Kefi Gold & Copper (KEFI) has issued an announcement stating that it notes recent local press reports inaccurately referring to a loss of the company's Tulu Kapi licence in Ethiopia and that it is instead confident of the signing of an umbrella funding agreement by the end of this month.
A reader emails about Kefi Gold & Copper (KEFI): "you see how serious, if true, the situation is? So, don’t suppose you can get a response from HAA, since... without clarity before the markets open, shares will collapse 100%".
Kefi Gold & Copper (KEFI) has issued an “Ethiopia Development Update”-titled announcement, with Executive Chairman Harry Adams emphasising that the company has significant momentum as it progresses three advanced projects. Then again he recently considered yet another placing ‘pleasing’, so what is the “significant momentum”?
Kefi Gold & Copper (KEFI) has announced calendar year 2021 results and emphasises now a “focus on a sequential development path to build a mid-tier mining company with aggregate annual production of 365,000 ounces of gold and gold equivalent, in which KEFI will have a beneficial interest of 187,000 ounces of gold and gold equivalent”.
Kefi Gold & Copper (KEFI) has announced recent advancement toward multi-party financing, as well as further development of the Tulu Kapi gold project in Ethiopia.
Kefi Gold & Copper (KEFI) states that it “is pleased to announce an oversubscribed fundraising to raise gross cash proceeds of £8.0 million… at a price of 0.8 pence per ordinary share”, with also a warrant per two placing shares at an exercise price of 1.6p exercisable for two years. But then it admits “the placing price represents a discount of 25% against the ten-day VWAP to 19 April”. So the stock was handed out cheaply so making the placing oversubscribed. Well done 'arry bloody Adams and team aren't you clever boys?
Today we have great news from Kefi Gold & Copper (KEFI). The Ministry of Mines in Ethiopia, not always the greatest battler for “the cause” has confirmed that Kefi has until July to secure funding for Tulu Kapi and get the project underway. I know that Harry Adams is dotting the “I”s and crossing the “t”s on the funding now and expect an announcement within the next couple of months, if not far sooner, that funding is secured. That will drive a big re-rate and I am a very happy holder for that reason. But what of the mystery of the $1 company?
Shares in Kefi (KEFI) are a tad weaker today on bulletin board speculation that the Ethiopian Ministry of Mines has removed the Tulu Kapi mining license and awarded it to a recently established Hong Kong based company. Treat this as a buying opportunity for it is fake news- that is what you get from reading BBs. Here is what has happened. I have spoken to folks on the ground just now.
Kefi Gold & Copper (KEFI) has made an “operational update” including that preparations continue for Tulu Kapi gold project launch with focus on satisfying all technical conditions by the end of January and preparing the community and that it is on track to update and upgrade the Mineral Resource Estimate at the Hawiah copper-gold project before the end of this year.
Kefi Gold & Copper (KEFI) has said that the security situation has improved enough for it to re-start preparations for project launch at the Tulu Kapi gold project in Ethiopia. The shares have responded up to 1p to buy but there should be much more to go. Ceteris paribus we see the shares at 3p+ very soon.
Writing on Kefi Gold & Copper (KEFI) last week with the shares down to 1.04p, we noted a media report clarification and concluded that a significant share price spark was likely on TKGM project progress which we expected within weeks. Now a “Tulu Kapi Update” announcement and the shares are currently up to 1.15p.
A Tulu Kapi funding announcement from Kefi Gold & Copper (KEFI) has helped the shares slightly higher. Positive then, but that the shares remain below the 2.375p of as recently as April tells it is not completely so.
As first reported here on Sunday, there seems to be a certain amount of argy bargy in Ethiopia which some have taken to threaten the Tulu Kapi mine owned by Kefi Gold & Copper (KEFI). Yesterday, Kefi said that it had received no letter indicating the mine was under threat but overnight a statement appeared on the website of the ministry of mining.
There is a report in the Ethiopian press that Kefi Gold & Copper (KEFI) will receive a letter threatening it with the loss of its Tulu Kapi asset. The shares will slip on Monday and an RNS will be needed. I’d use that as an opportunity to average down as I have a company statement and I have also chatted at length to Harry Adams.
Tuesday saw great news from Saudi Arabia from Kefi Gold & Copper (KEFI) but where was that “funding secured” in Q1 news on Tulu Kapi we were all expecting? Er… Wednesday brought a Q1 update and guess what? Yes: funding is not yet secured. To Saudi first…
Earlier we outlined why on fundamentals Kefi Gold & Copper (KEFI) was such a strong buy. But one reader asks ‘are the natives not revolting out in Ethiopia?’
