Kefi Gold And Copper Share Discussion Threads

[cracker10] 10/6/2021 10:57

Nope.not an aviator. Just a cracking shot!

[jlwilliams] 10/6/2021 10:55

But what are they supposed to actually DO by 23 June?

[shortarm] 10/6/2021 10:53

Cracker number ten joined today! Probable Aviator lol

[katsy] 10/6/2021 10:49

Anybody seen the comments on a new thread "Final Warning" the guy there is quoting an Ethiopian newspaper that says KEFI has been given till the 23rd June. No links supplied.

[robjm66] 10/6/2021 08:11

Good to see the company clearing up areas of uncertainty it all helps.

[robjm66] 10/6/2021 08:06

Q and A page Kefi website

Questions regarding Hawiah activities and KEFI's Annual Report
Q: What is happening on the ground in Hawiah?
A: We are expanding and upgrading the maiden resource estimate published nine months ago. Since the end of Ramadan, we switched from 2 rigs on day shift to 3 rigs drilling 24/7.
Q: How much has been spent historically at Tulu Kapi?
A: About $70 million, some funded by KEFI and some by our predecessors. All of it recognised as historical spending on the project for regulatory purposes in Ethiopia. KEFI’s accounts show a lot less because of the project acquisition and expensing accounting policies as set out in the Annual Report.
Q: How much of the indicative finance plan summarised in the Finance Director's Report of the Annual report is from local investors?
A: About $70 million, $45 million from local companies advancing birr-denominated subordinated loans to KEFI Minerals Ethiopia, $25 million from the Government and other for birr-denominated share subscriptions into TKGM.
Q: Please elaborate on the pressure on the company from the Ministry in Ethiopia, when did the Government issue a warning letter and what is the upshot?
A: We submitted the final development and production plan in early May, there was some media commentary attributed to a departmental officer in mid-May and more again in June. We received a warning letter to push us along at the end of May to which we have responded both formally and informally. The plan remains that which we submitted formally in early May (and which is summarised in the Annual Report) and we are proceeding as fast as possible.
Posted 10 June 2021

[1deedee] 09/6/2021 21:14

Come just come into some money and I will be adding tomorrow boom

[1deedee] 09/6/2021 21:11

I think everything will come good ok is greedy, but who wouldn't be sitting on a billion pound Project, back and forth to Ethiopia don't forget everyone this is his child , his company, please name me one African country that doesn't have political or environmental problems this is going to happen whether you like it or not I'm in for the long run diamond hands in Harry we trust, and I've not had a beer

[belfastboyo] 09/6/2021 19:13

The only news I'm interested in from Harry/Kefi is "we have legally closed the financing deal and everyone has signed it"...and here it is....as promised in Oct, then Dec, then March and then May/June...and we are still waiting....some would rightly argue this was promised innumerable times for years (not months)....he needs to deliver or he should go imho...

[rich1e] 09/6/2021 18:42

Well, we’ve been spoilt for news the last few days, more to come no doubt, in the days to come. Good or bad the next couple of weeks will add some clarity. Some will have called it right, some wrong. Either way we’ll all have a good idea of the direction of travel going forward. Clock’s ticking, not a bad thing.

[estseon] 09/6/2021 16:33

Aviator

Disgust is one thing - sure he's blown a raspberry at us and at a very sensitive time.

However, confidence in the potential value of the company is another thing and it has more bearing on what you might get for the shares.

You are outraged at the greed but he won't even qualify for the first tranche unless you could get 50% more for your shares and the company wouldn't bother propose an incentive scheme unless its participants had a reasonable chance of pocketing the dosh.

[estseon] 09/6/2021 16:20

Why the hell is he invested in Kefi if he takes that view? It must be concluded that he isn't and is just trying to cause misery and uncertainty to those that are.

[robjm66] 09/6/2021 15:32

Well it would totally kill their mining industry whu0319 in advance of them auctioning off mining areas. After all who would bid for those areas if they were worried the would be taken off them. Its not as if there is a lack of mining prospects in Ethiopia that other groups can go for.

