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Danners - simple question. HAA can inform that it will take 4 weeks to for credit sign off approval, but cannot RNS? Was this the same credit sign off approval we expected in Oct-23, delayed to Dec-23? and delayed further?
Rob;
HA/TW says secondary bank sign off within a month.
Fantasy.
Because the secondary bank hasn’t yet signed off credit approval.
When it has signed off credit approval, (anticipated time frame of 4 weeks), it can then, and only then be RNS’d
So 4 weeks is not RNSed and was fed back through the back doors? :))
Whilst not having access to the bearcast myself i assume its any time within that timeframe and it would be Rns after it happens.
In Winnifrith we trust to spread the good word 🙏
Why that the timing of 4 weeks not RNSed to the shareholders?
One would think that once the secondary bank has signed off the credit approval, (4 weeks) a significant re-rate of SP would occur, and hence no need for a placing.
TW exchanging emails with HA;
HA states that secondary bank approval should occur within 4 weeks.
This news and today’s RNS…….what relief!
Understanding that the lead lender credit approval was the next step (which must be communicated by RNS), and then the rest of the syndicate can complete their bits (as advised), and that the money will only be drawn as required (to save on interest as is prudent) is not hard.
What is "financial completion"? Drawing the funds? Correct...
Like if you were buying a house, had a lender offer and had agreed a price, but were then saying "well it's not looking good, is it?"
Be careful who you listen to here...
Look at the numbers, and the progress, and then ask yourself what you think the outcome will be...
31st October:
"Progress on all fronts maintains the plan to launch the high-grade Tulu Kapi Gold Project (2.1g/t gold open-pit Ore Reserve plus 5.6g/t gold underground Mineral Resource) before the end of 2023"
10th January
"Full Project launch, including funding drawdown, is on course for H1 2024, subject to..."
Then having the bare faced cheek to title an RNS "Significant progress" and at the same time chuck in another totally unexplained six-month delay from a quarter ago.
If HAA had a single atom of integrity he would walk, if he had any shame at all he would go. Every RNS contains straight-up lies.
Bargepole stock personified
Psalms 12:1-4
Everyone talks in lie language; Lies slide off their oily lips. They doubletalk with forked tongues.
Electriclion - in regard to expectations, so when are we expecting the finance to be sorted and money in the account?
8 years+ and still no one here got a clue.. well done HAA :)
Fantasy. Get it into your head that this is not HAA's delay. He is responsible for setting expectations, yes. And on that front, perhaps improvements could be made. But there's probably no-one on the planet beyond the top politicians in Ethiopia, and maybe not even then, that could move this any faster at this juncture. It's in the hands of the bankers now, and has been for some time. Grow up.
Another update from HAA. It is not the final RNS everyone had been waiting for. Looks like further delays. IMO
with all the complexity and other nonsense that HAA spouted about... seriously how long do you need. Either do the job or just move on for someone else to do the job..
Yes that was my read this morning that the bigger bank had agreed and we were just waiting on the other bank.
And how easy it is to dupe and strong along such sheepy kefi shareholders. He's mastered the art of kicking the can over and over again.
For example...
21 November 2022
KEFI (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce that the updated US$320 million Tulu Kapi Gold Project ("Tulu Kapi" or the "Project") costings and finance plan has now been agreed by all the Tulu Kapi syndicate lead contractors, investors and lenders. It is currently being processed for final reviews and entry into definitive documentation to be signed as soon as possible, with the expectation to achieve this next month.
"Today's important milestone of the debt and equity leads approving the finalised finance plan allows all the respective Boards to formally approve the definitive documentation. I am pleased to report the Project is now up and away."
====
and today's rehashed b/s means well over a year on from the above RNS the Company is now saying at least another SIX months for finance approval, so that will be getting on for TWO years from the above update.
Only the stupid and super gullible can possibly defend or justify that statement, particularly the last sentence, and say that it wasn't utterly misleading bordering on the criminal?
How does this stuff get ignored so easily by the idiots that can see no wrong in Harry's games ?
Well, well, well. Today's TW bearcast out now and turns out the other lead has not agreed just yet, should be within the next month. So what do I know? Lol.
