Kefi Gold And Copper Share Discussion Threads

[sussexlibran] 30/6/2020 20:07

I have just emailed AIM regulation asking how to make a complaint about this company.

The RNS statements are disgraceful - one minute ANS are paying imminently, then the company is "fully funded" to end Q3 2020.

It turns out that ANS haven't paid imminently, and more funding is required (meaning they are NOT funded until end Q3 2020). Blatant deceit and lies.

I emailed Kefi today, expressing my views. This is futile. But a complaint to the regulator is better.

The management of this company is a disgrace - the lowest quality imaginable.

[taxlosstone] 30/6/2020 20:02

If they wanted a company name to more reflect the business why didn't they come up with I Stitchemup & Co? :-(

[sweetwaters] 30/6/2020 19:37

It's always been about the research team. The 'expert', 'professional' industry experts that could bring this to development have been exposed as rank amateurs, hoping that xyz will happen.

So much for being experienced business operators that find a way to make it happen, these guys play a one dimensional plan (ie planA) and complain when it doesn't work out and then move onto PlanB. They don't get that PlanB and C and D help ensure PlanA, or B or C come off. But why bother when you've got a storyline you can rinse and repeat to stay in a land of comfort.

Today was not a surprise despite the assurances from the arch Harry fan club over many months.

Esteon, I hope you're right buddy, one day they might just pull the rabbit out the hat.. Or to use another analogy...the genie out of the bottle.

[rich1e] 30/6/2020 18:19

The name change and then,

"KEFI's standing in both countries is that of a steadfast and respected operator of local joint ventures and exciting ground positions. In our view, KEFI has control of the most attractive project in each country. Our assets, relationships and people provide a strong platform to develop profitable mines in Ethiopia and Saudi Arabia. Even with political turmoil, capital market volatility and the global COVID-19 pandemic, KEFI continues to make progress.

It is notable that both Ethiopia and Saudi Arabia have prioritised development of the mining sector and the relatively new leaders of both countries are implementing reforms to further develop and open up their societies and economies.

Gold has just recently become one of the best performing investment sectors, with the gold price increasing since our last Annual General Meeting by 20% from c. US$1,400/oz to c.US$1,700/ounce."

Reads like an estate agents window, are we sure the for sale sign hasn't already gone up?

[estseon] 30/6/2020 18:04

chopper,

whilst I agree that Kefi is a synonym for uncertainty, I cannot see any basis for your certainty that there will be a further issue "by the end of October".

Some may have noticed that "ANS" has reverted to standing for Arabian-Nubian Shield. The structure is unchanged (page 6 of the annual report) but we have "other equity, subordinated debt and offtake facilities" of which the offtake facilities were always planned.

The project equity required by TKGM will possibly stay at 22% as direct ownership might be sensitive.But that does not mean that the dilution of KME will still take place.

It might be that ANS is still in the frame but Kefi is "preparing to introduce other investors as required". That might be interpreted as saying that they have identified alternative investors but are still waiting on ANS to see if they throw in the towel. Kefi then has to get government approval of the alternative investors.

That does not add up to a certainty that a further issue of shares will be necessary by the end of October. Indeed, unless the project capital is in place by then, the cash representing the senior debt won't be released either.

[rich1e] 30/6/2020 17:56

Two projects in countries who have come out recently in favour of mining, that’s half the job done for someone with the cash to get things moving.

[rich1e] 30/6/2020 16:57

The bottom line is,are the projects worth anything? Is it just the management that’s holding it back? Or is it all just tosh from top to bottom? Because if there’s money to be made somebody with deeper pockets is going to want in, rather than going through the same charade themselves. Now would be the opportune moment. 15 Million market cap?

[richsmithsmith] 30/6/2020 16:34

Yep.Very disappointed.

[topicel] 30/6/2020 16:28

Good reporting richsmithsmith. Now what good does that do us again exactly?

Unless someone tells that idiot HAA to do the right thing and move aside...or just stops mucking everyone about and sells the whole shooting match.

There will be a return to Saudi otherwise and like that series of Dallas, the whole TK saga will have been but a dream. Or costly couchemar...

Topicel

[robjm66] 30/6/2020 16:17

BEN: Now, take my case. They hung me up here five years ago. Every night, they take me down for twenty minutes, then they hang me up again, which I regard as very fair, in view of what I done, and, if nothing else, it's taught me to respect the Romans, and it's taught me... that you'll never get anywhere in this life, unless you're prepared to do a fair day's work for a fair day's pay!

Come on harry does at least leave us hanging the right way up.

