven billion existing ordinary shares, and the company’s directors are urging shareholders to vote in favor of the move during their upcoming general assembly slated to take place on January 2, 2025. KEFI has issued 1.9 billion firm placing, conditional placing, conditional subscription, conditional remuneration, and retail shares. A statement released this week indicates the company has requested admission for the shares at the London Stock Exchange. KEFI is looking to raise 10.1 million pounds in capital net proceeds from the issuance, while its market value stands at 43 million pounds, according to the latest reports. The firm looks to use 4.6 million pounds of the total cash proceeds to settle outstanding liabilities. “Participants in the Firm Placing, the Conditional Placing and the Conditional Remuneration Issue have elected to convert certain outstanding liabilities payable by the Company into new Ordinary Shares. A total of 828 million Ordinary Shares, will be issued to extinguish approximately £4.6 million of the Company’s outstanding liabilities. With the participation in the Retail Offer, the Company will raise approximately £6.0 million in cash (before expenses) as a result of the Capital Raise,” reads the statement issued this week. The funds will also be used to complete the launch of its Tulu Kapi Project in western Oromia, according to the statement. It also indicates hopes for the issuance of “a number of exploration license applications in Ethiopia.” The firm will resort to seek funding from “alternative sources” if shareholders opt not to approve the issuance of shares, according to the statement. “However, there is no guarantee that such an increased amount of additional funding could be obtained in the requisite time frame or at all. If the Resolutions are not approved at the General Meeting, and no alternative funding can be raised, the Company’s ability to operate as a going concern may be put at risk,” stated Harry Anagnostaras-Adams, KEFI’s executive chairman, in a circular addressed to shareholders on December 9, 2024. The company expects to launch major works on its Tulu Kapi Project in early 2025, depending on the “satisfaction of the outstanding conditions precedent that are typical for a transaction of this nature,” according to the document. Despite having secured a concession for a major gold mining operation in Wollega a decade ago, KEFI has been unable to execute the project due to security concerns and a lack of finances. Sources told The Reporter the Oromia regional administration has written a final warning notice to the company’s executives, instructing them to fulfill capital requirements and resume activities. The notice is a follow up to another warning issued by the Ministry of Mines back in November 2021. “The Ministry reviewed [KEFI’s] letter that outlined causes of the non-performance of Tulu Kapi Gold Mine and noted your strong assurance that you will secure the required financing by January 2022. Although the Ministry does not accept the occurrence of the said events or that they excuse performance even if they did, we have agreed to give your company one last opportunity to cure the non-performance on or before 31 January 2022 by procuring the necessary finances and performing the obligations that have become overdue,” reads the notice signed by former Minister of Mines Takele Uma. A KEFI report dated June 30, 2024, indicates the firm’s parent company incurred losses of close to 6.1 million pounds over the fiscal year, in addition to a 3.4 million pound loss the year before. “As of that date, the Group’s liabilities exceeded its current assets. As stated in this note events or conditions, along with other matters as set forth in this note, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern,” reads the report. It also indicates KEFI owes its Saudi-based partner Abdul Rahman Saad Al-Rashid and Sons Company Limited (ARTAR) over five million pounds. KEFI Gold and Copper Plc acquired the Tulu Kapi Gold Project from Nyota Minerals Limited in 2014. The project is owned by Tulu Kapi Gold Mines Share Company Limited (TKGM). KEFI owns 95 percent of TKGM while the Ethiopian government owns the remaining five percent with the option to earn an additional USD 20 million in shares through the installation of power infrastructure and a road at the mining site. The company claims to have spent approximately USD 50 million on its Tulu Kapi endeavor so far. Before selling it to KEFI in 2014, Nyota conducted explorations at Tulu Kapi, including a 16,000 meter shaft drilled in late 2012. But KEFI says the drill missed the cut-off. KEFI is also eyeing additional concessions in Ethiopia. It has lodged requests for concessions for lithium, tantalum, and rare earth metals in Guji, Oromia, as well as in Konso, which is located in the recently-established Southern Ethiopia region. The license application for the 39 square kilometer Guji site is pending, according to the Ministry of Mines online portal. However, KEFI was granted a concession to mine on 22 square kilometers in Konso just