Rhodium45
12 Apr 2017
RFC Ambrian - Buy Rating KEFI Minerals Plc — Deep Value Gold Play in Ethiopia:[link] Minerals PLC (LON:KEFI) is an emerging gold developer looking to commence construction of its flagship 115,000oz pa Tulu Kapi Project in Ethiopia. KEFI has been looking to finalise financing arrangements for this 980,000oz LoM project, but a state of emergency declared in Ethiopia in October 2016 has delayed this process. The project enjoys a high level of government backing, with US$20m of direct investment committed at the project level in the form of investments in the project’s infrastructure requirements, and plans to provide long-term debt through the Development Bank of Ethiopia.We reiterate our BUY rating and revise our target price to 10.5p. We are revising our target price based on the share consolidation, recent financing, and our lower gold price forecast. While the upside to the current share price implied by our target price is substantial, it is worth noting that the current share price is trading at 0.2x P/NAV based on our unrisked NAV. We believe the stock offers a substantial re-rating opportunity once the state of emergency has ended and financing is secured.RFC Ambrian acts as Broker to this company
robjm66
05 Apr 2017
Re: RNS Funding [link] Apr '17 - 16:33 - 51227 of 51236 0 0'resettlement after wet season' (sept/oct).'dwellings/infrastructure will take place before resettlement,but will not delay plant build'.wayne with contractors in perth,archie (leach) in london on regulatory matters,harry in addis liaising with GoE and other bodies.VAT due last month and now with repayment clerk (lol) for 'rounding up the money'.all (funding) proposals require some further further equity to be raised by KEFI,but will not necessarily dilute the parent comp (??).he then mentioned $2m......if lanstead money exceeds the par position (after funding secured),that will go towards the $20m equity requirement.'completely comfortable with lanstead arrangement'.'lanstead have disincentive to short'.'no shortage of interested parties (to buy the project),at a price'.target is to double production from 115k oz p.a 'within 3 years'.18 months in total of construction prior to production.'dedicated elec power to mine'.HB
robjm66
04 Apr 2017
Re: RNS Funding [link]
robjm66
02 Apr 2017
Re: Game changer [link]
robjm66
01 Apr 2017
Re: RNS Funding [link] vat rebate soon
Simbrad
08 Jun 2016
Beaufort's note out this morning on Research Tree:"Minerals continues to progress and refine the Tulu Kapi gold project as it looks to secure funding. Management continues to de-risk the project and the above announcement reflects the commitment of contractors in their support of the project. Over the coming weeks and months, we look forward to updates regarding finalisation of project financing combined with the recently announced US$20m equity investment by the Government of Ethiopia."
Simbrad
07 Jun 2016
"Since our last update note on 10 March, KEFI has announced a £1.75m equity raising; confirmation that the Ethiopian government is to take an additional 20% interest in Tulu Kapi in return for a US$20m funding commitment relating to infrastructure (vs our prior expectation of 25%); a reduced capex estimate and modified funding requirement mix; and, replaced the construction contractor with market leader Lycopodium..." Just scraped this from Research tree...
Simbrad
03 Jun 2016
SP Angel's note out this morning: "Kefi Minerals has announced that as a result of refining its 2015 Definitive Feasibility Study (DFS) it has achieved savings of around 9% (US$13.3m) in the estimated capital cost of developing its Tulu Kapi gold project in Ethiopia... Kefi Minerals has achieved significant reductions to its capital expenditure estimates for Tulu Kapi through what appears to be a meticulous review of the engineering requirements even though it is now looking to mine the orebody some three years faster and produce more gold each year of the revised 10 year mine life." Pulled from Research Tree
