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(20 of April Facebook MoM page) Ministry of Mines reiterates that the local news published about Kurmuk Gold Mine is inaccurate. All company Licenses are valid, and the work program endorsed by the Ministry is being reviewed constantly to ensure all the activities are inline with the plan. Ministry of Mines is pleased with the progress made by Kurmuk Gold Mine and fully supports to finalize the remaining activities which will make it the largest gold mine company in Ethiopia when it commences production soon. Official response will be issued by the Ministry soon.
As we continually await ANY news.
The silence is truly deafening!
Its not uncommon for recruiters not affiliated to the company to take adverts and post on their own sites in order to lock in personnel and put them forward as a good candidate for the role.
As 1plus1 has said. This recruiter appears legitimate.
I personally put the short application time frame down to the need to get interviewing asap as this financing is about to be approved and the project kick off
Thanks Mr B. Very interesting. For anyone interested, the website warning can be seen on the wayback archive (which is a super useful resource if not used before): https://web.archive.org/web/20240205145723/https://www.savannah-energy.com/
1P1 - if you go onto SAVE share chat and go back to page 7 for 21 Jan ‘24. The job post advert was initiated by Porschfund at 18.11 hrs. If you read the follow up posts you get the gist. SAVE didn’t put out and RNS at the time but they did put a warning on the front page of their website which has since been removed.
Mr. B - do you have a link to that rns. I've not come across this before so would be interested to read. In Kefi's case the recruiter is a bona fide Ethiopian operation which has been in business for many years (I checked that last week), so feels legitimate. The application date was weirdly short (application window was days rather than weeks), but I put this down to Kefi performing a mandated local recruitment process which would allow them to then go out and fill the positions using overseas contractors and experienced foreign hires.
Has anyone considered that all those jobs advertised were AI generated. I mention this because exactly the same scenario happened with SAVE earlier this year and it resulted in the company putting out a bulletin on their website to deny the job vacancies. Has anyone contacted the company to confirm these jobs are legit ?
Worth revisiting Proactive Interview from a week ago
Financing designed around a gold price of $1200, currently $2300
All on course for sign off end of May24
Saudi drill results to be reported on soon
Add in that that the recent raise provided a strong financial / cash position and the company is now recruiting the project team
Looking to be a good month for shareholders in my opinion
Would OF? would HAVE!
`would HAVE!!
Nice to see there are a couple of us out helping to kick the can down the road.
Have a good week everyone, that is if you possible can.
Excuse pun.
Https://www.theafricareport.com/345997/ethiopian-mining-can-become-largest-gdp-contributor-driven-by-airborne-geological-mapping/
https://www.thereporterethiopia.com/39850/ (Ethiopian mining)
https://www.zerohedge.com/news/2024-04-28/why-gold-why-now
https://uk.finance.yahoo.com/news/bhp-mega-bid-10-000-160016012.html
https://www.youtube.com/watch?v=IOMpfCnAdJ8 (M & A mining)
https://www.youtube.com/watch?v=IVAP9S4tCsM (M & A mining)
https://www.fanabc.com/english/uk-reaffirms-commitment-to-ongoing-economic-reform-program-in-ethiopia/
'Saudi alone is likely in the medium term when up and running to be worth well over a billion$. Gla'
KEFI will have been bought out well before then in my opinion (I was a shareholder in SHG before it was taken out and missed out on substantial future profits). Its all a scam and peeps stand little chance.....
What will the market think of the job advertised
Personally one of the oldest tricks in the dodgy AIM directors encyclopedia
Surely if this is all going to kick off the beginning of July they would of had this position filled months ago
Great to see. Kefi must have got the nod everything is on track mid April and they will need a few months head start to find the staff as Kefi will need 100s. This is perfectly expected from Kefi and still looks like a May for 2nd bank and end of June for equity sign off. However they are seriously testing the most patient of investors and the pump before the placing caught me out badly as i bought more just before the placing. Somehow those pumps before the placing are almost criminal given he knows plenty of investors would be drawn in and he already knew the placing price. Anyway i hope and would expect a share price north of 2p shortly after we get the money in the bank and get TK and Saudi on the mive. When you hear Anglo American being bought largely for Copper we know Kefi is in the right place with possibly one of the biggest high concentration find globally. Saudi alone is likely in the medium yerm when up and running to be worth well over a billion$. Gla
You're a highly experienced Project Manager. You go through a series of interviews and get offered a job, building a Gold Mining facility, towards the end of May 2024.
