Kefi Gold And Copper Share Discussion Threads

[sussexlibran1] 18/5/2021 19:04

@goatherd - so previous warnings about licenses being revoked are not significant enough to inform shareholders via RNS?

Are you serious? Really? What planet are you on?????

Blood relative of Harry? Employee? Or insider? Looks very probable to me.

[topicel] 18/5/2021 17:45

And the 5% free carry is theirs whoever is developing the mine Taxloss.

But Harry can't even tell us, as it happens, that a big meeting with Ministry of Mines folk happened last week.

As I said the other day, Kefi should be using a regular update page 'Countdown To TK' or something that carries all such happenings...and if not an RNS then an RNSNON.

Don't get me started on the lack of photos since I first asked three years ago.

It is as if there is nothing to show and nothing to report. Nowt ever happens and in that regard I too would be wondering what is going on if I were the EG.

It has looked a rotten investment for far too long; sometimes the old duck adage is spot on...

So, go on Harry, name somebody tomorrow who has signed up. Tell us the first home has been built and occupied. Anything POSITIVE.

Topicel

PS - can you believe what Goatie just posted? That sounds so much like what Rob would say at Kefi..."suck it up" or as his master would say "stop being a nervous Nellie!"

[shortarm] 18/5/2021 17:37

Been here since Nyota, added loads last summer at less than a penny so lucky enough to de-risk! Still have many millions.....!

[topicel] 18/5/2021 17:32

Lol, I did wonder Shortarm!

Stick it out, whenever you joined in...

Topicel

[rich1e] 18/5/2021 17:30

Understandably some would want to sell, I’m encouraged that they are still being absorbed readily at the 2p level. If it all works out 2p is no doubt an exceptional price, I’m curious if and when the 2p door closes upon funding news, will the appetite for mopping up continue, as a 4p share price is still sub 100 million market cap.

[pensionplanner] 18/5/2021 17:14

It is the duty of the Directors of a company to notify shareholders. It is not the duty of shareholders to search for information that should be notified by the company.

Of course if there had been any warnings they should be notified to shareholders in an RNS. Tulu Kapi is a strategic and large part of Kefi and as such would require notification as any warning would potentially jeopardise a license for the asset and is disclosable under AIM rules.

With your idea perhaps the company should forget all about RNS's and leave shareholders to find out for themselves?

So have you found out whether there has been other warnings? I'm not aware of them being published?

[goatherd] 18/5/2021 17:07

All miners are aware that when licenses are issued they almost always have performance requirements. These are often, perhaps always, a minimum annual amount spent on the area licensed.

I cannot see that any warnings need to be RNSed. All shareholders have been informed (or could have easily found out).

The Directors should not be expected to spoon feed investors.

[digger2779] 18/5/2021 17:00

PP - you have got to be kidding. Our silver tongued wordsmith wraps everything up in verbose nonsense. Reckon he's related to Edward Lear but nowhere near as funny.
Don't think we have ever had a clear concise RNS from Harry.

[charles clore] 18/5/2021 16:50

Shortarm - good luck with your other purchase. I've moved some over there myself but kept a small holding here just in case Harry eventually delivers. It's called derisking I believe.

[digger2779] 18/5/2021 16:41

The least Harry can do is to say what is happening with the interim financing as he did say or was it intimate regular updates would be given in May. We are more than half way through and what have we had, nothing but a load of old flannel and uncertainty over the licence. Pity we didn't take away his licence to issue shares when it was proposed a few AGM's ago.
Glad I held off buying any more the past couple of days.

[scrappycat] 18/5/2021 16:17

PP,

So, it seems you would prefer the word 'never' not 'not' in the appropriate part of the text of the RNS. Somewhat nit picking imho. Seems abundantly clear to me.

[shortarm] 18/5/2021 16:14

Wrong board! - replaced with:
I sold 3.5 million today to put elsewhere, still have lots and hoping the next few weeks will start to see the big rise!