[richsmithsmith] 30/6/2020 16:11

Gold futures are over $1800.Copper up past $2.7 / lb.

[cybaajak] 30/6/2020 16:01

? Hostile ? Its stuff in the public domain. Well hidden and most probably missed by the majority of people if they aren't sure what to look for or query at.

I believe in several things. A fair days wage for a fair days graft. Reward where reward is due. Management decisions made should be stood by (regardless of successful outcome or otherwise). Aka the buck stops here! Adams irks me in so many ways its difficult to actually pinpoint how many times he has royally pi$$ed me off. Plus I'm invested here (Yes my fault for believing in the information available at the time of the investment AND for what was being spoken of at the same time). Coincidentally I follow several other investment opportunities, none I am equally invested in as much as I have wasted here on this banana republic.

There is a post on the LSE which aligns with my suspicions on and about Kefi. If I can find it I'll copy it here as an edit. Its all very well reading about 'AIM lifestyle companies' and then slowly realising that this "could" be another one. One that takes years to not achieve much of anything yet the instigators reap vast profits at the expense of unwitting investors.

If Fevertreeman reads this I apologise for the copypasta..

1. The apology to shareholders ( there’s more pain dilution and ruin to come)
2. The “we’re keeping a lid on costs” excuse, having run thro a pile of cash already
3. The market cap extrapolation a la Fools n Horses “ If we dig gold out now this is worth millions”, and that all time favourite the name change
4. The erasure of inconvenient facts - note that ANS is no longer referenced by name

It is a classic of its kind seen many times before...I very much doubt this business will survive under this team. Richards won’t find another raise and I doubt Kefi S/holders will do The Greek is stuffed unless a miracle happens...

Its not even my worth harping on about the extended list of failures that can be solely laid at his feet. Reading the same things since mid 2017 about 'a gold mine'.. and there still not being an actual 'gold mine' brings out the attention to detail in me that obviously infuriates you.

[1deedee] 30/6/2020 15:55

America back in lockdown covid causing havoc gold at $1,782 and Rising

[goatherd] 30/6/2020 15:46

Cybaajak, I wonder if you are prepared to tell us your motive for posting so much very hostile material?

I, for one, would be both deeply interested, and grateful.

[cybaajak] 30/6/2020 13:59

Winchombe Ventures getting £484,000 more in 2019 than 2018..

Nanancito LTD getting £172,000 more in 2019 then 2018..

Key Management getting £343,000 more in 2019 than 2018..

A shade under a million quid getting paid out EXTRA in a year that saw NO creditable gains in advancement, to management that aren't actually managing anything, just Consulting on !

[digger2779] 30/6/2020 13:58

Not to worry lads we will get an after hours RNS saying that ANS have stumped up and it will be one huge scramble for shares tomorrow a.m.
Time for me to get into that weird jacket that fastens round the back.

[cybaajak] 30/6/2020 13:53

This is where the financial reports are, imo, wrong. THE CEO is now a Consultant, not a de facto employee..

(1)Directors' fees paid to the Executive Director Chairman and Finance Director are paid to consultancy companies of which they are beneficiaries.

(2)Key Management comprised the Managing Director Ethiopia, Head of Operations, Head of Systems and Head of Planning.

Share-based benefits

The Company has issued share options to directors and key management. All options, except those noted in Note 19, expire six years after grant date and vest in two equal annual instalments, the first upon the achievement of practical completion of the planned processing plant at the Tulu Kapi Gold Project and the second upon the achievement of nameplate capacity for a twelve-month period.

23.2 Transactions with shareholders and related parties



2019 2018
Name Nature of transactions Relationship

Receiving of management
and other professional Key Management
Winchombe Ventures Limited services and Shareholder 580 566


Members of International Interest paid on loans Key Management
Mining Performance advanced and Shareholder 15 50
Receiving of management
and other professional Key Management
Nanancito Limited services and Shareholder 293 440
888 1,056



