Kefi Gold And Copper Share Discussion Threads

[chopper harris1] 03/3/2020 12:38

But this is the point that some on here are making: he should have and should have had a more complete picture of what is going on between EG and ANS.

He is paid enough money to ensure he understands exactly what is going on over there for the sake of his shareholders. He chose to do business and to get into bed with these people so he therefore accepts the consequences and responsibility to us of getting involved with them.

It's his duty as CEO of KEFI to be on top of all this and to give his shareholders a much clearer idea of what's going on. We can't be expected to put up with one vague RNS after another and just accept more delays to this "project" which subsequently turn into weeks, then months, then years (and that isn't too much of an exaggeration, when you come to think of it!).

[scrappycat] 03/3/2020 12:09

digger,

re your 2336.

Personally, I couldn't care less why Harry kept the lights on, but I certainly care that he did. Might it not simply be that it is his, and the Board's, primary legal responsibility to try to do so. Thankfully, he avoided for me the prospect of losing all the money I have invested here, and will, eventually, I believe, secure for me significant profits - in common with most investors here. You can be as ungrateful as you like, but something is certainly better than nothing as far as I am concerned.

Harry, almost certainly has, and has had, an incomplete picture of what is going on between the EG and ANS. He can only report that which he is told by them via the obligatory RNS to comply with AIM Regs. Unlike you, he cannot indulge in irresponsible sledging.

[the charmer] 03/3/2020 09:39

Older and wiser, eh! :-)

[jaylett] 03/3/2020 08:42

"arrangements will now proceed for the closing of the first subscription funds from the private sector partner ANS Mining Share Company ("ANS") to TKGM in accordance with agreed documentation and standard local procedures, beginning with the notarisation and registration of the approved shareholder resolutions with the Ethiopian Department of Trade."

That was over two weeks ago. Notaries are the same anywhere you go; you turn up and pay them and they notarise, end of story. So assuming that took a day I see no reason why this step should not have been completely a fortnight ago. What precisely are we doing now then? Why as a shareholder don't I already know the answer to this very simple yet vital question? Why am I continuing to waste my considerable investment on this tin-pot, incompetently-run excuse for a listed company? Why do I get the distinct impression nothing is going to change before Friday (because if it did, most of the webinar questions would be irrelevant / out of date and therefore pointless)?

These are just some of the thoughts troubling me this fine morning.

[unionhall] 02/3/2020 17:34

From my reading the surface gold identified in trenching was not an aim of this depth drilling. So at first sight it may be disappointing not to see it referenced (that was my first reaction) - but subject to a more expert view it simply was not a target in this drilling program......imho...


From March 2015........


Hawiah:

-- From results received to date, almost all trenches contained anomalous gold, including 6m at 2.22 g/t Au, 2m at 8.69 g/t Au, 6m at 1.94 g/t Au, 3m at 5.76 g/t Au, 2m at 7.54 g/t Au and 8m at 3.04 g/t Au

-- A self-potential (SP) geophysical survey has commenced to identify metals at depth. Initial survey results indicate the presence of a low resistivity anomaly directly below the gossans and a parallel anomaly 200m further east. An induced polarization (IP) survey will test the share price anomalies in preparation for deeper diamond drill testing

The foregoing results serve the following business plan objectives:


Hawiah:

-- To demonstrate the potential for economic gold resources at surface (in the gossan)
-- To apply geophysical techniques to identify large base metal (copper, gold and zinc) targets at depth

-- To then follow through with targeted drilling programs within this second of the Company's two mineral provinces in Saudi Arabia

[topicel] 02/3/2020 17:07

I'll be switching someone's lights out one of these days... ;)

TTT - I was kinda hoping my reading of the Hawiah RNS was slightly off, but it seems you are feeling a bit deflated by the figures and potential as moi.

Care to expand on what it is you were disappointed in? I suspect it is the same, but any time I say something close to the knuckle, slightly critical, it is not considered acceptable.

But maybe, as with so much in Harry-speak, it is just not well explained?!

Topicel

[scrappycat] 02/3/2020 16:37

I am convinced that the vast majority of the LTHs, and a considerable number or traders, will make a significant amount on their holdings in Kefi. Yes, maybe not as much as we hoped for, but that's life. Things do not always work out as we hope. One thing all shareholders should, in my opinion, thank Harry for - at least, he kept the lights on.