[rich1e] 09/6/2021 14:54

I don't know about the bonuses, but I do think that the 3p qualification was a bit cheeky, in that it could be that price this time next week, given the right news flow. You look at it touching 3p in the Autumn to bear that out.

[estseon] 09/6/2021 14:44

JLW there is a resolution to empower the directors to raise cash by issue of up to 10% of the issued share capital - it is a standard AGM resolution. Without that power, the company will be unable to fund the exploration programme.

[jlwilliams] 09/6/2021 14:36

estseon i didnt mean the figures, sorry, i just the wording of the bit i quoted rather odd, in relation to the agenda for the agm. doesnt seem to fit. prob just my ignorance showing

[estseon] 09/6/2021 14:24

The finance of 12 months' exploration in Ethiopia and Saudi, JLW.

The NPVs have been discounted back to [July 2021] and have been calculated on the basis of a gold price of $1591/oz. They used a copper price of $3.25/pound - it is currently about $4.51 / pound. The additional $1.26 / pound is pure profit before tax because the copper does not cost any more to get out of the ground and the NPV is net of the cost of the mine and equipment.

[belfastboyo] 09/6/2021 14:24

I agree with you Aviator....the original bonus was/is an affront to any LTI here & the new one is only marginally more digestible. Most of we LTI's paid substantially more than 5p for their Kefi shares 10 years ago...meanwhile, Arry has taken millions in salary + contractor fees + options etc...which frankly, if he actually delivered anything (other than more dilutions) I could potentially forgive. As a very long term investor and very large PI I am simply fed up to the eye teeth with him and this supine Board....the irony behind his webinars/statements/RNS'd saying the company's intrinsic value is worth x6 or x7 (so 12p/14p per share) if only the market valued it correctly (i.e. it's the market's fault for being too stupid to see this) when NO...it is NOT the market being stupid...the market is simply reflecting the value gap between his "words" and his ability to actually DELIVER funding closure...he is a liability imho & his recent bonus greed shows us he remains a liability...I intend to go to the AGM (COVID be damned) and read him the riot act on behalf of any/all LTIs....over and out Belfast

[scrappycat] 09/6/2021 14:21

jlw,

I think that refers to the fact that the size of the EG contribution has yet to be finalised. Whatever it is, arrangements are in place to cover any contingency in that respect. That would explain the 75%-80% anomaly. I could be wrong, of course.

[jlwilliams] 09/6/2021 14:10

I suppose I am being dense, but I dont understand

"Subject to the approval of KEFI shareholders, the Company has been positioned to, as soon as possible after the Annual General Meeting, bring in..."

How does that fit with the agenda?

[scrappycat] 09/6/2021 14:03

On the whole, the market seems inclined to buy below 2p, and the market makers seem content to let them. Wish I had the readies available for a top up, but other priorities take precedence.

[estseon] 09/6/2021 14:02

In his report in the 2020 Annual report and accounts, signed off by the auditors last friday, John Leach says:

"Subject to the approval of KEFI shareholders, the Company has been positioned to, as soon as possible after the Annual General Meeting, bring in c. $320 million of funds to fully develop Tulu Kapi and to finance exploration in Ethiopia and Saudi Arabia. The plan would leave KEFI with project ownership levels as follows:

• 75-80% of the Ethiopian mining development and production operation, via the shareholding in TKGM
• 100% of the Ethiopian exploration projects, via the shareholding in KME
• 34% of the Saudi development and exploration projects, via the shareholding in G&M

Using Net Present Valuation (NPV) methodology in respect of Tulu Kapi and Hawiah (and excluding Jibal Qutman given its regulatory status), these levels of beneficial interest indicate combined NPV’s as follows for KEFI shareholders comparing the results at consensus long-term prices and prevailing spot prices
is $259-465 million or £187-339 million, as at 2021 start of construction at Tulu Kapi."


It does not sound as though the Finance Director has any doubt that the project funding will materialise.

Would those with better information than that of the company's Finance Director kindly reveal their sources please.