Kefi Gold And Copper Share Discussion Threads

[robjm66] 13/3/2024 08:11

(General)

(General)

(Saudi mining)


(Saudi mining)

[mlangton1] 12/3/2024 21:02

Cheers Rob

[taxlosstone] 12/3/2024 16:57

You could easily have told me to mind my own business, Katsy so kudos for replying. Anyone who has put money into Kefi within the last 10 years has had little other than, let us charitably call it, the optimism of HAA to go on. As I have said before, I feel that he is incompetent, a crook or the unluckiest person on the planet. Possibly a combination. Whatever it is, not my ideal candidate for the role.

[katsy] 12/3/2024 16:45

Topical no it's the other one.

[katsy] 12/3/2024 16:43

You have to remember what has transpired since, Harry made those remarks in Feb 2021 despite there being no umbrella 1 and 2 contract signed, no bank credit approval, no currency control with government agreed and all the other conditional president word soups mentioned in-between, so that statement can only have been a lie to get the placing away shortly after.

Don't forget the RNS dated 12th Sept 2023 when he clearly said all completed just admin work for kefi to do, clearly not!

[katsy] 12/3/2024 16:36

taxlosstone, Yes I bought the "nothing will stop this happening on th 31st March line" and went in big along with my wife. I've since bailed at huge loss but my wife doesn't want to bank at 75% loss -yet! She doesn't belive that a UK regulated stock can be a fraud but I'm 100% it is.

[taxlosstone] 12/3/2024 16:24

I confess to having put into Kefi, not a life changing amount, but certainly a mood changing amount. I am in for the duration now as any sale proceeds would be insignificant. :-(Katsy, can I ask if you have ever invested in Kefi & if so, how did that go for you?

[shortarm] 12/3/2024 16:17

Don't remember Minmet owning TK but hey ho, they definitely had some magic grubs that shat out gold!

[topicel] 12/3/2024 16:14

Would he be running an authoritarian thread around these parts by any chance?

Such is his complicity and hubris over the years he deserves the wrath of a Tory donor...

[katsy] 12/3/2024 15:33

PS a certain poster was staunchly supporting KEFI and the BOD back then and despite nearly all the posters back then now no longer posting on kefi this certain poster is still here to support everything the BOD says.

[james japp] 12/3/2024 11:50

4871 see 4870

[keelhauled] 12/3/2024 11:33

Rob - your postings are appreciated. K

[james japp] 12/3/2024 09:47

Arraws elpirata.

[elpirata] 12/3/2024 09:41

#27997

October

[robjm66] 12/3/2024 08:36

They are saying that's its not accurate that they have been saying constantly its imminent for the whole two years and gave the example that no one thought it was imminent when the Tigray conflict was happening or in its immediate aftermath.

Think they are putting their hands up and saying the did get it wrong or were over optimistic "all taken longer than we expected".

[jaylett] 12/3/2024 08:24

Q: How do you feel coming to the webinars, basically saying for the last two years (at least) that the financing is definitely happening and imminent, yet here we are, still waiting for it and no fixed timetable set?

A: That is not accurate.

But it *is* accurate. He admits it in the same document: "This has obviously and regretfully all taken longer than we expected or wished." He has given misleading and inaccurate updates every step of the way. Now he either did that wilfully, or because he had no real idea on what was happening, but the facts are plain. All of the RNS, Q&As and webinars are there to read if anyone can be bothered to relive the nightmare.

[robjm66] 12/3/2024 07:44

From kefi website Q and A section

Various questions regarding Tulu Kapi
Q: What is the timetable for Tulu Kapi development?

A: It is expected to be a 24-month development program from mid-2024.