[taxlosstone] 02/3/2020 16:13

I have so many questions I want answering on Friday but I'm guessing that all the ones on financing will get lumped into one & he'll perhaps answer the least delving question. Unfortunately I don't see him "coming clean". He's never done it before & he's hardly likely to start now. We know that he could & will spin for Australia (perhaps we should call him Shane). :-(

[tim_the_trout2] 02/3/2020 15:14

I can't speak for anyone else but the last 2 RNS were a big let down and why I think the share price nose dived.

Hawiah was supposed to be spectacular, it wasn't.
Funding was supposed to be with TKGM, it isn't.

I didn't make up the expectations, they were given to me by Harry.

Harry has now put a spin on the public/private Ethiopian partnership saying it will work even better for us, just can't see that happening; I hope I'm wrong.
And Hawiah is the best start to any exploration project he's ever been involved with; what the hell does that mean.

TTT

[rougepierre] 02/3/2020 14:59

I totally get that LLB and remember I've bought more this am, but the key words are:

"execute all documentation..."

And as we both know (viz ATYM's AAU) that is what takes the time...

Pis on here already have a short fuse...last week's volatility generally doesn't help...

Markets trading on fear...both ways...right now...

AIMHO as usual...

[scrappycat] 02/3/2020 14:58

It seems odds on to me, that the legal teams in the EG and ANS are making this up as they go along. I guess Kefi have totally completed, and returned, all the paperwork that has been required of them. Presumably, the EG and ANS legal teams require to check this documentation on receipt. Once this process has been completed to their satisfaction(?), and since it has been labelled as unconditional, there seems no reason not to pay the first tranche. If so, it certainly seems reasonable to anticipate that first payment during March, but who knows?

[laurence llewelyn binliner] 02/3/2020 14:20

#RP .. 31.01.2020 The subsequent transfer of the first funds from ANS Mining to TKGM is expected to occur following the Meeting. As previously announced, the total ANS Mining commitment is US$38 million with the first US$9.5 million (Ethiopian Birr equivalent) being unconditional and subsequent amounts in accordance with the conditions previously indicated.

This is what most holders were expecting to happen, not just another raft of obstacles in closing, and the elections throwing another potential delay on top.., October 2020 breaking ground to start will result in H2-2022 1st pour if nothing goes wrong at all..

[topicel] 02/3/2020 14:18

The Daleks to the rescue?! Daleks vs Cybermen, better than King Kong vs Godzilla...

...or Harry vs Nervous Nellies.

Never forget he said that of all of us. We didn't have good reason?

Topicel

[topicel] 02/3/2020 14:16

Daftbat,

You said:

"As usual Topical is looking for things to moan about that don't exist."

Firstly, I have been fully supportive since before Xmas when, ahem, certain statements were made by our Managing Director that we were to be making substantial progress and the primary funding group, ANS, would be contributing their $9-odd-million first tranche payment, that was fully underwritten/agreed and would be paid by one date after another.

Do you not think that this is another thing to 'moan' about?

If you were at that fractious presentation (I wonder how much of that ever came about?) and have been as loyal a supporter/backer as I have been, then you must also be hugely down on this investment. Maybe that isn't worth moaning about? 'Water under the bridge', perhaps?

All of these small things are very relevant in hindsight. They were relevant at the time, but I (we?) have always swept them aside and accepted the words of Harry at every turn by way of explanation/excuse.

For instance, when did the Ethiopian elections first become an issue in all of the agreements, general meetings and so on? If Harry knew, he didn't say anything. If he didn't, was he being misled? Can he/we trust in any of these financiers?

And now he's suggesting, after 18 months of making out we were going for a bond, we do more complex, bigger, loan deals with un-named African banks!

But you're right, none of this is worth moaning about any more than important management and big stakeholders leaving over the years, which was also flagged and dismissed by many.

And you too are ignoring the important point I make about 'gardening leave' by focusing, in that No. 10 discrediting way, on irrelevances in my general ramblings about management costs and retention.