[estseon] 18/5/2021 16:02

"KEFI are extremely proud that our joint KEFI-Ethiopian Government owned Project remains on schedule to launch shortly with the goal of ultimately contributing over US$250 million per annum to Ethiopia's export revenues"

That goes a tad further than simply denying that the licence is under threat.

The export revenues are a bit higher than that at the current price of gold.

[belfastboyo] 18/5/2021 16:02

Last RNS operational update and Kefi webinar following it clearly states the company are still on track/expect to complete funding by end June. Also stated AGM to approve said funding deal before end June...Typically you provide min. 3 weeks notice to shareholders so AGM papers and any/all agenda items provided for shareholders to consider and vote early June (unless of course it gets delayed or pushed back)

[belfastboyo] 18/5/2021 15:59

As I have been a Kefi shareholder for 10yrs + we (shareholders) have never received to my recollection any RNS stating there was any "warning letters" of any kind given by the EG...in fact it has always been the opposite EG are highly supportive otherwise why are they spending $20m USD equivalent building infrastructure and taking shares in lieu of this investment in TKGM

[pensionplanner] 18/5/2021 15:54

Scars: I'd be interested to know whether Kefi have ever received a warning letter, as the news report was about Kefi receiving a FINAL warning, which infers they have already had a warning or warnings?

I can't recall ever seeing an RNS or any information to that effect.

The RNS was not exactly definitive or explicit though, as it was couched in a few cop out comments in my opinion whereas it should have been explicit.

"Neither KEFI nor its subsidiaries, KEFI Minerals (Ethiopia) Limited and Tulu Kapi Gold Mines Share Company ("TKGM"), nor any of their associate companies, are aware of any breach of any licence conditions and have not received any such warning letter nor had notice of such an intended letter flagged to them formally or informally.

The Directors of KEFI believe they have an especially close working relationship with the Ethiopian Government, which is a shareholder in TKGM at both the Federal and Oromia Regional levels."

The Directors of KEFI believe...well either they have an especially close working relationship or they don't? Shareholders have always been led to believe it w as a close working relationship and press reports with government officials seem to suggest that's accurate.

However they 'are aware' would have been far better if explicit and stated Kefi have never received any warnings whatsoever let alone any FINAL WARNING: putting 'are aware' doesn't help.

Any such and are away are a bit opaque and the last thing needed in an RNS like that is anything that is not explicit to shareholders.

[jlwilliams] 18/5/2021 15:49

Scars - this, in Amharic, is what appeared on the government website. So not journalism.

27 licenses that failed to comply with the contract were terminated.

Of the 97 inspection licenses issued by the Ministry of Mines and Petroleum, 27 have been terminated and three licenses have been issued. Gold mines have been given special time to work under the contract for tantalum tantalum and tulikapi, and if they do not do so, administrative action will be taken. In the last 10 months, the sector has earned 513.92 million USD from foreign trade.

[rich1e] 18/5/2021 15:42

I've lost track, are we expecting funding arrangements to be finalised by the end of May, with it signed off shortly after the agm at the end of June?

[pennstreet] 18/5/2021 15:22

In this age of electronic communications they would already know of any issues

[scars] 18/5/2021 15:19

It should already be a non issue as the RNS is quite clear there is no knowledge of any letter. Any old reporter could be on the make by putting out rumours. Probably paid well enough to do so! Someone will be getting what they want somewhere on the gravy train.

[robjm66] 18/5/2021 15:03

I see you point Pensionplanner just some people reacting like the licence is gone already when at worst Kefi will be given a nudge and that might not even happen.

Hopefully Kefi can make progress over the next few weeks and it becomes a non issue.

[rich1e] 18/5/2021 15:02

If we get some of the funding details through in the next couple of days, which we've been led to expect might be the case, everyone will hopefully feel a bit more relaxed

[pensionplanner] 18/5/2021 14:52

rob. Just wait, it will all come out in due course.

The fact they say they haven't yet sent a letter out is what makes it ridiculous to look up mining details showing under development.

We don't even know if a letter will ever be sent, and quite frankly if EG wanted that lease back there is not much anyone could do about it, except the International courts, but again just let it pan out.