Kefi Gold & Copper (KEFI) “is pleased to confirm the recommencement of drilling at the company’s Hawiah project in Saudi Arabia, as anticipated following the recent positive Preliminary Economic Assessment” and that “hole HWD-070 intercepted 4.2 metres (estimated true width) of Volcanic Massive Sulphide style of mineralisation at a downhole depth of 557 metres (vertical depth 440 metres). The previous deepest hole into the Camp Lode intercepted copper-zinc- gold-silver mineralisation at vertical depth of 300 metres”…
Kefi Gold and Copper (KEFI) has announced half-year results, but also more significantly “Hawiah Preliminary Economic Assessment”…
KEFI Minerals (KEFI) “is pleased to provide its latest quarterly operational update”. This is with the update including on its current flagship Tulu Kapi gold project in Ethiopia, “we have received significant interest to potentially provide the outstanding asset level equity and other forms of duly subordinated investment. Our discussions are progressing with Ethiopian investors and international specialist mining financiers, with the aim of securing the required project equity ahead of closing the full financing package in October 2020” and then also “we are also encouraged by the recent approval by the Saudi Cabinet of a new mining investment law, which is a very positive development for our two other advanced projects - Hawiah (copper-gold) and Jibal Qutman (gold) projects in Saudi Arabia”…
KEFI Minerals (KEFI) has updated that the joint venture company Tulu Kapi Gold Mines Share “has now signed off all capital expenditure, operating and financing requirements as the final 2020 Tulu Kapi plan. These detailed and comprehensive project updates and revisions were within expectations and show a reduced overall project funding requirement”...
KEFI Minerals (KEFI) has announced the passing of all resolutions at the Tulu Kapi gold project’s joint venture (TKGM) General Meeting, and this having “cleared the way for the closing of the ANS equity subscription”…
KEFI Minerals (KEFI) has updated on the Tulu Kapi gold project including of a launch ceremony at the Second International Ethiopian Mining Conference and Exhibition and “the project's 24-month development schedule is expected to start in January 2020 and the project consortium action plan has now been agreed”…
KEFI Minerals (KEFI) has updated confirming “receipt… of all the Government permits and independent consultants reports required for closing the project equity financing and triggering the development of the project. The only outstanding matter now is for the Ethiopian Government to resolve certain internal administrative matters”…
KEFI Minerals (KEFI) has announced results for the first half of 2019 and that “the remainder of 2019 is expected to be a very exciting period for the company and we look forward to providing regular updates as matters progress”…
We noted in our last update that the last piece of the Tulu Kapi jigsaw was getting Government agreement on resettling some natives so that mine construction could go ahead. The good news is that the locals want to be paid to relocate. That piece of the jigsaw is now in place.
We shareholders in Kefi (KEFI) are suffering an unusual torture, that is to say we can see the prize, a final go ahead for the Tulu Kapi gold mine in Ethiopia almost within our reach but just as we extend our hands there seems to be another delay. But the big last piece of the jigsaw (confirmation of project funding) is almost upon us so in the meantime we have to be content with minor titbits.
Development and exploration company with projects in Ethiopia and Saudi Arabia, KEFI Minerals (KEFI) has announced results for the 2017 calendar year and emphasised “the company's projections and those of the research analysts that follow us closely show significant value generating upside to shareholders from Tulu Kapi alone, let alone from the pipeline of less mature projects which we expect will yield more value-adding opportunities”…
KEFI Minerals (KEFI) has announced it has formally mandated its bond arranger for the placement of $160 million of listed infrastructure bonds, supporting a plan to commence Tulu Kapi project contractor mobilisation at the end of the Ethiopian wet season - which usually occurs in September…
There was a time when Premier African Minerals (PREM) looked to have genuine potential, but in the few years since then it has consistently disappointed investors and is now trading at a fraction of the share price it once hit.
Kefi Minerals (KEFI) has its flagship operation, the Tulu Kapi gold mine ( to be) in Ethiopia. One by one the checklist of things needed to complete to get this mine into production has been dealt with.
To those who sold we could say "oh ye of little faith" but we cannot entirely blame you, Kefi Minerals (KEFI) has taken a good while to deliver but it has now done so in spades. The company has announced that it has signed terms for $135 million of project funding with Oryx Management Limited to finance and operate all the on-site infrastructure at the Company's Tulu Kapi Gold Project in Ethiopia. The planned financing package also includes funding finance charges during a 30-month construction and production ramp-up period. Game on!