Question. Do you hand-in your Notice at your existing job?
If this job advert is to be believed, the Finance Deal must be scheduled to be concluded by mid-May.
We've seen job ads before, about two years ago, that led to nothing. Might this time be different?
IMO it might be!!!
GLA
Thanks stringer and good luck to you and all holders.
It is potentially, at long last, looking as if things could come together nicely reasonably soon with the job ads adding weight to the likely timescales of the end of May given by HAA in his Proactive interview. There should be Saudi updates as well.
Here's another job listed and advertised on the 19th April that I don't think was in the list in one of the posts earlier - it's the key job of Project Manager for construction of the mine as well:-
https://ethio-jobs.net.et/vacancy-detail.php?id=3923
Job Purpose
Responsible for in-country activities related to the Tulu Kapi Process Plant, Accommodation Village, supporting infrastructure and dams, including the oversight, and quality assurance of construction activities manage by others on behalf of Tulu Kapi Gold Mine.
Responsibilities and Accountabilities
Responsible for all construction activities on Tulu Kapi site, including the oversight of the construction and construction supervision of the Tulu Kapi Village, Process Plant Area, Main Services Area, Mining Services Area, supporting infrastructure and dams managed by others.
Nick thanks for the reply to my question it sounds very well informed and given me alot to mull over. Good luck!
You would have to be a blind, deaf and penniless equity trader to have missed Kefi story. Might be one or two with lottery winnings who get to be in London in May and help Harry by buying some shares. Ideally he should take a broker along to this latest prezzie and sell some of his own hoarding over the counter. This little derisk could help him with his mental health and remind him he needs to start producing some gold from somewhere.
Hi Stringer, a few variables will come into play - including the gold price, volume of trading, stale bulls selling and the remaining warrants. The latter matter might hold it back as a proportion will sell at say 1.8p to 2p to raise funds to exercise 1.6p warrants if Kefi starts to trade around that level. At 2p it would still only be about 30% of an NPV that is artificially low given Saudi assets for some reason have only been valued at a gold price of US$1,650/oz. We know as well that the Saudi resource is set for an increase and plenty of scope for TK uplifts.
Going forward there are other share price drivers - junior miners may well come off a decade of depressed levels and Kefi plans to list on the planned Ethiopia stock market. A Saudi listing would have dictated the price rather than AIM so it is a pity that's not planned just yet. It's more uncertain with the Ethiopian listing but there will be relatively few listed stocks and a fair amount of cash looking to invest so that could bring a pleasant surprise.
In short, it could trade above 2p short-term but there will be headwinds and holders will have to consider whether to take the money, hold for a takeover or re-rating after short-term trading settles at say 3p to 4p or hold even longer term for a potential double-digit share price. I think what we can say is that it will be the most significant news in the Company's history and the share price should reflect that very positively.
Hi NickE can you see the share price going past 2p before settling at 2p?
Https://www.weare121.com/121mininginvestment-london/kefi-gold-and-copper/
Kefi attending this on the 15th and 16th May Q & A confirms the anticipated timescales flagged up for funding completion.
"Estimated potential Net Operating Cash Flow (1) £137M (c. US$185M) per annum from the 3 development projects"
"KEFI targets becoming a mid-tier producer with 3 projects in production by 2026, at a net production rate of 187Koz gold equivalent (155Koz of gold)"
"What are your key goals for the next 3, 6 and 12 months?
3 Months:
Closing project finance for first development project and, in the meantime, reporting steady progress across all projects.
6 Months:
Starting construction of the first development project and, in the meantime reporting the grant of a second mining licence, the expansion of resources and the scheduled progress on development studies for projects 2 and 3
12 Months:
Scheduled construction progress in Ethiopia, the expansion of resources and the scheduled progress on development studies for projects 2 and 3"
The job ads bode well and HAA couldn't have been clearer that all their internal protocols were indicative of full sign-off by the second bank and associated documents by the end of May. He also said he would issue updates along the way during May before including an update on Saudi. The discount to the £348m NPV should close significantly on finding sign-off. There will be plenty of trading but I suspect the share price will eventually settle close to 2p and a circa £120m m/cap. Kefi is then a potential takeover candidate. HAA hinted at this acknowledging that the African junior mining has consolidated from 24 companies to just 12 currently.
5m+ delayed buy print?