Kefi Gold And Copper Share Discussion Threads

[digger2779] 01/4/2020 11:33

Never mind chaps, I see Aston Martin has been bailed out so Harry's dream car will be rolling off the production line once the shovels break ground in TK.

[robjm66] 01/4/2020 10:50

Thats ok Peverill maybe they should lock everyone in a room till they agree that TK should go ahead ;-)

[robjm66] 01/4/2020 10:39

Sorry Peverill I am sure he will maintain social distancing at all times with everyone (not just Kefi shareholders).

[peverill] 01/4/2020 10:31

Can't see him running anywhere at this time,more phone calls,conference calls if anyone is available.

[robjm66] 01/4/2020 10:28

Think Kefi and Harry will be running around at the moment doing the rounds of all interested parties making the case that TK has to be decoupled from the election. Hence no RNS kefi cannot tell us what the situation is if they do not themselves.

It will depend on what the feedback from all parties, the locals and the local government probably will not want to take any longer than was expected, national government probably going to want good news of mine go ahead sooner than they expected. ANS should be able to see it is now or never so maybe it will be down to the bond or loan for the rest of the money?

[scrappycat] 01/4/2020 10:26

Even if funding money had been forthcoming (from anywhere), in common with other countries world wide, Ethiopia is in a Lockdown, and no further development can take place at this time (including the infrastructure). Development of the mine can hardly be viewed as essential, so the EG know that, in effect, the only use for funding money would be to serve to pay salaries. I can understand any reluctance on their part to do so. The same applies to any funding, from anywhere IMO.

There seems but one solution, and that is to hugely reduce, even eliminate, the wages bill temporarily. Will Kefi do this?. In essence, there is no choice as I see it.

As usual, just my view.

[sniffer2] 01/4/2020 10:03

My concern now is that there may be another placing, probably followed by consolidation. In the past the placings always tend to be done, after releasing positive news.

[fart_conductor] 01/4/2020 10:01

He is, by a pool somewhere maybe Cyprus

[fart_conductor] 01/4/2020 09:35

Must be nearly Tiffin time by the pool,

[matthew stone] 01/4/2020 09:27

As far as I know, costs have been stated as around $500k per month - so with some judicious trimming of excessive salaries, 2 years could be covered by less than £10m, giving around £35m in total. KEFI would then own a much larger chunk of TK and have cash in the bank, which should make funding easier. We are continually told that Saudi is worth the same or more than TK, so our share should be worth more than we need.

[the charmer] 01/4/2020 09:22

Nice to see it building now.

[matthew stone] 01/4/2020 09:21

Agree with Jaylett on this, and have been saying so for several weeks now. Whatever they decide to do, HAA needs to get something out pronto, either by RNS or via the Q&A.

[cybaajak] 01/4/2020 09:14

@ Jaylett.

Is 37% of Kefi in KSA worth upwards of £45m ? (£25m ANS or $30m ANS whichever has the best exchange rate.. and Kefi £10m a year for 2 years because Adams & BoD wages..).

EVEN THEN.. wheres the FULL PACKAGE Funding going to come from, because who's going to trust Ethiopian Banks now ?

[jaylett] 01/4/2020 09:06

Sell a percentage of the interest in Saudi and use it to cancel ANS's interest in TK, cover their initial portion of the mine build cost, and leave enough to cover our running costs for a year including the exploration programme in SA. Completely remove the prospect of dilution, get some decent cash reserves in the bank, stabilise the balance sheet and then crack on in TK working with whatever Government ends up in control.

There is no point holding out for a large chunk of Saudi if we bust the company getting there. We are already all-in on TK, it simply must succeed, and the market values Saudi at zero currently. If we can extract real money from it now, we absolutely should, to make TK happen and shore up the company.

[cybaajak] 01/4/2020 09:01

@ Jaylett. Your mail was much more civil than mine was...



Questions for consideration;

1. Have the incredibly over paid and hugely under achieving Chair and Board of Directors seen the above statement from Ethiopia's Governing Body ?

2. Have the incredibly over paid and hugely under achieving Chair and Board of Directors made any decisions on what their plans are next ? (And if so why is there NO RNS promulgating those decisions ?)

3. Its now April, and at the last Q & A on Kefi Website dated 8th March where the question was posed about ANS and a first tranche unconditional payment, the answer was 'Expected Soon'. Does the Chair and Board of Directors think that 3 weeks is too short a period of time to be considered 'Soon', when it has taken over 19 months since the FIRST RNS stating ANS were going to pay, to get to this point.

4. In the Reference there is also a journalistic piece about Political Factions and unrest within Ethiopia. With the revelations about political oneupmanship that is ongoing, Does the incredibly overpaid and hugely under achieving Chair and Board of Directors STILL think its fiscally viable to consider aligning with 2 Ethiopian Banks, when ANS have proved to be unreliable and unforthcoming with their renumeration ?

