Kefi Gold And Copper Share Discussion Threads

[neally99911] 15/5/2021 20:36

The article must be wrong - the only thing Harry has done in the last couple of years is be tight with the EG, FFS - him and the mines minister are attached at the hip it seems - no idea why they would take the license back with this final warning

[pennstreet] 15/5/2021 19:21

Here's 20m reasons for hoping you're right, Rich1e

[jlwilliams] 15/5/2021 19:12

I'm wondering if EG are planning to give some of the revboked licences to Kefi, as they are 20% holders........

[rich1e] 15/5/2021 18:11

We should hopefully get an update on Monday, with realism regarding timescales. I can’t believe that we’re going to hear financing in the next few weeks, if that’s not the case, not now the Ethiopian government have upped the stakes. Hopefully good news is just around the corner, and from an election point of view the government can claim that they get tough and things get done.

[robjm66] 15/5/2021 17:20

Ethiopia revokes mineral exploration & production licenses
15 May 2021
By Sisay Sahlu
The Ministry of Mines and Petroleum said it has revoked the licenses of 27 local and overseas firms that have been engaged in production and exploration of minerals.
In a media briefing held on Friday, the Mines and Petroleum Minister, Takele Uma (Eng.) said the termination of the licenses was a result of weak performances to get into work as per the contractual agreement and ineffective use of public and government resources.
Presently, close to 97 mining exploration and 77 production firms are investing in Ethiopia. Of the 97 exploration firms, the Ministry has decided to revoke the license of 19 firms and sent warnings to 12 companies.

According to the license director at the Ministry of Mines and Petroleum, Abebe Bedassa, from the total 31 companies, 14 are foreign companies.
In addition, of the total 77 production companies, the Ministry has revoked the licenses of eight firms and sent warnings to nine companies.

Companies including Kenticha tantalum mine, Tulu Kapi gold mine and Habesha mining are among the firms to which the Ministry will send a final warning letter in a few days.

Abebe said that amid the Ministry’s support to these firms engaged in exploration and production, they are not working in accordance with the law; They are said to have failed to renew licensees, take extended time for exploration, and environmental degradation, which ultimately forced the Ministry to consider measures.
Takele, while talking to the media, warned companies that are not in compliance with the law of the country to comply or further measures will be taken.
It is to be recalled that the Ministry had penalized 63 international and domestic mining firms with similar measures in December 2020.
Over the past ten months of the Ethiopian budget year ending on July 7, 2020, the country earned over USD 513 million from 6,785 kilogram of minerals exported to foreign markets.

[digger2779] 15/5/2021 17:15

Oh dear. Harry needs to get his finger out pronto.

[rich1e] 15/5/2021 16:50

Companies including Kenticha tantalum mine, Tulu Kapi gold mine and Habesha mining are among the firms to which the Ministry will send a final warning letter in a few days.


If you paste that into your browser you should get the original article from The Reporter

[scrappycat] 15/5/2021 15:53

In my opinion, the 'market' largely follows the herd instinct. In Kefi's case the herd instinct knows that previous funding efforts have failed, and continues in the belief that the current funding effort is likely to fail also. Hence the relative price stagnation. The herd may be right, but this time I think they are wrong. Lateral thinking is not the forte of the herd.

[robjm66] 15/5/2021 15:41

hxxps://www.msn.com/en-gb/news/world/ethiopia-postpones-june-5-parliamentary-elections/ar-BB1gLnBo “adding it did not foresee a delay of more than three weeks.”

[bahamarama] 15/5/2021 15:24

Buying the rumour and selling the news isn't holding true here. The market simply isn't showing enough faith, in my opinion. And, again IMO, I think that's about right. And reflects fair expectations at this time.

[sussexlibran1] 15/5/2021 15:13

Harry said he "hopes" there will be a lot of good news in May. For mere mortals like PI's it's fine to rely on "hope", especially with the Kefi management team, but when a CEO uses that word time and time again it doesn't instill much confidence! At least he hasn't used the words "unconditional" and "imminent".

