We are back to interpreting HAA's body language and general demeanour. Never a good sign. |
Wasn't there party shindigs two years ago as well. |
Katsy, what do you think about the AFC president meeting Harry and the Ethiopian minister?Smoke and mirrors? |
Just listened to Harry latest Jackanory story on proactive. the last few lines really stood out. That was when he said we've really had a lot of bad luck these past couple of years. Strange as harry as only ever said how well things have gone these past few years. none of this bad luck has ever been RNS'd |
Good interview, Harry looks really relaxed |
He will certainly help Imagine being head of D O G E. I did chuckle at that one.Yes it is the new future.... |
To the moon ... obviously in one of Elons rockets ;) |
Thought it was a good interview to.. |
My thoughts entirely Rob.I couldn't believe it was even possible to think that way.It is a valuable asset, getting bigger and the reason I invested in 2011. |
Harry interview from lse thread Bear666. |
Thanks Rob.
I’ll take that as a no. |
(Peter Schiff) |
 Monte
The info about the secondary mine at TK is in the RNSs along with Harry comments about higher gold price meaning quicker pay back which obviously meant the two banks were more open to lending more money.
"Net cash flow at $2,600/oz gold in first full year of production alone (c.$258M) –
more than exceeds planned project debt"
If you compare the deal it has been tweeked as well after the gold price breakout post June from ar4ound the 2300 level. It lays out the case on slide Tulu Kapi Project Economics between just the open pit and both pits slide 34 just a huge difference in cashflows and IRR.
June 2024
$280-300M from Debt & Equity Risk Notes(“ERN”):
• $190M Bank Debt
• $90-110M ERN
• $20-40M share issues by KEFI subsidiaries
November 2024
• $285M from Debt & Equity Risk Notes (“ERN”)
• $240M Bank Debt
• $45M ERN
• $15M equity capital into subsidiary
• $20M from Govt equity subscription in subsidiary
Also big difference in proportion coming from the ERN the haggling over which could have been slowing things down and was the component that was more open to change being unlike most of the rest of the finance likely to be paid in Birr.
Likely you could not just change mine design half way through so either you had to decide to go for both mines from the start or complete one before the other.
Neil doubt anyone who has been here for a while would support dumping Saudi for Ethiopia. What has to be worked out though does kefi have capacity to drill enough targets on its own and can it JV some areas especially now it has got a brand new plum area from the Saudi government. |
Have any avatars asked why the funding agreement in the original amount was not simply concluded to allow things to crack on and additional funding, as required, renegotiated further down the road?
tia |
Is the likely outcome that we move sideways for 2 months and then after the strategic review sell our share of the Saudi assets to Artar for .006p the market capital of Kefi.Not what I invested in Kefi for. |
And the sooner the chance of dividends. |
In Rough, round figures based on AICs of $1100:
At $2100 - margin is $1000 and NPV 6.9p
At $2600 - margin is $1500 and NPV 10.5 p - approximately 1.5 x 6.9p
At $3000 - margin is $1900 and NPV would be about 13.1p
At $3500 - margin is $2400 and NPV would be about 16.6p
The precise figures will vary a bit, not least because AICs (and AISCs) include the government royalty of 7% and, so, the costs do increase with increasing price of gold.
There is also the question of what effect the gold-linked bonds (to be issued but not specified) will have.
On the positive side, the higher the operating margin, the quicker the repayment of the bank debt and, thus, the increased profitability because of the faster reduction of debt service costs. |
If considering an investment, there are certain words/statements that may put you looking to the future whereas, they can also be totally misleading:-
Projected
Seeking approval
Expected
Readiness
Sound familiar?
Then to be comparing gold prices and expected profits whilst some two years off
first dig, pie in the sky, especially when shovels are missing from the site? |
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