RE: Finance Director's Report7 Jun 2021 08:36
Key points for me below. I think the cash payments stink, especially with the weak timelines to be met but it’s good news Kefi should get 78pc on tulu kapi. On balance I will take it with gritted teeth, but only because we should all benefit from a substantial rise in the share price.
By 30 June 2021, the following needs to be carried out so as to proceed to earliest project finance settlement:
o. Final construction procurement pricing confirmed;
o. Detailed documentation to be approved by the relevant Government agencies, including the Ministry of Mines and the National Bank of Ethiopia, so that execution may proceed by all syndicate parties;
o Finalised position for local equity investors and off-taker
It is important that we now proceed to financial completion in accordance with the latest plans agreed with the Government. Indeed the Government has warned of administrative consequences if we fail to do so and our syndicate have all made it clear that all wish to proceed to plan subject only to normal safety and compliance procedures.