Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
LoA - any evidence of this saying pending finance? I have it showing as Active as far back as 2021 from previous screenshots. There's also no reference to MOM\LSML\81\2015 on Google that shows anything other than Active since it was issued in 2015?
Weird as you posted pretty much the exact same a year ago minus 12 days:
TKGM Licence 13 May 2023 08:47
Sorry if this has been posted before. Searching for company licences on the Ethiopian mining applications portal. Our loot now comes under Tulu Kapi and not Kefi with a status of “Active” not “awaiting finances” as it did before. All looks promising here. GLA
Those warrants are very very generous, 1 to 1 at 3p...
Would be joke if it got rolled over again but I would not be surprised.
$500k for HAA and Leach for Tranche 1, $500k at each of tranche 2 and 3 for HAA:
Tranche 1: Entering into a senior facility agreement for the TKGM Project and receipt by the
Company of at least $20,000,000 of funding for the Project (Funding no later than 31st December 2022 (this date was extended from 2021 due to force majeure conditions in Ethiopia). Additionally, Tranche 1 will only be paid when the closing mid-price of the company’s shares is above 3.0p for five consecutive trading days
Tranche 2: Completion of the Project within the Project budget approved by the senior lenders. Additionally, Tranche 2 will only be paid when the closing mid-price of the company’s shares is above 4.0p for five consecutive trading days.
Tranche 3: Upon the sale and physical delivery of 35,000 ounces of gold equivalent.
Additionally, Tranche 3 will only be paid when the closing mid-price of the ompany’s shares
is above 5.0p for five consecutive trading days
Back from your ban for more r4c 1sm Mikey?
What's happened in the past year in terms of tangible progress, we've had an unexpected 2nd "Umbrella Agreement"(mainly due to cost inflations) and a Finance Plan. That's it.
No progress from the EG side has been made in terms of signed agreements. Security is still up in the air, and they've still not agreed for profits to be repatriated out of the country.
I continue to hold as I'm invested for Saudi, TK will happen, but will take longer than Harry wants people to believe. Harry saying definitive agreements signed in June in that Master Investor interview is xollob.
Good luck to all non b1g 0ted holders.
The quote you posted states that the warning was months ago, i.e when the old minister was still in position. If he was sacked a month before the article, months (multiple) is before that.
This minister seems to be more on board than the old one from what I can see so far, this is from a Kefi tweet on Feb 27th: "Minister of Mines His Excellency Habtamu Tegene "The regulatory issues left are small compared to matters already resolved, the workshop shows the upbeat attitude of everyone. Our objective is making a 21st c. project in finance, community, environmental, social & technical""
That doesn't sound like he would be threatening to revoke the licence to me.
Q59: On the Tulu Kapi financing, how long following the financing close will funds be expected to flow?
Please listen to Q11 answer
Herein we seek to explain why things that are already “decided” can take several months to “implement” and funds to flow.
Our project finance advisers report that currently around 10 such mining project financings are completed globally annually. The finance closing steps will vary a little from project to project but the overall pattern from this moment (at TK) on is much the same. (having lifted the project suspension and agreed the plan in 2022 and now that all parties have formed launch teams and agreed a launch action plan), along the following lines:
1. Satisfying security standards and the few remaining Government facing regulatory matters required for signing definitive agreements – in progress.
2. Then give the lenders time for their next-level internal formal approvals
3. Then trigger equity drawdown procedures for regional investors and then the PLC. The multinational corporations involved as regional investors will take a similar amount of time as it takes stock exchange procedures for KEFI or any PLC
4. At KEFI we have to issue notices, conduct formal meetings and then allow warrants exercise procedures to be followed.
At KEFI we coordinate all these steps, firmly , clearly and in great detail. We do not publish the detail vis a vis all parties and processes. But we highlight material factors as best we can.
Q60: In Ethiopia, what communication has occurred between the EG and KEFI in relation to outstanding items precedent to closure. Is the government keen to progress or are they focused elsewhere?
Listen to the answer for Question 9.
KEFI will update the market on the progress of TK funding via RNS when appropriate.
Q61: Why not all questions are answered?