Lendle Yes agree would expect both banks to have the same view and they must be consulting with each other with other consortium members including the Ethiopian government. Plus “Lead lender” the bank that is bigger and/or lending the most money out of the two banks.
Think a lot of people simply did not understand the Rns and the kefi team being at the conference with a stand and being a sponsor and having a speaker could not really walk people through it.
htTps://www.miningweekly.com/article/kefi-receives-approval-from-final-credit-committee-to-go-ahead-with-tulu-kapi-gold-project-2024-01-10
True.
Take it as an opportunity to buy.
MC: £30m odd
Finance package: $320m odd.
Metals in the ground: $10Bn+ and growing.
Opportunity knocks for the brave.
Hi Rob,
Firstly - thank you for all your work here, I do appreciate it.
As to the question of both banks giving the go ahead I can speak with over 30 years experience in the bond market (sadly not the loan market) as a lawyer and I think it is very unlikely that the lead bank would have signed-off on the dox without having agreement from the other bank. How would it look if the other bank threw up its arms, disagreed with the work done to date and said we need to start afresh? It would look terrible and very unprofessional which is why I believe they would have already been reviewing the dox alongside the lead.
I don't know at what point they will attempt to syndicate the loan or if they plan to do that at all? If they do plan to syndicate it I would not expect there to be any deviation from the loan agreement initially put in place - you won't have different lenders getting different terms or language from that given to/offered by the 2 main banks. What I'm trying to get across is that if the loan dox are now in agreed form they will be what is used for any banks joining the syndicate - there shouldn't be any unreasonable delays in getting those new banks on-board.
All of the above caveated with the fact that I'm not a loans lawyer and I will yield the floor to anybody with loans experience and can point out the flaws in the above.
What I do find slightly worrying is the (lack of) reaction in the share price?
A little forward selling me thinks today next few days some more IMHO
Any money come in yet ?
This is top down financing so we now have the lead bank agreeing to the finance and taking the lions share of the risk and now they have provided their agreement all other members will sign in the same way. Harry will be knocking on the doors of local people with a suitcase of cash each and jobs for the locals and this will be all moving swiftly forward in a matter of weeks. We will now get update RNS for further steps but the syndicate members to sign is now a formality as they have not been able to get any funds out of Ethiopia for decades so have $100ms looking for a way to be repatriated abroad and the Ethiopian government will be very keen to get some dollars sloshing around Ethiopia to help them smooth over their own minor issues with repaying debts in dollars. Certainly a much better place than where last week and the market just needs a little more re-asssurance, which is really just a waiting a week or so. gla
Https://www.mining.com/web/saudi-arabia-ups-mineral-resource-estimates-to-2-5-trillion/
https://economysaudiarabia.com/news/abundant-gold-reserves-saudi-arabia/
https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/metals/010924-ministers-at-future-minerals-forum-pledge-to-create-global-supply-chain
UK Minister for Industry and Economic Security Nusrat Ghani told S&P Global Commodity Insights in an interview on the sidelines of the event that agreements have been made on a green minerals supply chain, objectives of countries in terms of water management and food security, ESG and knowledge sharing with working groups being set up.
"We have a certain amount of pressure in the UK. We have the expertise to give and we are where the investors are," Ghani said.
The minister added that she is pushing heavily for one set of ESG standards in the mining industry instead of the current fragmentation that the metals industry currently has when it comes to industry, climate or humanitarian standards.
https://uk.finance.yahoo.com/news/ministerial-roundtable-sets-stage-future-090000684.html
https://www.leaders-mena.com/3rd-international-mining-conference-kicks-off-in-saudi-arabia/
Https://www.nasdaq.com/articles/saudi-arabia-allocates-$182-mln-for-mineral-exploration-incentives-mining-minister
“RIYADH, Jan 10 (Reuters) - Saudi Arabia has created a mineral exploration incentive programme with a budget of over $182 million, the country's minister of industry and mineral resources said on Wednesday.” Money to kefi for exploration?
https://www.middleeastmonitor.com/20240110-saudi-arabia-grants-mining-exploration-licences/
https://english.aawsat.com/business/4780576-saudi-arabia-collaborates-other-countries-explore-critical-minerals-region
https://finance.yahoo.com/news/ivanhoe-electric-saudi-arabian-mining-220000876.html
https://www.arabnews.com/node/2439051/business-economy