The Company
Name Nature of transactions Relationship 2019 2018

KEFI Minerals Marketing Finance Subsidiary - -
and Sales Cyprus Limited
Tulu Kapi Gold Mine
Share Company(1) Advance Subsidiary 1,204 299
Kefi Minerals (Ethiopia)
Limited(2) Advance Subsidiary 4,851 5,555
Expected credit loss (242) -
5,813 5,854
(1)The Company advanced GBP1,076,000 (2018: GBP299,000) to the subsidiary
Tulu Kapi gold Mine Share Company during 2019. The Company had a
foreign exchange translation loss of GBP171,000 the current year
loss was because of the devaluation of the Ethiopian Birr in October
2019.
(2)Kefi Minerals (Ethiopia) Limited: during 2019, the Company advanced
GBP152,000 (2018: GBP420,000) to the subsidiary. The Company had
a foreign exchange translation loss of GBP856,000 (2018: Profit GBP58,000)
the current year loss was because of the devaluation of the Ethiopian
Birr in October 2019 (Further details note 16).
Management has made an assessment of the borrowings as at 31 December
2019 and determined that any expected credit losses would be GBP242,000.
The above balances bear no interest and are repayable
on demand.
23.3 Payable to related
parties
The Group 2019 2018
Name Nature of transactions Relationship
Key Management
Nanancito Limited Fees for services and Shareholder 720 548
Key Management
Winchombe Ventures Limited Fees for services and Shareholder 632 148
Key Management
Directors Fees for services and Shareholder 441 98
1,793 794


23.4 Payable to related parties


The Company 2019 2018
Name Nature of transactions Relationship
Key Management
Nanancito Limited Fees for services and Shareholder 720 548
Key Management
Winchombe Ventures Limited Fees for services and Shareholder 632 148
Key Management
Directors Fees for services and Shareholder 441 98
1,793 794

[dane1606] 30/6/2020 13:27

SP performing not as bad as I thought it would tbh

[cybaajak] 30/6/2020 13:07

The company financial reports in 2018 (released mid 2019) showed that Adams received £370-000 BASIC wages. In a year that saw Kefi finding the final piece of the puzzle in ANS, a BOND formulation, TKGM being 100% financed and LESS than 500 million shares in issue.

The company financial reports published today for 2019 showed that the Chair and Directors CANNOT ADMIT how much they paid themselves and hide the true figures behind private companies, with hidden charges and bonuses awarded to themselves, rather than disclose exactly how much they rake in. In a year that DID NOT SEE Covid, its affects, after effects and global ramifications, NO construction start, no ground breaking, no mine initialisation. A management trail of tears that diluted EVERY LTH by issuing to date a further 1.3 BILLION shares and revealing that due to ANS non participation there would BE FURTHER DILUTION THIS YEAR BEFORE OCTOBER and the declared 'deadline for final financial closing'. Not only would ANS face NO LEGAL REPARATION but be disclosed as a 'Force Majeure' by Adams. All this is LAST YEAR.. This years report is going to be a wonder of Obfuscation and Tangle, but teh saving grace is we don't get it until NEXT year !!!

[robjm66] 30/6/2020 11:50

hxxps://www.kefi-minerals.com/files/announcements/kefi-results-for-the-year-ended-31december2019.pdf Big bottle to swallow Cybaajak

A few sips..

The Board of Directors is mindful that our schedule setbacks have tested the patience of shareholders as well as that of the communities that host us,(probably the locals in around TK must be exasperated).

We hope they succeed despite the current local liquidity strains experienced and other effects of the COVID-19 pandemic and we are preparing to introduce other investors as required.(Maybe a solution would to have ANS as one investor and another investor on board that way they would not to have to find so much money could be what Kefi is already trying hence the word salad they want to attract another investor)

The Directors of TKGM and KEFI have resolved that, notwithstanding COVID-19 (Covid simply not the problem in Ethiopia as it is elsewhere probably got a worse outbreak in Leicester than Ethiopia)

we have adopted a gold price range of US$1,400-1,800/oz for illustrative modelling purposes. ( Make more sense to put the range 100 dollars either side of the current gold price in my view)

During construction ..we will review the cut-off grade which was based on what now appears to be an overly conservative gold price of US$1,098/oz. (well yeah)
KEFI, through its local-joint venture companies, has a portfolio of exploration licences and applications of over 2,000 square kilometres at various stages (not only is the KSA prospects not really reflected in price but exploration potential ignored as well).

Hawiah..reporting a maiden Mineral Resource for Hawiah in accordance with the JORC Code shortly.(Just before AGM would be my guess maybe even day of the AGM)

It also has exploration potential in the oxidised zone at surface and, more speculatively, in the original feeder or stockwork zone which has not yet been located.(could be even bigger)

The average grade of the Mineral Resource below the planned open pit is 5.7g/t gold. (TK)

The open pit mine will be built and operated by Perenti,African Mining Services Limited (hxxps://amsgh.com/

[cybaajak] 30/6/2020 11:11

No. With the usual Adams word salad, you just have to swallow it...

[robjm66] 30/6/2020 10:33

Well I could invest in cannabis oil Sloppyjoe but unsure if you have to smoke it rub it on or drink it.

[sloppyjoe2] 30/6/2020 10:25

This company still going? wow...