The funding has been agreed in principle, and all conditions met weeks months ago,
Any day now, we would know already otherwise |
During this time, Ethiopia has introduced national pro-development reforms, positioning the
country once again among the top 10 globally for growth, a status it held for nearly two decades.
Recent reforms in Ethiopia include the floating of the currency, the launch of the first IPO on the new Ethiopian Stock Exchange, the opening of the local financial sector to foreign investment, the rescheduling of international debt, and the implementation of a significant IMF financial support package.
• preparing for possible additional stock exchange listing of KEFI or regional listing of the Ethiopian subsidiary, to follow the launch of Major Works at Tulu Kapi. |
July 27, 2024
Kefi response at the time.
Q41: The media story in Ethiopian Reporter on 27 July 2024 was worrying,
suggesting that our licence is being threatened by the Minister who was
previously dismissed or his successor. Please explain why we should not be
concerned.
We issued an RNS today 29 July which is obviously factual. And it is obvious the
media report you refer to was not based on fact.
....
Its old "news" that has already been discredited months ago. A bit like the sources for the "news". |
Taken from the above article. That's news to me that Kefi have deposited half a billion dollars in an offshore account.
“KEFI could not meet the USD 80 million in requisite financing. The investors have been negotiating with the Ethiopian government to allow the cumulative expenses to be considered as equity. But the government refused. KEFI’s managers claim they deposited half a billion dollars in an offshore account, meanwhile, they say they are still mobilizing resources. KEFI has been saying it has received loans from foreign banks, but they have yet to be disbursed,” said an official at the Ministry of Mines who spoke to The Reporter anonymously. |
Also when we took TK how long had Nyota been at it. The 20 year average doesn’t start from when we acquired TK Goatie and you know that full well. We were told at the time that the bulk of the work had been done and that we would be producing soon- another fact that you’re well aware of as a long time holder. 20 years from our purchase would be nearer 30 years since Nyota got there, and much of this endless delay and drift is down to Harry’s incompetence, arrogance and inability to seal a deal. But you know all that already. That’s why some of your and my initial shares are worth 1% of what we paid for them. I’m happy for you that you think that’s fine whilst the rest of us recognise HAAs BS and deceptions for what they are. |
Clear that there is a "read" on how much and that they will be moving in tranches as it a read from one area. This has been generally covered before and the logic of not paying out the money till the project was close to being fully launched is obvious.
Q: Please explain why the compensation calculations in respect of the temporary construction camp set a useful precedent?
A: Simply that it is a small read and the relatively small area allows the precedents to be set for amounts payable per eligible item. This assists greatly in confirming our overall budget. |
Its not "paying for", in fact it is being paid.
The money due to Artar is the Kefi share of the investment being made (mainly the fees to Kefi).
Artar are being generous by not insisting on immediate payment. If they did so insist it could only be met by cash (which we do not have) or by reduction in our share of the project; which started at 40%, but has now crept down to a little over 25%. There appears to be an agreement between Kefi and Artar that it should not go below 25%, if possible.
It is worth remembering that Artar invited Kefi into Saudi Arabia to run their mining interests. |
@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 ? |
And he's lost shareholders ~99% in that time. It will be another ~99% if it takes another seven years. So what does it matter if people believe you or not? |
Indeed it was discovered when Mussolini was in power, just be thankful it wasn't Marcus Aurelius! |
and from the acquisition of TK under the brilliant stewardship of agadoo doo adams, he's delivered a stunning 99% loss of share value. |
"The average time from conception to pouring of gold is about 18 years so Harry needs to be pouring gold in the next couple of years, to the best of my knowledge ."
The Tulu Kapi gold deposit was discovered and mined on a small scale by an Italian consortium in the 1930’s...
Nyota Minerals Limited acquired the licences in 2009 and then undertook extensive exploration and drilling which culminated in an initial DFS in in December
so from "conception" to the current state of play, it's been 80+ years. |
Kefi acquired TK in December 2013.
So to meet the 18 year "target" he still has 7 years.
Does anyone seriously believe he will not make that? |
The average time from conception to pouring of gold is about 18 years so Harry needs to be pouring gold in the next couple of years, to the best of my knowledge . |
Akobo have been there for 14 years before producing this ingot. How long has Harry been at it? |
Past results do not guarantee future performance :-D |
If history tells you one thing and one thing only, it tells you to look in directly the opposite direction that the avatar goatherd is looking.
There is no better lesson in life than that, imo. |
90% a placing enroute imo.. |
 Akobo Minerals, a Scandinavian-based gold exploration and mining company with operations in Ethiopia, is pleased to announce the successful production of the first gold bar from its Segele Mine. This significant milestone marks the beginning of gold production as the company moves forward with its operational plans.
To raise money for investment in Ethiopian mining projects….
Pursuant to the Offering, the Company issued 62,000,000 common shares in the capital of the Company (the "Shares") at a price of C$3.10 per Share for aggregate gross proceeds of C$192,200,000..and in respect of costs associated with the Kurmuk construction project. The Offering is part of the Company's previously announced broader financing plan, which includes a gold stream and gold prepay facility on the Kurmuk project, intended to enhance financial flexibility to unlock significant value. Allied expects to provide further updates on its plans to unlock value in due course, and an update on the completion the Kurmuk financing packages no later than the publishing of Q3 2024 results. |
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