These are some reasons:
• Making a statement rather than asking a question
• Breach of commercial-in-confidence
• Disclosure would be detrimental to the interests of shareholders
END
Q53: I'm looking to visit Tula Kapi later in the year, would it be possible to meet up with some Kefi execs and have a look around the site?
Please inform the info-line service if and when you wish to visit and we will assign someone to advise you on local accommodation and welcome you to the area. Take advice on security please as we cannot assume responsibility unless part of an organized group.
We have information centres in local towns and we are planning observation platforms at site once construction starts, so that people can see for themselves anytime. But site tours will not be available during construction.
The action plan includes that we install observation facilities in October when the earthmoving gear mobilises after the wet and in time for a large community function.
Q54: There are several government regulatory steps you recently released via an RNS that are required before the financing goes to credit. Can you confirm that the government have now approved the final financing and bank account terms and conditions, recognised the Kefi 2021 and 2022 investment as part of the equity and the Ministry of Mines have confirm tenure of production and exploration licences?
This has been answered in several questions.
KEFI will update the market on the progress of TK funding via RNS when appropriate.
Q55: Can you confirm realistically how soon Kefi might be able to dual list on the Saudia Arabia exchange?
It is premature to set timelines publicly. The essential facts at this stage are:
1. Dual listing of companies in various sectors are being planned
2. Saudi Arabia is keen to foster minerals exploration and development
3. Our GMCO JV company is a leader in the sector with perhaps the next two development projects and 15 exploration licences issued in the past year or so
4. The second Saudi IPO of a mining company was in 2022
5. Ours would be the first listing or dual-listing of a pre-production minerals company
6. We are designing a roadmap with advisers and will go through it carefully with the authorities
Q56: Recent RNS referred to the Saudi shareholding of 25-30%. Please explain.
Listen to the answer for Question 11.
The Company prefers 75%+ in Ethiopia and 25%+ in Saudi Arabia for long term strategy reasons and today has higher shareholdings respectively.
Q57: Are there any blockers from the TK funding prospective?
No. but Ethiopia is littered with the remnants of businesses which launched without all i’s dotted and t’s crossed. We will not add ourselves to the list and have taken the extra time to deal with blockers as well as the obvious hold-ups due to security.
Q58: Regarding Tulu Kapi, can you provide the latest correspondence with the new mining minister regarding the governmental items that are outstanding?
No. KEFI will update the market on the progress of TK funding via RNS when appropriate.
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Q45: How many shares will you take in remuneration in 2023/2024?
We assume this question is for the Chairman, who has taken most of his remuneration in shares along some other management.
Beyond that, the matter has not even been considered or discussed within the Company.
Q46: Thank you for your hard work and dedication. Let’s cut to the chase. When do you think definite agreements will be signed for TK?
Listen to the answer for Question 11.
Q47: Do you think the wording on the RNS regarding Tk and finance could be more appropriate. The word imminent has been used suggesting any day, reality we are heading into March still in the same scenario. This only causes frustration amongst shareholders and makes Kefi look like we are not as close as suggested, when different wording could of prevented this such as progress continues to be made
Listen to the answer for Question 11 and read the answer to question 41
Q48: Do you have anything committed in writing from the EG? If so, what?
If we understand the question…we have a mining licence, a joint venture agreement, many policy changes proclaimed for us, road and power construction contracts and many ancillary documents.
Q49: Why are you unable to get finance close completed?
Listen to the answer for Question 11.
Q50: Have you started succession planning for your forthcoming resignation give a lack of market confidence in your ability to deliver?
Your frustration is understandable. The sector has dropped over 50% in the past 12 months and, of course, the Company has had a rough time in recent years.
Succession planning is indeed in place, but not because a resignation is imminent.
Please also note that all directors offer themselves for re-election every two years or so. The voting results are reported on the public record.
Q51: Do you still have EG employees in your Kefi office in Addis as you said you did during the summer?
We do not know what you are referring to.
Q52: Given the EG are so keen, it would be great to hear someone from the EG at the next webinar. Would help reassure shareholders and the market that this is actually going to happen.
Even though we would welcome an Ethiopian Government on our webinar, that should be most unusual for any Government official globally.
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