two weeks ago. The license is set to expire in 2027. “KEFI is pleased to report that the Company’s wholly-owned Ethiopian holding company KEFI Minerals has been awarded the Konso Critical Metals Area (‘Konso Project’) exploration license by the Ethiopian Ministry of Mines,” reads the company statement released on Friday. The Konso site, located near Arba Minch, was previously explored by the state-run Ethiopian Geological Survey and Brazilian mining giant Vale prior to the company’s exit in 2012. The site holds nickel, cobalt, platinum, tantalum, and lithium deposits. KEFI’s statement likens the Konso site to the Kenticha, which has “historically produced tantalum/lithium with internationally marketable specific product characteristics and which has significant remaining resources, but whose continued development progress has been stalled due to ongoing negotiations over development and exploration rights.” A few weeks ago, Ali Hussein, the general manager of the Kenticha Mining Plc joint venture, was taken into police custody on suspicions of fraud and embezzlement related to the lucrative mining site. Anagnostaras-Adams is upbeat about the company’s prospects in Konso. “We intend to progress exploration and, in due course, to establish focused regional alliances to pursue the cherry-picked critical metals opportunities wherever warranted,” reads his statement. However, KEFI’s track record in Tulu Kapi has raised eyebrows among observers and officials. “KEFI is acquiring different licenses without progressing on its existing license. Its aim is to continue raising funds abroad by painting a picture in investors’ minds, as if the company is operating several with licenses at the same time. The company also often uses security threats as an excuse for its non-performance, while the major problem is its lack of finance,” said an official who spoke to The Reporter on condition of anonymity. |
Posted at 04/12/2024 18:02 by robjm66 TLT Harrys not that sophisticated my guess kefi hit some problem or delay or some backroom deal was done that meant kefi had to do a raise now otherwise why not wait for the award of the new licence today and do a raise off that back of that? Unless of course the awarding of the further licence areas was somehow connected to the raise.I suspect but cannot prove that the problem or deal was with the Ethiopian side hence the raise followed by the next day awarding of an new areas and Harrys confidence that licence areas would be given immediately before one was. Doubt Harrys psychic(well past history suggests not) which suggests to me that he received some assurances. Looking at it from the Ethiopian side what would they prefer kefi to do? Well go all in Ethiopia rather than Saudi (more revenue) and do a listing that means faster expansion and local involvement (more revenue) and do a listing as quickly as possible (listing rules no debt?). A good question is what the international investors know. Probably they are getting a toe in the door for a probably a small amount of money (to them) in anticipation that TK will get over the line and kefi or its local subsidiary will be awarded further licence areas and they will have further investment opportunities. Possible that they got these assurances from the Ethiopian side rather than Harry or just Harry or why not invest before now. |
Posted at 04/12/2024 07:05 by bostanli RNSExploration Licence Awarded to KEFI in Ethiopia for Critical Metals KEFI Executive Chairman, Harry Anagnostaras-Adams, commented: "We report today the first of a number of opportunities we plan to pursue via our Ethiopian holding company KEFI Minerals Ethiopia Limited, KME. We intend to progress exploration and, in due course, to establish focused regional alliances to pursue the cherry-picked critical metals opportunities wherever warranted. "The regional exploration team has been busy quietly building our pipeline over the past few years under Dr Kebede Belete, who was instrumental in the discovery and progression of the high-grade Tulu Kapi Gold Project - KEFI's flagship project. "Our portfolio of assets in Ethiopia is now expected to grow and we look forward to providing further updates on this and our expected Ethiopian Stock Exchange listing of KME securities, which is designed to unlock additional subsidiary funding sources from qualified investors in Ethiopia who KEFI continues to develop relationships with. These funding strategies, as with those already being successfully applied for our flagship Tulu Kapi Gold Project, are designed to enable KEFI to maximise local alliancing whilst minimisng financial reliance on the plc level." |
