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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
|
|
|---|---|---|---|---|
| -0.013 | -2.03% | 0.628 | 11:57:04 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.616 | 0.616 | 0.632 | 0.641 |
| Industry Sector |
|---|
| MINING |
| Top Posts |
|---|
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 17:15 by robjm66 Extract of Catberts post from lse"Based on the information provided, there appears to be significant expansion potential for the underground resource at Tulu Kapi: The current underground Mineral Resource (below 1,400m RL) is reported as 1.2 million tonnes at 5.69 g/t gold, containing 220,000 ounces. However, this is considered preliminary and focused only on the area directly below the open pit. KEFI expects to "significantly expand the potential underground resource". The company notes that gold grades increase with depth at Tulu Kapi. There is potential for the high-grade lodes to extend 600-800m further northwards, under the UNDP lode. This could potentially triple the underground resource. KEFI anticipates the possibility of over 1 million ounces in the underground resource. The last drill hole in the deeper areas returned 90 meters at 2.8 g/t gold, indicating mineralization continues at depth1. KEFI plans to complete a Definitive Feasibility Study on the underground mine during construction of the open pit, along with extensional drilling at depth. The company's business plan includes introducing initial underground mining to increase production, potentially lifting gold output to 179,000 oz per year average over 7-8 years, and ultimately potentially beyond 200,000 oz per year1. In summary, while the current underground resource is modest at 220,000 ounces, KEFI sees potential to expand this significantly, possibly to over 1 million ounces, through further exploration and development of the deeper and northern extensions of the mineralization. The company plans to actively pursue this expansion potential alongside development of the open pit mine." These considerations are separate to the other possible lodes adjacent to the site which were subject to the prior loss of these areas to a competitior favoured by the then minister of mines. TK in other words has the capacity to double in size with just the underground plus we might recover our lost cow which wandered off to our neighbour's field but was always our cow and will surely and rightly be returned to us in due course. Harry thinks its a 10 bagger already. Plus the underground, plus the lost cow. Plus there are other areas in Ethiopia which we have exploration licences for. Where would you put your $10m? Me personally, I'd like to have my cake and eat it. Wouldn't we all? But here, I'm happy with the call Harry and our BOD has made." ... Personally even with all that still think the ball has been dropped with Saudi though. Katsys post about the world class assets in Saudi made me chuckle, now we are likely going to sell them off they are suddenly world class. That's about the only laugh I had today though. |
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." |
Posted at 16/10/2024 10:52 by goatherd 66778899, your 2079From Kefi website "18 September 2024 KEFI Gold and Copper plc ("KEFI" or the "Company") Tulu Kapi Operational Update Early Works Progressing Well KEFI (AIM: KEFI), the gold and copper exploration and development company focused on the Arabian-Nubian Shield since 2008, is pleased to provide a short operational update encompassing the recent activities with respect to the Company’s Tulu Kapi Gold Project (“Tulu Kapi” or the “Project” Early Works at Tulu Kapi are progressing well, as follows: • Physical activities: o Security: all required inspections have now been completed satisfactorily and and no further inspections are required by any of the Tulu Kapi Project funding syndicate members ahead of investment approval. This follows the deployment of government agencies and private contractors. Independent monitoring will continue throughout the life of the Project. o Local Consultations: conducting a multitude of large and small group briefings and consultations. These have been positively received by the local stakeholders who continue to express their support for the launch of Major Works. o Community resettlement preparations: layout of a temporary construction camp now involves the compensation of small subset of the land required for the Project, which will assist the understanding and alignment of all stakeholders. • Financing activities: o Government has indicated it is ready to provide all ratifications required for detailed definitive documents to be finalised and executed. o All co-lender requests to date have been satisfied and our focus is now on optimising the equity capital segment of the financing, focusing especially on the Equity Risk Notes investment by co-lenders and local investors. Harry Anagnostaras-Adams, Executive Chairman of KEFI commented: “We steadily work through the Early Works programme and preparing for the launch of Major Works. We remain on track for entering into definitive commitments from the funding syndicate next month, enabling financial close and triggering of the Major Works. We are grateful for the support and collaboration being received from the community, government agencies and our Project syndicate. “And we are lucky that the gold price keeps setting new record highs and Ethiopia has now re-joined the world’s top 10 growth countries.” Enquiries KEFI Gold and Copper plc Harry Anagnostaras-Adams (Executive Chairman) +357 99457843 John Leach (Finance Director) +357 99208130 SP Angel Corporate Finance LLP (Nominated Adviser) +44 (0) 20 3470 0470 Jeff Keating, Adam Cowl Tavira Securities Limited (Lead Broker) +44 (0) 20 7100 5100 Oliver Stansfield, Jonathan Evans IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630 Tim Metcalfe, Florence Chandler 3PPB LLC (Institutional IR) Patrick Chidley +1 (917) 991 7701 Paul Durham +1-203-940-2538" If you are really in doubt there are lots of phone numbers you could ring and talk to. |