Kefi Minerals (KEFI) has been hit by the weaker gold price , issues in Ethiopia at a macro political level and by suggestions that its major shareholder ( Odey) may have its own issues. However Mr Odey is doing, we've established that he is not a seller of Kefi. If he needs to raise cash he will do so via larger more liquid positions. The other issues were addressed in a trading statement last week.
This does not seem to be a wonderful time of the year for leather goods producer Pittards (PTD). In 2014, there was shocking news it didn’t tell of, last year a 23rd December “materially below” expectations profit warning and this year we now have a “Situation in Ethiopia and Trading Update” announcement. As you may have guessed, it ain't good...
Short-termism seems to be even more prevalent amongst AIM investors these days than I can ever remember previously, and this is having an impact on the share price of any company that has any sort of delay to its business.
The value in Kefi (KEFI) lies largely in its Tulu Kapi gold prospect in Ethiopia. Sadly there seems to be a spot of bother on the ground with the President of that Country declaring a six month state of emergency as it appears that some of the natives are revolting.
The news has been good but the shares have slid. Conclusion? Average down at 0.46p to buy. First to the news from 5 September, an operational update. We will get another next month.
Gold has definitely been one of the best sectors to be in so far in 2016, and whilst I’ve mainly been sticking to those companies in production, there are several smaller AIM listed outfits that are close enough to that stage to have gotten my interest.
KEFI Minerals (KEFI) has announced that the Tulu Kapi Gold Project in Ethiopia could be expanded from the initial 115k oz pa to around 150k oz pa by developing the underground potential of the project. Broker Brandon Hill ( house to Kefi and therefore so partial as to be ignored completely) says that the market cap of c$15 million ( at 0.4p) compares to a revised NPV of Kevi's share of Tulu Kapi of $150 million.
For an out-and-out counter-cyclical punt, one company that commends itself is bombed-out Kefi Minerals (KEFI), which has been assembling investors' support for developing its Tulu Kapi gold project, holding an estimated 1.7 million oz. in western Ethiopia. At 0.32p, the shares have plunged from 2006's AIM float price of 3p and a 12-month high of 1.32p, reflecting the fact that gold itself at $1,069 an ounce is not far from 50-% off its historic peaks, while the company, steered by seasoned Australian mining player, Harry Anagnastoras-Adams, former boss of fellow AIM counter EMED Mining, now renamed Atalaya, will need around $120 million (£80 million) to bring Tulu KapiI, not perhaps in the safest part of the world, into production by its targeted start date in the first quarter of 2017.
There is always a fair amount of geo-political risk for any mining operation in Africa, and even more so for smaller companies. Any investment in companies operating in this region isn’t one for the risk-averse amongst you, but some of them do have the potential for high returns – although there are also plenty that look better on paper than they are in reality! One Africa-focused miner, which is listed on AIM, that caught my eye recently is Premier African Minerals (PREM).
Having raised £2.9 million at a lowly 0.8p for its 1.6 million-oz. Tulu Kapi gold project in Ethiopia, hitherto-unloved KEFI Minerals (KEFI) is talking to a ‘short list’ of potential lenders about providing most of the reduced $120 million (£76 million) which Australian executive chairman Harry Anagnostaras-Adams reckons will be needed to take it into production in early 2017, if all goes well.
Africa-focused Alecto Minerals (ALO) says it is ‘on track’ to establish a maiden resource estimate this year for the Kerboule gold prospect in West Africa’s Djibo gold belt in northern Burkina Faso, while the AIM-quoted company actively canvasses prospective partners for its Kossanto project in Mali, potentially hosting more than 500,000 oz. of gold. Alecto, which also has joint ventures with fully-listed Centamin (CEY) at two gold prospects in Ethiopia, acquired Kerboule in November in a £350,000 all-share deal and now says analysis of previous drilling data over the 3,995-sq.-km. project has identified three discrete deposits with ‘numerous vein sets’.
This morning, Kefi Minerals (KEFI) announced a £2.125million placement to fund its final takeover of the Tulu Kapi gold project, from Nyota Minerals (NYO). The company then followed this with an update concerning director purchases of 4.8million shares, worth roughly £72,000. With a clearly defined plan for the rest of 2014, which incorporates Kefi’s existing cash balance of £2million, does this presenting a buying opportunity for resource speculators on AIM?