Looks like he’s done it again. I was told I was posting “absolute nonsense” a couple of weeks ago when I suggested that it was highly likely that we’d enter 2025 still waiting for TK funding. I reckon that even early 2025 is now looking optimistic based on the information contained in today’s RNS.
Looks like another placing for salaries and expenses can’t be too far away. Again!!
How many more bloody times!!!
Just once, it would be refreshing if yet another can~kicking RNS was accompanied with the offer to suspend their over~generous remuneration until they finally deliver this project. |
Think investors will top up between now and the end of the quarter and traders will be back. |
There is no doubt that Kefi has had a lot of bad luck - most, if not all, unforeseeable. I still have confidence as the economic factors are so very strong. |
Here’s a negative for you Goatherd. The funding is still not done. From an earlier post………
The development funding plan for TK is for Kefi to draw down in 2015 in half two 2015 a combination of debt and equity finance. This is expected to comprise US$100 MILLION AND $20 MILLION BY ONE OF A NUMBER OF SOURCES" Also from same month "We remain on track to start development of Tulu Kapi gold project in 2015 for production in 2017...
No doubt in your head you can find a positive spin on being 10 years out by 2025, but then since you’ve gotten EVERY prediction for KEFI wrong for the last 15 years, even you might get one right one day. A man predicting his own demise every day with get it right once. |
AFC/TDB issue twaddle quotes.
April 3 2023 ring a bell?
All in public domain.
SP ignores bull & speaks, whoops! |
Kefi will need another funding raise, can everyone dig deep please |
Haha yeah Well let's hope he does what he said. I think money printer will be back on and markets will like this.As for Trump coin. No be careful. Bought some #Render this morning |
New currency the Trump coin make digital currency great again ;)
Wish I had stayed up now and watched the results come in would have been worth it just to see the looks of horror on the left wing media talking heads. |
 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." |
Boom!!! ;) |
 The last dilutive cash raise was £5m gross in March.
As at 30 June cash was down to £982,000
The birr has since devalued by half against the $ & £, impacting the Opco, its little wonder they needed to go back for a further raise which HA has obfuscated
15. Events after the reporting date
During July and August 2024, after the end of the reporting period, the Ethiopian Birr experienced a major devaluation against all major foreign currencies. This devaluation is considered a non-adjusting event as it reflects conditions that arose after the reporting period.
The Group's subsidiary in Ethiopia holds assets and liabilities denominated in Ethiopian Birr, and the devaluation may have an impact on the subsidiary's financial position and results. As of the reporting date, management is in the process of assessing the financial implications, including the potential impact on the Group's consolidated financial statements. The full extent of the impact is not yet quantifiable, and appropriate measures are being considered to mitigate any adverse effects. |
Well they all look happy in the photo. |
AFC does cite Ethiopia as a member state but there may have been changes to the law and/or constitution of Ethiopia following the civil war and there may be formalisations necessary.
Paperwork.
The financing structure has been revamped and note the acceleration of the planned development of the underground deposits. |
Guess the bitcoiners liked Trump getting in. |
another big 14m buy |
KEFI Gold and Copper Executive Chairman Harry Anagnostaras-Adams, Ethiopian State Minister of Fiscal Policy and Public Finance Dr. Eyob Tekalign Tolina, and Africa Finance Corporation President Samaila Zoubairu came together in the Ethiopian Ministry's boardroom to discuss the path forward for the Tulu Kapi Gold Project and the promising growth of Ethiopia’s mining sector.
hashtag#KEFI hashtag#Mining hashtag#GoldExploration hashtag#TuluKapi hashtag#Ethiopia hashtag#ArabianNubianShield hashtag#InvestmentOpportunity hashtag#ProjectFinance hashtag#Growth |
This is going to happen, massive .I understand the frustration more than anyone but this is great RNS. This is going to boom |
You have a point From presentation..
"TDB bank final approval issued early 2024 and now being updated for increased debt level
• AFC has issued initial committee approval with final approval to follow after Ethiopian Government ratifies AFC as Country Member, the paperwork for which has been sitting ready for approval"
"Membership in the AFC is open to all African states. African countries can join by signing the Instrument of Adherence and ratifying the AFC Establishment Agreement. Member countries, upon acceding to membership, are required to ratify the AFC’s Constitutive Instruments in line with their national laws, essentially domesticating the AFC Treaty into local law by the requirements of the country’s internal protocols." (From AFC website)
But would think the government will quickly do that as especially as they will want full affirmed membership of AFC anyway and "paperwork sitting for approval" |
wow 30m just bought!! |
I don't think Kefi punters on this platform understand how mines are designed , and the detailed engineering that goes into the design.....They seem to think get the money and start building straight away.....umm do you know anything about greenfield construction? You can't just rock up to a remote desert, jungle or mountain range and crack on straight away.You kind of need detailed engineering plans......IMHO!!!!So how far into detailed engineering is Harry? What exactly are these early works he is apparently doing, and what companies are on the ground doing them?Please DYOR....but not by playing with your lego sets you absolute morons ROFLMFAO |
Classic KEFI. HA has zero control of events. Timescales in KEFI RNSs are meaningless. With luck it will all happen at some point - and that will be a bonanza - but in the meantime we all need to find other things to do. |
Who is negotiating the increased finance?
Nigerian bank, middle man, Nigerian perhaps?
Earlier posting of projects Ethiopia mining, reiterate, none!
If one had sufficient finance to progress project, why ask for more?
Gold in one hand or muppets? |
Jaylett banks going to lend more money so personally not sweeting as much as some over the banks hence the refresh lending more money likely due to Ethiopian listing and early development of deeper pit both good news.
Think its a good move to go for a listing in Ethiopia that way you make Ethiopians a partner. Which should make it easier in the future for Kefi in Ethiopia.
So on balance the good outweighs the bad. |
"Second bank approval there just needs first bank to refresh its agreement"
Rob, the first bank approval was 'there', and now it isn't. Neither is the second bank approval despite what you claim. Nothing is 'there' until it is signed, which has just been demonstrated today. Do you not even feel the tiniest bit misled by this point? |
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