Posted at 14/11/2024 09:26 by robjm66 Posted on Telegram kefi Q&AQ, What has been the cost of investing in GMCO and in TKGM,the book value and the market value? A,A: Unlike many other companies, KEFI writes off all expenditure in its accounts until the application for a Mining Licence which reflects a decision being made reflecting a development commitment . There is no “right” or “wrong” - this is just our policy which we believe conservative for statutory reporting. Therefore at KEFI, book value in the statutory accounts is always less than historical expenditure which usually involves extensive exploration, feasibility study, permitting, financing and other costs. And, asset market value would be expected to vastly exceed both the historical cost and the reported book value in the statutory accounts - if exploration is successful and/or development studies are positive. On the other hand, as we all know, stock market values in each different jurisdiction varies on a daily basis from any of these numbers due to any number of factors. In that context, we provide the following statistics with respect to each of GMCO and TKGM.GMCO: Cost was c. $12 million since 2008, accounting book value nil, indicated market value $50-80 million based on the opinions of research analysts who have issued reports. TKGM: Cost was c. $50 million since 2014, book value $35 million, indicated market value $495-835 million based on the opinions of the research analysts who have just issued reports. Posted 14 November 2024 ..... My lse post. Numbers are going to skewed due to.. 1.All the work done on TK before kefi effectively got it for a knockdown price in a fire sale. 2.TK being further along than the Saudi projects. 3.The high percentage share kefi has for TK. 4.Probably value given to licence areas does not reflect future Sauid potentail potential. Its possible that kefi will not have such a high percentage of further projects in Ethiopia especially if most of the money comes from Ethiopia at project level from the listing. Though obviously you can argue that means faster progress making it more a Ethiopian success story and kefi not having to raise money at parent company level. The Saudi projects value would have inevitably gone up as they got further along and Hit full DFS status. Will interesting to see if kefi doing further work in Saudi to increase the price it will get for the areas or just sells them as quickly as possible. |
Posted at 13/11/2024 16:01 by master rsi 0.603p / Kefi Gold launches strategic review of GMCO joint venture(Sharecast News) - Kefi Gold and Copper announced a strategic review of its stake in the Gold and Minerals (GMCO) joint venture in Saudi Arabia on Wednesday, which it holds with majority partner Abdulrahman Saad AlRashid & Sons (ARTAR). The AIM-traded firm said that as part of the review, it would forego a $10m investment to maintain its 25% interest, resulting in a reduction of its stake to 15%. Kefi said it was also evaluating the potential sale of its remaining 15% stake in GMCO, with proceeds from any future sale potentially providing further capital for the company. The board said the decision reflected Kefi's strategic priority on majority-owned projects, particularly the Tulu Kapi Gold Project in Ethiopia, which was nearing financial close, as well as its significant exploration pipeline in the region. ARTAR had solely funded GMCO's recent exploration activities, covering Kefi's share, with the dilution based on the historical cost of investments by both partners. Kefi said it believed any potential sale of the 15% stake could yield a premium, though there were no guarantees. GMCO, which had spent around $80m on discoveries and feasibility studies, was preparing for significant growth and had outlined a two-stage development plan for its key projects - the Hawiah Copper-Gold-Zinc-Sil Initial development would focus on open-pit mining of shallow oxide ores with carbon-in-leach processing, followed by further exploration and expansion to access deeper resources. Additionally, GMCO said it was set to expand its regional exploration efforts, drawing on its extensive experience and data from 15 years of exploration in Saudi Arabia. Over the next six months, Kefi and ARTAR would assess strategic options to maximise GMCO's growth and value, ensuring alignment with Kefi's focus on its majority-owned projects. "Both of Kefi's host countries, Saudi Arabia and Ethiopia, have recently pivoted towards an improved environment for mining," said executive chairman Harry Anagnostaras-Adams. "And the gold price is at all-time highs. In that context, Kefi considers it important that the two operating partnerships play to their strengths and capitalise on the market dynamics in each country. "Today's announcement of the strategic review at GMCO reflects that the partners will, over the next six months, review various scenarios to determine the best way forward for the joint venture to build on its successful discoveries and feasibility studies." Anagnostaras-Adams said that in the meantime, the Kefi board believed it was in the best interests of shareholders to remove the outstanding exploration liabilities with a consequential reduction in the company's stake in GMCO. "Kefi has made it clear that the priority for its capital is to now optimise shareholder value via majority-owned projects." |
