Kefi Gold And Copper Share Discussion Threads

[donegal1997] 09/8/2021 08:43

Second part - The main cause of delay for mining projects like Kefi is a lack of coordination between the federal and regional authorities, Begosew Abate (PhD), a mining expert with three decades of experience in the sector, serving various companies as a consultant, said.Directions given by the federal authorities are often not translated in the regions, according to Begosew.Though the financial institutions were hesitant to disburse the funding following a series of conflicts in the country, the management of Tullu Kaapi hopes to see the loans released soon."They've approved it, and the paperwork is underway," said Adams, admitting that multinational lenders were first frightened to disburse the funding because of security concerns.Out of the additional financing the mining company has secured, 140 million dollars has been raised from local and foreign investors, according to Adams, though he declined to disclose the identities of the investors. Through agreements with the National Bank of Ethiopia (NBE), Kefi has been permitted to open an international correspondent trust account in London used to service its commitments and make payments to banks, investors and contractors.The government has pledged 20 million dollars in the form of infrastructural investment, including road construction and electric supply – not in hard currency, according to officials at the Ministry of Mines & Petroleum. The federal government has a 17pc stake in the company, half of which is owned by the Oromia Regional State.The exploration in Tulu Kepi, Wollega Zone, 360Km from Addis Abeba, began over a decade ago after Kefi acquired an Australian firm, Nyota Minerals Limited, for 5.2 million pounds sterling (7.2 million dollars at current exchange rates). When Kefi took over, 70 million dollars had already been spent on the venture. The exploration area, which covers over 2,000ht, is estimated to hold deposits of close to 50,000Kg of gold. Extraction is expected to begin in less than two years, increasing hope it would significantly improve Ethiopia's exports of gold.Gold generated 600 million dollars in export last year, a staggering jump from 29 million dollars in 2019.With over 5,000 shareholders, the company has 15-year concession rights and is expected to complete the construction of its production facility in two years, requiring the resettlement of 350 households, the Chairman disclosed.

[donegal1997] 09/8/2021 08:42

First part - The Trade & Development Bank (TDB) has committed 70 million dollars in loans, while a similar financial pledge has been made by the Africa Finance Corporation (AFC), according to Harry Adams, executive chairman of Kefi Gold.The Tullu Kaapi Gold Mine Share Company, a subsidiary of the UK Kefi, raised 300 million dollars from the Ethiopian government, banks, and investors for its bid to explore gold in the region, a relief for its management, which has been working under a tight liquidity crunch with 60 million dollars invested thus far. Along with its operations in Saudi Arabia through its investment wing, ARTAR, Kefi registered 56.6 million dollars in losses last year, according to the company's consolidated financial report.For nearly five years, prospective investors have been reluctant due to security concerns in the area.Dissatisfied by its progress, the Ministry of Mines & Petroleum warned the company over the delay of the gold exploration project, a series of setbacks Kefi's management attributed to security concerns and the consecutive declarations of a state of emergency in the country since 2016. Two years ago, Tullu Kaapi faced an attack by an unidentified armed group that raided the camp, forcing it to halt operations until security issues were cleared.

[robjm66] 09/8/2021 08:07

Anyone a subscriber?

hxxps://addisfortune.news/kefi-gold-onboards-investors-amidst-financial-crunch/

hxxps://www.ethioliving.com/featured/kefi-gold-onboards-investors-amidst-financial-crunch/

Our subscribers to the print edition are entitled to get a bonus in a form of early access to our digital edition.Use the bank detail below or call our office at + 251-011-416-3020 to subscribe - only 657.00 Br for 52 editions - and enjoy access to www.addisfortune.news beginning on SUNDAYS as early as 6:00 am!

[pennstreet] 09/8/2021 07:36

Sadly not ;0(

[richjj] 08/8/2021 21:09

Yep why not think things I hope are lining up behind the scenes ...in for a penny in for a krugerrand.

[1deedee] 08/8/2021 19:56

Who reckons news tomorrow ;-)

[dicko80] 07/8/2021 17:30

Appreciate it’s been a long road for some LTH

But all that matters know is getting this over the line so everyone can recoup losses and profit handsomely

[theaviator] 07/8/2021 17:17

They've every right to quarrel considering how this has been managed. Rio, unless you like to average down on a your investments???! ;) Madness if you ask me. Being too soon means getting it wrong! I got this one wrong.

[rich1e] 07/8/2021 15:46

I wouldn’t let it worry you Rio, I bet long term holders of JLP can tell you they witnessed the same arguments, and I know that they were critical of the management and dilution. It didn’t stop it going from 2p to 20p in a year.

[tim_the_trout2] 07/8/2021 14:04

I don't agree RTS.
This is an open discussion forum.
Filter who you don't want to hear from.

If someone makes an investment based on a board then they deserve what they get.

TTT

edit - you got there before me monte

[monte1] 07/8/2021 13:55

#14788

WALOS.

If you don’t like it why not filter yourself off the freebb?

[robjm66] 06/8/2021 19:50

It’s a cracker, its the way he tells them.

[cracker10] 06/8/2021 18:58

Rob, going for a second role in the same company?

[donegal1997] 06/8/2021 17:26

Thanks Rob, yeah nothing else confirmed on the AAMEG website. Will keep a close eye over the weekend and early next week.

[robjm66] 06/8/2021 17:12

Might be something on AAMEG page but probably just a brief description and link to eventbrite registration page.The eventbrite page is unchanged as far as I can see.

Ethiopians talked to AAMEG in May and harry talked to the Ambassador in April.

hxxp://www.ethiopianembassy.net/embassy-news/h-e-dr-muktar-kedir-ambassador-designate-of-ethiopia-to-australia-meets-with-mr-harry-anagnostaras-adams-executive-chairman-of-kefi-gold-copper-plc/

hxxp://www.ethiopianembassy.net/embassy-news/h-e-dr-muktar-kedir-ambassador-designate-of-ethiopia-to-australia-held-a-discussion-with-mr-peter-de-leo-chairman-of-australia-africa-minerals-and-energy-group-aameg-and-mr-william-witham-ceo/

[donegal1997] 06/8/2021 16:03

Has anyone seen any updates on the announced attendees at the mining webinar next week? I've looked everywhere but can't find anything on it.

[scars] 06/8/2021 15:11

Would be good to get back over 2 before the news actually drops.

[shortarm] 06/8/2021 12:30

1.84 current bid - wouldn't want to be out over the weekend :-D

[1deedee] 06/8/2021 10:06

Let's not be too heavy guys, it is what it is let's hope it comes through anyway another gold for Laura Trott super.

[scars] 06/8/2021 09:49

Bid creeping up is it going to be another up day?

[scrappycat] 06/8/2021 09:41

Topicel,

Your interpretation of events in Ethiopia conflicts with mine, and I also do not agree with your analysis of Harry's comments. I do not feel that I have been misled, and I recognise that any company's plans can be overtaken by events beyond their control.

Believe what you will.