Q. How confident are you that the exploration areas around TK will be returned to Kefi?

A. No update to the statement in the Q4 Operational Update released on 24 January 2024:

“We have commenced administrative proceedings in respect of our long-standing proximal Exploration Licenses (“ELs”) surrounding the Tulu Kapi Project Mining Licence area, in order to continue exploration programmes and community development which have always complemented the Tulu Kapi project. During an overhaul of the title-regulatory system in 2022, these ELs were over-pegged by a Hong Kong shell company owned by a British Virgin Islands shell company. We are confident that this situation can be resolved satisfactorily."

Q: What changed to make you change your previously stated position that KEFI would not raise at the PLC level before financing had completed?

A: The intention has always been to minimise dilution to KEFI shareholders and TK is being project financed at the subsidiary level for that reason. Our project financing of $320M needs certain things done now by KEFI in order that we can launch the project, hence the requirement for the PLC raise.

The estimated fully-diluted intrinsic value of Tulu Kapi is multiples of today’s share price and further enhanced by the Saudi assets and exploration assets. But we need to pay for certain project launch costs so that the large financing can close.

Q: How will KEFI fund themselves for the two years whilst TKGM build the mine in Ethiopia?

A: The project finance plans in both Ethiopia and Saudi Arabia take those costs into account. But no one in a pre-production company can warrant that shareholder capital will never be required. That would not be reasonable. We can only transparently explain our intentions and plans.

Q: How do you feel coming to the webinars, basically saying for the last two years (at least) that the financing is definitely happening and imminent, yet here we are, still waiting for it and no fixed timetable set?

A: That is not accurate. The Ethiopian national state of emergency ended in February 2022, the syndicate met and signed their Initial Umbrella Agreement in June 2022 to re-prepare for project launch. We consistently set out key conditions precedent as being security upgrade, country membership for AFC for Ethiopia to treat that bank the same as TDB, and exemption from capital controls. We signed the Final Umbrella Agreement in mid-2023 and we reported as follows:

“Along with the rest of the Project finance syndicate, the co-lenders have issued conditional approvals subject to the Ethiopian Government’s formal confirmation of the few remaining outstanding items, notably clarification of the details of capital controls for internationally syndicated project financings. Whilst the principles have already been approved for TKGM, specific working rules are being considered to ensure the Project can operate smoothly.”

Upon finally receiving public declaration in October 2023 of the requested details of exemption from capital controls, the syndicate met in Addis Ababa in November 2023, the lead-lender issued final credit committee approval in December 2023, that was reported in January 2024 and the progress since then will be updated when so approved by the syndicate.

This has obviously and regretfully all taken longer than we expected or wished. If KEFI itself were funding everything we may have been quicker, but that is not really the issue at hand because the conditions of the host country and its regulatory reforms needed to be addressed satisfactorily for anyone to deploy money and people. Shareholders’ best interests required us to await the lifting of the state of emergency and to await the requested fine print of, inter alia, the exemption from capital controls.

No-one in the syndicate is doing anything to waste their time and money. They are just being careful. And it is KEFI’s overriding responsibility to protect all parties’ human and financial capital in a country that became very challenging after our arrival and is now settling down again.

It is encouraging that Ethiopia is once again reportedly back into the top 10 rank for growth countries.

Q: Did it surprise you that the two main Tulu Kapi financing banks did not carry out their due diligence concurrently rather than consecutively?

A: That is not correct. Due diligence was concurrent. Formal approvals sequencing is a chain of dominos.

Posted 12 March 2024

[vlad the impaler] 11/3/2024 18:53

Want to know when the next one is?

[vlad the impaler] 11/3/2024 18:52

ajs82207 Nov '23 - 17:38 - 27343 of 27995
0 1 0
Adams's perception of the risks is of zero relevance. Perception of the risks by the syndicate banks' credit committees is everything.

And the fact that the syndicate hasn't come together despite numerous assurances over the last year that it would do so "imminently" tells you all you need to know.

When's the next placing?

Answers on a postcard to Jeff Keating, S P Angel.

......


Vlad The Impaler7 Nov '23 - 18:34 - 27344 of 27995 Edit
0 0 0
Very true. By Q1 2024