Posted at 13/11/2024 10:24 by gizmohican Edison's report out on Kefi today -G&M worth more than its book value Removing KEFI’s obligation to pay US$10m to maintain its stake in G&M at 25% will be a welcome relief for the company. However, the impression that this values the remainder of the stake at US$15m is misleading, as the shareholders’ agreement regarding dilution for contributions/non-co Valuation: Potential 48.9% internal rate of return We calculate that KEFI’s residual assets could generate average free cash flow of c £82.4m in FY27–32 (almost unchanged from £82.3m previously), making average (maximum potential) dividends of 0.59p per share in FY28–34 possible and valuing KEFI at 2.15p per share (cf 2.21p/share previously) fully diluted. At current metals prices, however, this valuation increases to 6.33p now and to 9.27p in FY28 (plus a potential further c 2.25p per share for Guji-Komto), implying an internal rate of return of 48.9% in sterling terms over the next 13 years. Our timing assumes Tulu Kapi starts commissioning in late 2026. |
Posted at 07/11/2024 13:52 by shortarm Aviator, you know you keep saying no one is in profit in Kefi?43K right here, got scare when areas surrounding the mine were 'given away'. Kefi Minerals 13.06.2019 289 549 1,62 4 693,73 1,91 £5 537,26 843,53 17,97 % 18.05.2021 Kefi Minerals 11.09.2019 183 231 1,18 2 162,45 1,91 £3 504,06 1 341,61 62,04 % Kefi Minerals 12.09.2019 91 012 1,13 1 035,62 1,91 £1 740,49 704,87 68,06 % Kefi Minerals 20.09.2019 273 005 1,06 2 899,85 1,91 £5 220,88 2 321,03 80,04 % Kefi Minerals 30.10.2019 490 547 0,77 3 793,02 1,91 £9 381,10 5 588,08 147,33 % Kefi Minerals 30.01.2020 241 132 1,45 3 500,00 1,91 £4 611,35 1 111,35 31,75 % Kefi minerals 28.02.2020 406 678 1,23 5 000,01 1,91 £7 777,21 2 777,20 55,54 % Kefi minerals 11.05.2020 1 155 528 0,87 10 000,16 1,91 £22 098,02 12 097,86 120,98 % Kefi minerals 14.05.2020 284 935 0,77 2 200,00 1,91 £5 449,02 3 249,02 147,68 % Kefi minerals 15.05.2020 112 884 0,82 926,00 1,91 £2 158,76 1 232,76 133,13 % Kefi minerals 17.06.2020 25 303 0,98 249,63 1,91 £483,89 234,26 93,84 % Kefi minerals 17.06.2020 37 288 0,98 367,88 1,88 £700,27 332,39 90,35 % 04.06.2021 Kefi minerals 30.06.2020 91 276 0,96 882,07 1,88 £1 714,16 832,09 94,33 % 04.06.2021 Kefi minerals 30.06.2020 500 000 0,87 4 333,50 1,88 £9 383,00 5 049,50 116,52 % 04.06.2021 Kefi minerals 03.07.2020 502 915 0,99 4 967,26 1,82 £9 168,18 4 200,92 84,57 % 04.06.2021 Kefi minerals 13.07.2020 372 747 1,34 5 000,06 1,82 £6 774,27 1 774,21 35,48 % 04.06.2021 Kefi minerals 22.07.2020 591 970 1,64 9 684,71 1,95 £11 507,82 1 823,11 18,82 % 10.06.2021 Kefi minerals 07.09.2020 350 000 2,30 8 055,65 1,95 £6 801,50 -1 254,15 -15,57 % 10.06.2021 Kefi Minerals 27.10.2020 458 462 2,18 10 000,01 1,95 £8 915,28 -1 084,73 -10,85 % 10.06.2021 Kefi Minerals 16.11.2020 95 342 1,64 1 561,73 1,94 £1 854,21 292,48 18,73 % 10.06.2021 |
Posted at 06/11/2024 10:47 by robjm66 Any problem with the Birr has more to do with the ERN component which is a small part of the overall deal smaller now.Finance plan changed from that set out in the 2023 KEFI Annual Report published in June 2024 of: o US$280-300 million from bank debt and Equity Risk Notes (“ERN”): ▪ US$190 million bank debt ▪ US$90-110 million ERN o US$20-40 million from share subscriptions to KEFI subsidiaries • To the following: o US$285 million from bank debt and Equity Risk Notes (“ERN”): ▪ US$240 million bank debt ▪ US$45 million ERN o US$35 million share subscriptions to KEFI subsidiaries: ▪ US$20 million share subscription to TKGM by Governments of Ethiopia and the Ethiopian Region of Oromia ▪ US$15 million from one of a number of identified sources being considered. So ERN halved from June. The company has said about the ERN component in Rns. The increased amount looks more to do with.. "The ‘Business Plan’ is to introduce initial underground mining from within the existing Resources, to increase plant throughput by 20% so as to process at c. 2.4Mtpa and to lift gold production to 179,000 oz pa average over 7-8 years and, ultimately, potentially beyond 200,000 oz pa. Progress with such plans will be reported in due course. It will include a Definitive Feasibility Study (“DFS”) on the underground start-up, to be completed during construction of the open pit and infrastructure along with extensional drilling below the underground mine resource." "The combination of the opportunity to retain a high beneficial interest in Tulu Kapi and to expand production quickly, combined with the improved gold price outlook, has had a significant impact on potential returns on investment from Tulu Kapi for KEFI, for our shareholders and for our partners, the Governments of Ethiopia and of the Oromia Region." Makes sense to get the money for both the normal TK pit and the deeper one in one hit. "The overriding priority of KEFI is to now proceed to establish the open pit and underground mines at Tulu Kapi. During construction of the open pit and infrastructure, we intend to complete the DFS on the underground mine and to also carry out extensional drilling at depth. The last drill hole returned 90 metres at 2.8 grammes per tonne." |
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