5. With the 2019 Company Reports due within the next 10 weeks, is it the incredibly over paid and hugely under achieving Chair and Board of Directors aim, to continue to shield, from long standing Shareholders and Invested Institutions alike, the identity of the 'mysterious benefactor' who financed Kefi, to the tune of £3.7m by forward selling Kefi Shares on the open market between September 1st 2019 and November 21st 2019 by removing any link to such person from the due Financial Reports ?

6. What is currently happening too, and with, the Relocation Plans of the in-situ Farmers ? 420 million shares were produced between September and November 2019 to finance New Housing for these people. Its now 6 months later. No photos have been produced to enlighten the Shareholder base. No Update on the state of said housing. Was the New Housing actually built ? If it HAS been built, and the farmers HAVE NOT moved in, who's paying for the maintenance and upkeep of these 'shells' ? (Presumably the long standing and over burdened shareholders of Kefi as ANS have yet to pay up 1 Birr).


Whatever happens to Kefi-Minerals now I truly believe that Tulu Kapi has been nothing but a poisoned chalice, for both you, and investors alike. It could, of course be drawn out longer, by both Chair and BoD realising that their wage packet is far in advance of anything they are actually worth, or earning.

At a time when, according to the words of the Chair, Ethiopia is crying out for the financial rewards of TKGM, and ANY returns from that will be at least 18 months into the future, coupled with the disruption that Covid 19 is surely bringing to everyone, its not beyond the realms of credibility to wonder WHY things are NOT moving ahead with alacrity.

Am eagerly awaiting the next RNS to find out what the next round of excuses will be.

Yours disgustedly
A long suffering Shareholder

[taxlosstone] 01/4/2020 08:58

As ANS have resisted the temptation to pay over any money for 20 months, finding any excuse under the sun on the way, then the chances of them paying now, what with Covid 19 & delayed elections are in my mind, next to zero.

So, what are Kefi's choices? The usual route is to become carrion for the "death spiral" vultures. Could we walk away from Ethiopia & still survive? Could we forward sell future gold production (no laughing at the back)? What if they asked current shareholders in an open offer for cash? I'm so far in that I'd consider it. Another £10k-£20k wouldn't make too much difference in the scheme of things. What about you guys (& gals)? At least we wouldn't have to endure the constant further price collapse as the likes of Lanstead does what it does best. There'd obviously have to be strict terms attached like salaries, heads on a plate, etc.

[bejubiant] 01/4/2020 08:41

Kefi badly needs an experienced dealmaker with grit, gravitas and gumption, not a highly paid, jet setting lunch specialist who thinks we haven’t figured him out yet... zero results, not remotely good enough

[the charmer] 01/4/2020 08:31

There has been more negativity seen when a good RNS came out..

[bejubiant] 01/4/2020 07:52

Harry.. have the decency to ACT, or let somebody else get on with this.
Sh1t or get off the pot ..
DO SOMETHING MAN!!!!

[cybaajak] 01/4/2020 07:44

Oh and reading further on the link in my post above.. Tying Kefi into a General Election that could possibly mean a change of Government, ministerial management AND ethic base idealism is only going to mean even more delays IF a different party gets voted in. Which, Is looking a lot more viable than what we are led to believe.

OK, the BANK Staff may not change.. but the sentiment, Executive decision making and contract conditions may very well do so.

[jaylett] 01/4/2020 07:43

Sent to the company just now:

Sirs

The latest expected date for receipt of the first tranche of ANS cash was March. Has this now been missed? This is material information and as such as RNS should have been released to either confirm receipt, or advise on why payment has not been made and what the next steps are.

I am increasingly concerned about the repeated missed deadlines relating to the initial tranche of funding. In these troubled times everyone is under huge financial pressure and the current share price is extremely painful, driven down by the ridiculous time it has taken to get this money paid and the endless dilution that we've endured as a result. I plead with you to clarify the real situation here and demand that our 'partners' satisfy their side of the bargain. Shareholders have carried the burden for long enough; it is time for the locals to either step up or step off.

Regards

[cybaajak] 01/4/2020 07:36

hxxps://newbusinessethiopia.com/politics/ethiopia-postpones-august-2020-general-election/

Quote; Due to the pandemic we were forced to suspend our activities, said an Amharic-language statement from the National Electoral Board of Ethiopia. The board will announce a new timeline once the pandemic has subsided, it said. unquote.

I wonder what the excuses and/or reasons HAA is going to publish now ?

Tulu Kapi, surely a poisoned chalice.

ANS don't need to pay anything now. Just wait it out while Kefi sinks under further 'hard to find' finance till the lights don't go on anymore.

Could never understand the business arrangement where ANS fund $30m and yet the whole company is currently worth only $9.1m. Wait till Kefi go under (or contrive to make it happen by NOT paying up..), then Buy it piecemeal and sell off ARTAR Kefi 37% in KSA and own the whole mine... and underground + outlying deposits.