Katsy,
G'day, yep, robjm is good on irrelevant stuff, not so good on his investment it seems,
even then, relying on quotes from unknown sources on X factor!
No doubt sucked in like a right charley at 6p and again at 5.5p, and GM in Aussie, cheap flight sir? I know a bucket shop that can flog you one!
cheers |
Dudishes9 Dec '24 - 12:56 - 6961 of 6961 Edit
0 0 0
rob, Takele Uma (Ex MOM, now railways etc...),actually a more important job!
Seems highly respected by his Country and elsewhere, so which wilderness are you referring to?
Ashenafi Endele (The Reporter) wrote a decent report in Nov wrt no of IPOs, subsequently a negative report on KEFI.
Nardos Yoseph (The Reporter) is another critical of the Gov't and banks.
Are they all crooks?
The X statement that you refer to is by whom?
The Gov't website business sector suggests collaborations with many, but it does not
mention KEFI, not recently anyway. One wonders why?
cheers |
rob, Takele Uma (Ex MOM, now railways etc...),actually a more important job!
Seems highly respected by his Country and elsewhere, so which wilderness are you referring to?
Ashenafi Endele (The Reporter) wrote a decent report in Nov wrt no of IPOs, subsequently a negative report on KEFI.
Nardos Yoseph (The Reporter) is another critical of the Gov't and banks.
Are they all crooks?
The X statement that you refer to is by whom?
The Gov't website business sector suggests collaborations with many, but it does not
mention KEFI, not recently anyway. One wonders why?
cheers |
Takele Uma got booted from his job and had to spend some time in the political wilderness and you do not need to be a genius to work out why.
We’ve noticed
@TheReporterET
has been sharing inaccurate and misleading information about the Ethiopian Securities Exchange. As we continue building Ethiopia’s capital market, it’s critical that the public and stakeholders rely on accurate, verified information to stay informed.
Guess who the reporter is? Both the people you are picking out have "previous". |
monte1, perception? Nah, brutal truth.
I would expect that the researcher robjm66 is on the blower to Mr Takele Ume right now! |
Hmmm
’“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.’ |
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! |
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! |
How many more false dawns here?
TW will always back KEFI regardless, how many more years? |
"ESX is well-equipped to commence trading activities," Wongel told BirrMetrics. "We will start by offering trading in equity securities, fixed income instruments like government bonds and corporate debt, as well as an OTC market for unlisted securities."
Wongel explained that "trading will commence after Trading Members are admitted and their operational readiness is ensured."
"This step is crucial to guarantee a secure and efficient start to market activities," Wongel added. "The official launch date will be announced soon." |
“The Ethiopian Capital Market Authority (ECMA) has officially licensed the Ethiopian Securities Exchange S.C. (ESX), marking a historic milestone in Ethiopia’s economic transformation. This move is a key component of the country’s ongoing efforts to modernize its financial systems and support sustainable economic growth.”
“The ESX has also been granted an Over-the-Counter (OTC) market license, providing a platform for smaller companies that do not meet the stringent requirements for listing on the main exchange. This inclusive approach is designed to expand access to capital for businesses of all sizes and foster broader participation in Ethiopia’s capital markets.” |
 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’sarticle. We urge The Reporter to issue a correction and ensure accurate reporting in the future.
Posted 08 December 2024 |
Thanks Gizmohican unless the paper can actually provide anything to back up what they said you have to conclude they basically lied by the looks of it or if you are being charitable were misled by "anonymous sources". |
See response from Kefi on their Q@A’s re the reporter article |
Sounds like the Government are getting pi$$ed off with HA's duplicity just like us shareholders. Not quite the rosy relationship HA has been painting over the last year. |
“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,”
SHORT, SWEET and BANG ON !! |
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.com/42875/
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. |
The only talk that matters is the director proving his talk!! |
"Its the same kind of sources that have put out half truths in the past you notice they do not mention that kefi are exiting Saudi to concentrate on Ethiopia as that would not fit their agenda as that demonstrates that kefi will be cashed up and are fully committed to Ethiopia.
Company targeted as they have not played the game in past the sources have probably not been reined in (yet) as it has suites the Ethiopians for kefi to exit Saudi and concentrate on Ethiopia. Now the Ethiopians have got what they want and signaled they happy by awarding a new licence the article was kind of date as soon as it was written." My post lse.
Explains the cash raise Harry put on the spot and effectively made to choose either Ethiopia or Saudi long term in my view. Think Harry did not lie to TW he was just ambushed and forced into a raise and to choose Ethiopia over Saudi as the main priority. I would not be surpsied if he has been under pressure from Artar to make Saudi the main priority so in the end something had to give. |
Agree with you about the GM even a virtual one with questions after would have been something.
The plan previously was to do some more work on the Saudi projects to raise the sale price so you would have thought even worst case scenarios would have been enough for the areas to be a security against a loan but maybe they could not be borrowed against as kefi did not totally own them only had a slice or share that would be realized on a sale. |
Furthermore, the coward should have been prepared to meet and face up to shareholders at a GM convened in the UK, in London, not in his backyard in Sydney for his convenience. |
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