Kefi Gold And Copper Share Discussion Threads

[tim_the_trout2] 16/10/2021 15:19

A football striker just can't score - is another Harry playing for us ... Kane

TTT

[1deedee] 16/10/2021 15:16

He needs to resolve this now, I've forwarded a message to Q. A the blokes been getting strikers money and no performance, this would be disastrous to fall at the last Post.

[1deedee] 16/10/2021 14:52

I just get this sinking feeling that someone's waiting in the wings to take this over, being that new licences were given to to several companies in Africa offering big brown envelopes, I hope I'm wrong,we need news this week he's like a football striker just can't score. I'm just so disappointed we have to read newspapers for info.

[lurker5] 16/10/2021 14:48

If Kefi loses the licence, presumably it still retains the intellectual property in the shape of the feasibility studies that any new developer will need to raise his own financing. So it might be a non-issue. If GOE doesn't like Harry, he will, surely, step down in favour of someone else - for the sake of every one including his bonuses. In any event, it is the funders waiting in the wings who will decide whether security is an issue or not. The GOE can't affect that - except by solving it.

[lurker5] 16/10/2021 14:47

If Kefi loses the licence, presumably it still retains the intellectual property in the shape of the feasibility studies that any new developer will need to raise his own financing. So it might be a non-issue. If GOE doesn't like Harry, he will, surely, step down in favour of someone else - for the sake of every one including his bonuses. In any event, it is the funders waiting in the wings who will decide whether security is an issue or not. The GOE can't affect that - except by solving it.

[rich1e] 16/10/2021 14:39

These developments haven’t come as a surprise, we knew that there was a deadline. Harry needs to get the syndicate members to put their security concerns to one side and sign off before the end of the month. Failing that the option might be Harry to step down and appoint someone else, a bit more dynamic, who can convince the minister to grant a few more months.

[howling] 16/10/2021 14:20

Are we nearly there yet ?

[taxlosstone] 16/10/2021 14:14

"According to the Ministry's letter, the principal basis of the permission to extend the previous period until October 31, 2021 was not the security situation. Rather the company's limitations in acquiring the project financing were the main reason that led the Ministry to extend the deadline until the end of October".

How many of us have expressed our utter frustration for literally years at Kefi's inability to finalise funding? We can't be too surprised if the GoE feel desperately frustrated as well. They clearly see the "security" issue as a ruse.

Thank goodness we have an amazing working relationship with the GoE & not only that, we have the UK ex-ambassador to Ethiopia batting for us. Arghhhhhh!! Mr Market has never once ascribed any value at all emanating from TK to Kefi.

Always immensely pleasurable to hear this information through the press rather than, as some suggest, all price-sensitive information must be RNS'd immediately. :-(

[tim_the_trout2] 16/10/2021 13:59

Both the MoM and Kefi say TK is safe.
However Harry and the consortium say they could have wider district level security issues. The MoM say that Kefi has already been given an extension because of funding not because of security and therefore reject another extension. Harry may be reliving his EMED woes. We don't know who as found the new security issues or what is happening to overcome them. Must be above our pay grade to be told the full story.

Hopefully Harry isn't having a clash of egos with the mining minister.
It could well go like .........

You say either, I say either
You say neither and I say neither
Either, either, neither, neither
Let's call the whole thing off, yes

You like potato and I like potahto
You like tomato and I like tomahto
Potato, potahto, tomato, tomahto
Let's call the whole thing off

......... Lets hope not.

TTT

Edit ... I think they are all worried that Extinction Rebellion might turn up !!!

[robjm66] 16/10/2021 13:38

Think it’s the wider consortium rather than Kefi and harry.Security experts are of course going to cover themselves by emphasising the worst case scenarios. Main local rebel group trying to join the fight in the north which should make Kefis region safer.
Both governments and rebels making gains at the moment but I still expect rebels to be driven back into Tigray due to all the reasons I have mentioned before.

Finding things out from the paper as mining minister playing politics. Foreign mining companies maybe do not have the best reputation in Africa and there were the problems with Midroc before so maybe easier for mining minister to go around gathering up the photo ops with artisanal projects or mining centres or cracking down on smuggling.

Think a lot of the problem could be due to a clash of egos between harry and the mining minister clashing as there are not really any insurmountable problems here.

[tim_the_trout2] 16/10/2021 13:21

Great find rob, yet again we are sitting here in the dark.
Why did we have to find this out from the papers, where's the urgent update from Kefi?

I don't think the MoM has threatened to take our license away; it has rejected the request to extend the launch deadline saying the security issues are groundless.

Perhaps the MoM are correct and Harry's being far too cautious.


TTT

[robjm66] 16/10/2021 13:03

Think mining minister is missing the point when he says there is no problem in Tuli kapi as that is not what the company is saying. The consortium want more reassurance about the transport route into the area at district level.