As I've never tired of saying, if the company makes progress, and honest comms, I will back it 100%. It hasn't, didn't and, potentially, as Estseon (presumably you trusted his ability not to 'moan') has posted just last week, probably won't do so in the future. Especially Friday's webinar!

Topicel

[rougepierre] 02/3/2020 13:55

I think people got ahead of themselves...piled in and then dumped on disappointment...

I can't find anywhere a statement saying the ANS funding would be imminent.

Here are the two key statement extracts:

17 February

"Following the passing of the resolutions at the TKGM General meeting, arrangements will now proceed for the closing of the first subscription funds from the private sector partner ANS Mining Share Company ("ANS") to TKGM in accordance with agreed documentation and standard local procedures, beginning with the notarisation and registration of the approved shareholder resolutions with the Ethiopian Department of Trade. Closing with the Ethiopian Government sector partner had already occurred. As previously announced, the total ANS commitment is US$38 million with the first US$9.5 million (Ethiopian Birr equivalent) being unconditional and subsequent amounts in accordance with the conditions previously outlined......

The formal TKGM shareholder meeting was an important step for this closely co-ordinated public-private-partnership for Ethiopia's first modern mine in decades and has now cleared the way for the closing of the ANS equity subscription...."

28 February

"The next steps are to:

o launch the on-site development and community resettlement;

o execute all documentation, which is well advanced, for KEFI's private sector equity partner ANS Mining Share Company ("ANS"); and

o complete scheduled preparations and finance milestones leading to major works starting in the local dry season from October 2020."

As somebody who experienced HAA's incompetence at ATYM and has been in and out here due to his over-promising and under-delivering, I can understand why PIS constantly overreact both ways...

Based on construction commencing "from October 2020", we can expect steady progrssion from here, punctuated by the ANS announcement at some time when no doubt the shares will spike and fall back yet again...

Meantime try to remember the underpinning here is the gold price...

AIMHO and GLA

[robjm66] 02/3/2020 13:50

hxxps://www.msn.com/en-gb/news/other/doctor-who-cliffhanger-to-be-resolved-in-dalek-christmas-special-final-episode-reveals/ar-BB10BcDU

"We can’t leave the Doctor there! On that cliffhanger! Well, we did. But rest assured, the Doctor and her friends will be back"

“There will be Daleks. There will be exterminations. Thrills, laughter, tears. You know. The usual." bit like kefi really apart from the Daleks and exterminations.

[rougepierre] 02/3/2020 13:44

My 2x200,000 buys sub 1.17 at c12.15 today still haven't shown up...

[topicel] 02/3/2020 12:35

Thanks Ham1, TTT and yfc, that was the fella.

The point has been made, the wrong guy identified. As digger has just posted, wish we'd all left that long ago - agree Goatherd?

Anyone else having fun not getting through to BRRMedia? Word is there are some pesky questions to be answered...

Topicel

PS - TTT, the video I'm referring to was, as I indicated, before he left because there were no need for his geology expertise. He was at a presentation, in London perhaps, was told by Harry at the last minute to take the papers and speak about whatever, and was clearly not happy about it. He opened his pre-scripted 'now here is the news' part of the presentation by saying, "you'll forgive me but I've been told to do this with 2 minutes notice".

Maybe it was a tiff? But he was gone soon after. Harry was asked in another webinar and was vague "he's working somewhere else at the moment..."

Glad they've kissed and made up. My observations are probably entirely wrong; much like when Harry first confidently, unequivocally, said the locals were moving in late 2017 (or was it 2016?).

My point is always the continual car crash, ever since Plimer sold his shares at 10p or so old money, we have had reasons to be be suspicious. Why is that? Was it only me in those halcyon days???? Where is NWB? What happened to the Doctor last night? Etc.

[tim_the_trout2] 02/3/2020 12:28

Thanks daftbet.
I must apologise for spending so much time posting about Topicel this morning.
I thought he had something relevant to post but it appears not.

TTT

[moutardbrookes] 02/3/2020 12:11

Fabio left to take up a more senior position for an Italian exploration company and was able to travel back to his family from the company HQ's every week.

[digger2779] 02/3/2020 12:11

Wish I had left Kefi 6 years ago!