Kefi Gold And Copper Share Discussion Threads

[unionhall] 30/1/2020 14:52

He is either utterly naive or completely duplicitous to have been giving pretty definitive dates for the last three years when they were clearly unlikely to be met.

[outlawinvestor] 30/1/2020 14:30

Truth is none of us know what's going on.

In fairness, neither does HAA w.r.t. exact dates and behaviour of 3rd party entities.

[mam fach] 30/1/2020 13:40

Everyone's opinion is welcome.
Truth is none of us know what's going on.

[scrappycat] 30/1/2020 12:50

I voiced my opinion, and gave the reasons for it. I stick by it. Others are perfectly entitled to voice different opinions, but it would be nice if they could provide more reasoned logic. Do people really think the ANS is truly independent of the EG. This is Africa, and I would be quite surprised if that were the case. I think the EG want to ensure that all the ducks are settled, and in place, before funds are released. I don't claim to be right, it is simply what I think.

[shortarm] 30/1/2020 12:16

And they're off.......!

[taxlosstone] 30/1/2020 12:12

In this Trumpian world where it really doesn't matter if you lie through your teeth, I suspect that we're really not being told the actual truth & I don't think that it's a recent phenomenon. Apparently:

No way Lanstead benefits from a lower share price & they only sell at the margins
Sanderson can't honour their obligations so we have to compensate them
ANS don't pay cash because they're professionals & don't leave cash in escrow
ANS can't understand why the share price is so weak
ANS couldn't be more accommodative
The tab for the jolly to Australia late last year was not picked up by us

If I was a conspiracy theorist, I'd say there's a reason for ANS's inaction but sadly I'm not bright enough to work out what it is. :-(

I do know though that there will be many shareholders who have been sucked in because of Harry's bullishness about all of the stakeholders. He & in turn we are being played.

[stockport loser] 30/1/2020 11:15

Oi! get back over to the Prem bb, we need someone to take GRs love placing sausage.

[goatherd] 30/1/2020 10:54

Oh, for heaven's sake, lets not start that ball rolling.

In Ethiopia the wet season - such as it is, it is fairly mild - runs from June to September.

[tim_the_trout2] 30/1/2020 10:21

Bejubiant

We were in Saudi a long time before Ethiopia.
Even with our billionaire JV partner look where we are now, not even got a mining license.

Ethiopia may have States of Emergency but Saudi have Visions.


TTT

[scrappycat] 30/1/2020 10:18

As I posted earlier, I suspect the ANS has been lent upon by the EG, and told not to issue funding until the infrastructure and relocation are complete. In other words, not until construction is able to begin in earnest. TO the ANS, this is just a money deal, and they have no reason. I suggest, for obfuscation. After all, the loan is fully secured. Just my opinion.

[sicilian_kan] 30/1/2020 10:16

It looks like the procedural issues are resolved and they need a meeting to formally agree and sign them off.

It is a "general meeting" which will have resolutions etc. and the purpose is to formalise the final sign off etc. There would be no point in arranging a general meeting if matters had not been agreed and / or were not ready to be put to a vote. Given the amount of the investment, having a formal process for shareholder agreement to finalise the deal is perfectly normal.

"a General Meeting of Tulu Kapi Gold Mines Share Company ("TKGM") has been convened for 14 February 2020 (the "Meeting"), to formalise the final and procedural sign-off of all matters required for the release of funds from ANS Mining Share Company ("ANS Mining") to TKGM."

[bejubiant] 30/1/2020 10:13

Divmad.. these “procedural issues” were ongoing as at 6 Jan. This situation is simply not big enough to warrant “procedural issues” still ongoing until the middle of the following month. So.. we have an idiots forum and we have to let it run it’s course - apparently “it’s Africa”
Well in that case Africa needs to understand it’s shortcomings and hire in some friendly talent..
because there’s none there currently.
To be clear.. I am hugely positive Kefi.. I am bored to death with the errant and woeful behaviour of ANS.
all good 👍

[mam fach] 30/1/2020 10:12

What a lot of comments today. Truly , I don’t know what to say or who to believe. Negative post point to too many wanting to sell out with no patience to wait 2 weeks. Long term holders patiently waiting to recover some of their losses might well see RNS as positive. Nothing we can do but wait or even have a sneaky top up. GLA. Hope we all make some money.

[divmad] 30/1/2020 09:59

I take it that these procedural issues are just that. A rubber stamping of the Subscription Agreement only. What else could they be? Any further delays based on them?

[bejubiant] 30/1/2020 09:43

agreed, and the only ongoing “fly in the ointment” is ANS will be involved ongoing. I would sleep easier knowing they were silent investors, as well as incredibly low grade ones, however...
Fortunately I suspect that Saudi will be a wonderful distraction and our share of TKGM will be the engine room to grow that position.
ANS are always going to be a problem, they have made that clear.. mitigation is the answer

[estseon] 30/1/2020 09:33

Bejubiant

"ANS would not get remotely close to being involved in/on any grown ups deal I have ever worked on."

They would not have a chance in London or Sydney and they would be wiped out in New York.

The delays could relate to the relocation, which is in the hands of the local government but Kefi has bled us white by subsidising the JV whilst feasting on ANS's anal juices.

[pjackson2] 30/1/2020 09:15

If these numties had got their a!ses in gear right at the beginning we could be near first gold now considering it takes two years to build mine.
These prats have taken longer than that just thinking about coughing up what they agreed.

[tim_the_trout2] 30/1/2020 09:12

RNS 6/1/20 (General Meeting Statement)...

“We have welcomed 2020 with some good news on a number of fronts. We have just
announced that the subscription agreement into the Project company, Tulu Kapi Gold
Mines Share Company (“TKGM”) was duly executed by ANS Mining Share Company ("ANS
Mining") on Sunday 5 January 2019 after it had completed its own internal processes in
accordance with local procedures. The existing TKGM shareholders, KEFI and the Ethiopian Government, have also approved the issue of TKGM shares to ANS Mining."

I agree that we all expected the ANS money to arrive in January but I think this minor delay is with TKGM to finalise their procedural matters.

As always it's how we interpret the RNS.

I've still got some mince pies left if anyone wants one.

TTT

[robjm66] 30/1/2020 08:52

Think it has been a bit of a mickey take(to put it mildly)over coughing up the money however if everyone involved wants a big meeting probably followed by a party and champagne afterwards fine might even have a party of my own.

[bejubiant] 30/1/2020 08:48

Tim.. The RNS of the 6th clearly stated funds received within the month of January. Today’s RNS states February. This answers your question.
I am heavily invested here for good reason. I am also a realist and have spent nearly 40 years in corporate finance across every deal you can imagine.
That tells me that this is a great deal being very poorly managed. Nothing more or less.
As an aside, I actually think Harry is doing an amazing job. He is I’m sure as frustrated as the rest of us, but simply cannot give these numpties the short fused ar5e rocket they badly need, for fear of derailing a nearly concludes process.
I, on the other hand can call ANS out as idiots in their current time and space.