Taking the licence away from kefi after it asked for extra security help or reassurance about security would be a lot more damaging than providing that extra security or reassurance.

Take the licence away and whatever the mining ministry says the perception will be is that Ethiopia is too dangerous to do business in and if you ask for extra help to make it safe enough to operate in you will not get it.

[riotinted_specs] 16/10/2021 12:41

I think we must take this I to context....If this letter is true the mining minister did what he should do. He rejected KEFIs justifications based on security issues. Anything other than this response would be tantamount to the mining sector that Ethiopia is not safe for mining and all the mining investment it craves would then be quashed. This is not about the Tigray situation or guns and physical security as such. Even Harry himself said that the main security issue is local community embracement who want to reap and understand the rewards of the mine. An example of this might be a peaceful protest blocking an arterial trucking route. Rejecting the premise of the request is not rejecting the license extension itself. Needless to say KEFI will have to rewrite their rationale and link it to local discussions and community interest. It is highly likely that the revised letter has now already been provided.

[belfastboyo] 16/10/2021 11:34

Well it sure looks like the Mining Minister is playing hard ball although why and to what end is unclear...I cannot believe they would pull the license at this 11th hour...as it would simply destroy any semblance of investor confidence in a sector they say they want to develop but clearly major internal politics at play

[robjm66] 16/10/2021 11:33

Think the trend of the government offensive should be obvious within the next two weeks maybe even a bit earlier. Two weeks not likely to be enough time to get everything signed off though even if things were unpaused today and everyone was happy.

Maybe though the company can appeal against any decision and buy enough time to get things sorted or the mining ministry can be persuaded to change its tune within that timeframe.

[digger2779] 16/10/2021 11:22

So the rejection letter was sent 11th October and this is the first we have heard of it. Can anyone see this being sorted in the next 2 weeks?

[robjm66] 16/10/2021 10:59

Needs someone higher up to knock heads together but they are a little busy right now.

The mining minister should if has any sense turn round and give an extension he can say he is comfortable giving the extension as he is confident that the Ethiopian army will be successful in its current offensive and from that the security situation as a whole in Ethiopia will improve. Easing any concerns Kefi and the consortium might have.

Think his current position a bit unpatriotic the knock on effect of cancelling the mining licence would mean his country missing out on billions of dollars of revenue down the road as other miners are put off investing. Money the country is going to need after this conflict plays out to rebuild the economy.

Also people will be wondering why the mining minister is being so unhelpful the perception in a lot of quarters is going to be that he did not get a brown envelope whether that’s true or not.

Whole situation a bit of a farce got one part of the government threatening the other parts of government both local and national to take the licence away from them as they are part of the consortium.

As for Harry all he can do is try to sort things out behind the scenes which is hard to do when you have the mining minister constantly briefing against the company in the papers.

[goatherd] 16/10/2021 10:48

This is Africa.

A brown envelope to the Minister?

[jlwilliams] 16/10/2021 10:11

So it sounds as if we will lose the licence... which then means TK haz zero value to Kefi?

Other than try and get the mining minister to talk to the financier(s) who won't sign because of security fears, what else can Harry do?

[goatherd] 15/10/2021 23:18

taxloss,

Your first paragraph, "So by that logic, the bigger the bonus, the better off are all shareholders." is, quite simply, wrong.

So please can you say what would happen if, once the share price reaches 3p in December, he needs (for whatever reason) £500,000, and so sells over 16m shares?

I think that that would reduce the market value of the company by at least 1p; which means shareholders would collectively lose £21.4m.

[goatherd] 15/10/2021 23:18

taxloss,

Your first paragraph, "So by that logic, the bigger the bonus, the better off are all shareholders." is, quite simply, wrong.

So please can you say what would happen if, once the share price reaches 3p in December, he needs (for whatever reason) £500,000, and so sells over 16m shares?

I think that that would reduce the market value of the company by at least 1p; which means shareholders would collectively lose £21.4m.

[taxlosstone] 15/10/2021 20:45

Goatie. Your response made I laff. So by that logic, the bigger the bonus, the better off are all shareholders.If Harry fancies 500,000 pounds, then Harry must have 500,000 pounds & if he does not get it via a bonus scheme, he will scream & scream, take his ball home & sell zillions of shares. Here is an alternative suggestion. He succeeds in the job he is paid handsomely for & benefits from his massive holding. Could that work? :-)

[goatherd] 15/10/2021 19:54

digger,

I think it is worth looking at why Harry's bonus is quite good for shareholders!!

He has spent more on buying shares than he has earned; or so the company says, and certainly he has spent a great deal on acquiring 32.2m shares.

If he was an ordinary shareholder he could, of course, raise money by selling some shares.

But if the boss of a company sells shares it tends to have a very bad effect on the share price.

So I would much rather he got the money he wants through a bonus; rather than sell shares, which, I am sure, would cost me much more.