Posted at 15/10/2024 07:56 by robjm66 Avaitor Plenty has changed over the last year kefi has been clearing hurdles till its got to the stage where only a few remain maybe only one really the banks or maybe just the second bank signing off. The rest should be just process after that.Aim is dire which is why the company had to eventually put together a highly complex deal to fund it at project level with a lot of parties and moving parts which is probably the main reason it is taking so long. Got to the stage where kefi could well be the third cab of the rank after Akobo who have produced there first gold bar and Allied who have raised a lot of money primarily for Ethiopia. Easier for Akobo in a way though as it a much smaller operation "boutique" and Allied gold has deeper pockets however shows it is possible to get a mine going in Ethiopia. Kefi have not really effectively highlighted the progress of either company to make this case either maybe because of the embarrassment factor of other companies making quicker progress or because of poor PR. Kefi should however be able to get this over the line considering the money to be made due to the high gold price and I see the second bank not needing to make anymore visits and a discussion over increased lending and listing in Ethiopia as good omens. Its a bit of a mugs game predicting exactly when due to the potential for delays but being an old style investor more than a trader not going to throw the towel in when kefi should not be a million miles from getting this done. |
Posted at 09/10/2024 14:58 by tayaramecanici @katsy, "They owe Arter a lot of cash". During my Q against the 'Dilution' to pay GMCO, The KEFI employee Roger claimed "Maybe the best way to think about this is that unless and until KEFI pays its full contribution to the GMCO JV , then it may be diluted and that is stated in the accounts.As background, GMCO has spent approximately $100M since its inception." I thought GMCO is a child of KEFI. Their biz is for exploration work for Artar, for which I believe Artar should be paying GMCO (KEFI). Where would KEFI pay and why for exploration in SA ? |
Posted at 17/9/2024 14:37 by robjm66 AvaitorMarch “A positive development is that recent regulatory changes have facilitated the improvement to the equity funding structure which has lowered overall finance costs. The regulatory changes of note were the foreign exchange exemptions, the increase in the maximum permissible ratio of debt to equity from 70:30 to 80:20 and the deeming as foreign direct investment the re-investment of the local currency (Ethiopian BIRR) retained earnings of multi-national corporations (“MNC”) into new business sectors.” “Within the development capital budget of US$320 million, US$100 million was to be provided through the issuance of two types of Equity Risk Notes (“ERN”), one type for MNC’s with no operations in Ethiopia and another lower-cost ERN for those with accumulated retained earnings in Ethiopian operations. The Company is pleased to report that it can now focus on the lower-cost ERN – fixed at 12% per annum. These notes remain repayable in cash from operations or, as a fall-back, in KEFI equity (at KEFI’s election), convertible in year 4 (being year 2 of full production) at the then prevailing KEFI share price.” “being year 2 of full production” higher gold price now and by the time the mine built means kefi would be able to pay back from mine revenue with no dilution even at a much lower gold price (which I think highly unlikely) they could just borrow the money against future production. August “Studies being undertaken to increase processing capacity by a minimum of 20% as we now look to incorporate the addition of underground mine development, having already set the open pit mining rate at above the nameplate capacity of the process plant. Studies suggest this increased capacity can be achieved within existing capex and opex forecasts” And “local investors in Equity Risk Notes requested to formally resolve their level of participation by the end of August 2024 so that other regional investors know what is available for finalization by them in September” They are actually pushing to invest probably been a delay due to devaluation of the Birr affecting the numbers and kefi wanting to use the reduced capex launch the mine under the mine early. The local investors will probably include international companies that find it hard to repatriate profits in Birr into dollars. Snippit from the TW meeting "They are dotting the eyes and crossing the t’s, to the point that there are people currently putting together options for post-finance deals at subsidiary level which may or may not be required depending on local equity subscriptions." "post-finance deals at subsidiary level which may or may not be required depending on local equity subscriptions." So might actually be some over spill from local Equity subscriptions that would be used for post TK deals. Thanks for your question Avaitor going back over the detail even more confident that eventually kefi will get there with TK. |
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