robjm66
02 Sep 2017
Re: Kefi a buy at 5.5p worth 26p [link]
robjm66
29 Aug 2017
Re: Kefi a buy at 5.5p worth 26p ust an observation.cpap man29 Aug '17 - 08
2 - 52508 of 52512 2 1KEFI Minerals (KEFI.L, 5.25p) - Speculative BuyKEFI has published an update describing progress made with Oryx (the project financier for Tulu Kapi) and progress made with the Ethiopian government. In terms of financing, KEFI and Oryx are planning to complete financing "later in 2017". As a reminder Oryx will issue bonds to fund the build and then KEFI will pay Oryx to lease the plant, similar to a build own operate agreement. Assuming financing completes this year, 2018 will be dominated by construction newsflow. In terms of government progress, firstly KEFI has received all its (£2.5m) VAT refund. Secondly a new JV company has been created in which KEFI and the government will own Tulu Kapi. KEFI will own 75-80% and the government 20-25%. KEFI and the government are now aligned in their interests to build TK.Our View: It is good to see that KEFI and the government are now working more closely together. This will help with the resettlement programme and various other projects e.g. Road widening and power connections. Financing appears to be progressing with KEFI only needing circa $25m of the total requirement. And KEFI has plans to reduce this further perhaps with some form of offtake finance or working capital facility. We reiterate our Speculative Buy recommendation for KEFI.Beaufort Securities acts as corporate broker to KEFI Minerals plc
robjm66
14 Aug 2017
Re: Kefi a buy at 5.5p worth 26p [link]
Jay053
11 Aug 2017
Kefi a buy at 5.5p worth 26p Kefi a buy at 5.5p worth 26p says broker Cantor Fitzgerald analyst Asa BridleI see a note about how this research is only meant for funds with $100 million under management but as it is house broker, so clearly not impartial, Cantor's job is to promote the stock so I am sure it will not mind me giving it a wider airing. As it happens, analyst Asa Bridle is no fool so I am not ignoring what he says completely. We own the shares and think they should be trading at 13p+. But 26p? Over to the expert...KEFI continues to derisk its Tulu Kapi gold project in Ethiopia which should result in more of the project’s value being crystallised in the company’s share price. Today’s release outlining a 25% reduction in the remaining capital required to complete the project’s financing comes on the back of the news earlier in the week that the State of Emergency in Ethiopia had been lifted, and the news in mid-July that an innovative, US$135m project finance package had been secured. In addition, the news that KEFI is considering completing this final financing piece with a working capital facility and project level equity should please the equity market as dilution will be minimised. We reiterate our BUY recommendation and 26p TP. Reducing the balance - In its recent release outlining the US$135m project finance package offered by Oryx, KEFI stated that the residual financing required for the Tulu Kapi mine, after the Ethiopian Government have invested US$20m in new infrastructure, would be US$32m. The company also stated that it was working to reduce this balance which included various contingency elements. This work has now been completed and the residual funding requirement has been reduced by 25% to US$24m, based on refinements to planned capital expenditure and contingency provisions.Financing the gap - KEFI is now focusing on sourcing part of this residual requirement from a separate finance facility against ore stockpiles which are estimated to include US$15m of contained gold at start-up of production and part of the remaining requirement from project-level equity, negotiations for which have commenced. It remains KEFI's preference to retain majority ownership and control of the Project. The company hopes to complete the financing in 4Q17. If this can be achieved, commissioning of the mine is scheduled to occur in late 2019. Latest estimates for annual gold production are c. 120,000oz pa and All-in Sustaining Costs less than US$800/oz.Valuation - In our initiation note (see: Ancient lands, new opportunities, 15 June 2017) we showed that KEFI was trading at a significant discount to a peer group of companies with gold projects at a similar stage of appraisal (post Bankable Feasibility Study, pre-construction) across a range of metrics. Applying the average of these metrics to Tulu Kapi's parameters gave a US$73m (17.4p) valuation for the project. Applying the same method to the potential underground development project at Tulu Kapi and the Jibal Qutman gold project in Saudi Arabia added a further US$34m (8.1p) to give a total valuation for the company of US$108m (26p). For reference the US$20m investment by the Ethiopian Government in the Tulu Kapi project for a 20% stake implies a US$75m for KEFI's 75% stake, in line with our own valuation for the initial project. Risks - As a junior mining company, risks associated with KEFI include operational risk, commodity pricing and foreign exchange exposure.
robjm66
11 Aug 2017
Re: Project funding rns [link] prophets.com/views/30888/kefi-a-buy-at-55p-worth-26p-says-broker-cantor-fitzgerald-analyst-asa-bridle
robjm66
10 Aug 2017
Re: Project funding rns [link]
robjm66
08 Aug 2017
Re: Lifting of State of Emergency [link] prophets.com/views/30821/kefi-lifting-of-state-of-emergency-in-ethiopia-good-news-buy
Rhodium45
07 Aug 2017
Lifting of State of Emergency Lifting of State of Emergency in Ethiopia:"KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to note that the Government of the Federal Democratic Republic of Ethiopia has announced the lifting of the state of emergency implemented in October 2016, following a vote in the country's parliament."[link]
robjm66
21 Jul 2017
Re: Project funding rns [link]
robjm66
20 Jul 2017
Re: Project funding rns [link]
robjm66
18 Jul 2017
Re: Project funding rns [link] prophets.com/views/30411/kefi-project-funding-for-tulu-kapi-secured-game-on-buy
robjm66
17 Jul 2017
Project funding rns Well i am less ecstatic than some as I had no big doubts that the project would go ahead just the devil was always going to be in the detail.“The funding is structured as a finance lease, within which the interest charge comprises an 8% fixed interest component and the potential for extra interest. Potential extra interest payable is zero at gold price of $1,100/oz and increases in a linear manner to a cap of 8% at $1,700/oz.” Seems reasonable to leverage a possible future gold price to a get a deal now if the gold price does hit 1700 everyone is going to be too busy breaking open the champagne to care about paying out a bit extra dosh.Closing the residual funding requirement of $20‐30M is expected to at least partly involve an equity issue by KEFI, however...The residual balance of US$32 million, which includes c.US$13 million contingency provisions, will now be refined, structured and sourced. This residual amount will also be further evaluated over the coming months and may be reduced. Further detailed engineering and procurement work may lead to some savings in the US$13 million contingency within the residual funding requirement. There are a number of options open to the Company to secure the remaining funding including working capital facilities covering gold‐in‐ore‐stockpiles with Development Bank of Ethiopia, Project‐ level equity with mining and engineering groups and further equity from KEFI in the Project company. It is currently anticipated that a combination of financing sources will ultimately be used, with KEFI’s preference to retain majority ownership and control of the Project.Still the gap to close and still a bit up in the air how it will be done but no doubt it will be done. Effectively the company had to reassure investors now by demonstrating the project will go ahead or face the share price drifting down and the lanstead money shrinking, the money which is needed to help close the last bit of the funding. Bottom line though... We welcome Oryx to the Tulu Kapi syndicate and look forward to putting the funding in place to commence development of Tulu Kapi this year."
Ripley94
17 Jul 2017
Re: RNS....placing @ 33p And i should of done but was getting low on funds . Would of been better then the clln gamble. lol
robjm66
15 Jul 2017
Re: RNS....placing @ 33p Post share consolidation, but saying that the share price is a bit stuck in the summer doldrums with tiny sells pushing the price down and nothing really new coming out of the AGM (though personally i thought it would be too early for significant news anyway there).
Ripley94
15 Jul 2017
Re: RNS....placing @ 33p Could pick them up for 4.1p yesterday .