[scrappycat] 15/5/2021 14:29

I think the board of Kefi are pretty confident that this funding deal will go through.

The EG have a continual drain on their dollar reserves due to their on-going need to finance the counter insurgency operations in the north of the country. Munitions, armoury, transport etc costs are an essential expense for the EG to meet and must be met by the use of foreign currency. Not to mention the EG's continuing efforts to carry out construction of the infra structure necessary for the start up of TKGM -even though much of the costs will be met by the utilisation of the local currency. They are certainly applying what pressure they can to get the mining sector moving.

All in all, it seems to me, the above are pointers to a successful funding call this time. Just my opinion, of course.

[bradley12] 15/5/2021 13:58

If the local investors have failed to find enough down the back of the sofa once more it likely would delay the initial announcement while whoever was lined up to take up the slack gets their house in order.
Let's hope that's all it is

[digger2779] 15/5/2021 13:38

taxlosstone - I think he meant to use the word "usual" instead of regular. Usual in our case equals nothing, nowt, zilch.
We are half way through May and not a peep. Maybe our local investors are dragging their feet again.
Any thoughts on the source of the initial tranche? Who will be the first to prise open the dusty wallet?

[taxlosstone] 15/5/2021 13:05

Not for the first time I am a bit confused. :-) Have we been told to expect regular announcements throughout May of finalised deals (well, second half of May now) & all funding deals completed by end May with dosh actually changing hands by end of June? I am just looking for clarification so as to grade the level of disappointment I am going to feel. :-(

[robjm66] 15/5/2021 13:04

hxxps://www.fanabc.com/english/ethiopia-may-extend-6th-general-election-by-weeks/?utm_source=rss&;utm_medium=rss&utm_campaign=ethiopia-may-extend-6th-general-election-by-weeks



“The upcoming election may be extended by a period of up to two or three weeks as of today, the board said.“

[scrappycat] 15/5/2021 10:27

There is no doubt that an0ther CEO might have sorted the funding earlier, but at what cost to our relationship with the EG? Given the hoped for current time scale, and the escalation in metal prices, Kefi will, hopefully, be in an ideal position to cherry pick the potential assets released by the recent EG action to withdraw mining rights from many companies.

It will be very interesting to se how this unravels.

[robjm66] 15/5/2021 09:48

hxxps://www.sprottmoney.com/blog/Inflation-is-Everywhere-David-Brady-May-13-2021

[robjm66] 15/5/2021 09:36

Though the timing suggests partially PR during a election campaign could actually be positive. Government makes statements about cracking down on miners that are not moving fast and warning others then takes credit when Kefi has its breakthrough.

As the government is going to auction off the areas it has taken back going to need a success story to encourage bidders.

[topicel] 15/5/2021 08:33

Indeed, it was a tongue in cheek observation because the world - in Ethiopia anyway - will indeed be our lobster when/if we show the Gov that we can create value from their evident deposits at TK and surroundings.

It all comes back to that. Every time. And no matter what anyone says Harry has not been up to the job and/or lacks the clout/muscle to force it through. I would not doubt a bigger outfit would have been mining by now...events or not.

The fact remains that TK is currently one of those 27 potential developments that have not gotten underway either, and so the Gov could well be wondering if Harry and Kefi are up to the task.

I await developments along with them. Maybe they can be accused of not running a business too and should not be so carping? Lol.

Topicel

[scrappycat] 14/5/2021 23:05

Topicel,

You may laugh, and might be right to do so. However, it is certainly not beyond the powers of possibility if,and when, they get this thing off the ground.

[topicel] 14/5/2021 22:09

Maybe we are potentially able to take on one or more of the 27 other operations that are going begging?

Lol.

Topicel

[robjm66] 14/5/2021 20:47

Doubtful that kefi are one of the three warned as they are waiting for more local Ethiopian investment and a local subsidiary will be using money it’s hard to get out the country for its investment.

Maybe Kefi could say something like no change in circumstances re licence on FAQ page.

[rich1e] 14/5/2021 20:35

Lawdy Mama ♪ ♫ no need to worry ♪ ♪ ♫