Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
First time poster on this BB so be gentle?! Just a general discussion question really....
Has anybody else been tempted by the AMR GP Bond issue (for construction and maintenance of wind tunnel and new factory) offered through Interactive Investor? I got the info pack through yesterday and am actually interested. I don’t typically invest in these offerings, but feel it may complement my share holding here and help progress the GP team in some small way haha?!
https://www.ii.co.uk/ipos/amr/documents
I was going to ask the question whether anyone else has been to Ethiopia.... Where did you go when you were there?
Same to anyone else really....? Has else anyone been and thoughts etc.
I go fairly frequently, travelled around a lot to see the history and culture I.e. lalibela, Gondar, Aksum and also the natural wonders ‘blue Nile falls’ and Erta ale
https://ethiopianmonitor.com/2020/08/18/cabinet-reshuffle-installs-new-defense-minister-takele-uma-as-minister-of-mines/
Hopefully he will be keen to be seen as achieving?!!
Obviously all passed... however, just to try and spark a slightly different conversation....
Has anyone been involved with a company changing their name? What are the next steps, I’m assuming new company logo? Website update? Relaunch of some kind, maybe promotion of new company (name)? Obviously the administrative side being undertaken.
Do you think the company will just select all this or have a look at some kind of shareholder approval?
Wasn’t the gold price also attributable to the relevance of bringing other deposits (not the truck able satellite) into the equation too? I.e. I’m sure I remember the discussion that there are potential mineable deposits at say $1700 an ounce which had been originally discarded in the feasibility studies due to low gold price? That’s part of the reason why after construction starts Kefi are quietly confident of raising the deposits to 3m+ ounces in the Tulu Kapi area alone (obviously with the underground) at a cost of $2m for Further drilling and analysis?
There was a webinar on a ‘popular’ forum on the 18th July... If you check through my posts you’ll see the questions I submitted (including one which references the article you have linked). The CEO answered these questions....
It’s a tough one smelly, it’s more complicated than just Egypt and Ethiopia, you also need to look at the escalation in Libya with Egypt sanctioning military action there. Turkey (on the side of Libya) have already sided with Ethiopia diplomatically over the GERD. And as DSRT the USA are a huge provider of aid and there are deep links to South Korea - Ethiopia sent Troops from the emperors own guard and South Korea have been forever grateful.
Logistically as well, Egypt have no way of undertaking a land invasion without the support of Sudan or Eritrea (which is extremely unlikely to say the lease). Which leaves them with missile attacks on the dam from afar or by plane. Also, Embarrassingly for the Egyptians they have lost twice before trying to colonise Ethiopia (no matter how long ago) and that was with the benefit of landing troops in what is modern day Eritrea. So my opinion is they won’t look to rush to commit to a gambit.
Also, regarding state of emergency - there already is one in place citing Covid-19 response, which will remain in place until after Covid-19 is no longer considered a threat. This is also why the elections have been postponed until 9-12 months after Covid-19 is no longer a concern.
I find the western media quite biased in their reporting and have to say I agree with DSRT, relatively speaking Ethiopia is one of the more forward thinking and stable countries to look to do business in. I also looked into the banks W ho are providing the loans, The president of TDB is an Ethiopian so I’m sure understands what his bank is getting into:
Admassu Tadesse
https://www.tdbgroup.org/our-leadership/
Charged as well... https://www.ezega.com/News/NewsDetails/8043/Bekele-Gerba-Blocked-Dead-Body-from-Passing-at-Burayu-Town-Police
Completely agree DSRT, he strangely received a positive report in the BBC not so long ago (says more about our journalism I fear) but the truth is when you dig deeper he deserves locking up....
I also recently started to follow a professor on twitter, Ashok Swain who is a professor of conflict at the Department of Peace and Conflict research at Uppsala University (Sweden)...
There is a lot of negativity on here towards the GERD and how people assume it will lead to war between Ethiopia and Egypt, I found his article in ‘The Conversation’, balanced so thought I’d share:
https://www.google.co.uk/amp/s/theconversation.com/amp/how-the-grand-renaissance-dam-might-spark-basin-wide-water-cooperation-143618
I may be wrong but the person I think you are referring to DSRT is Jawar Mohammed. He returned to Ethiopia and has now been arrested and charged:
https://www.ezega.com/News/NewsDetails/8051/Police-Charges-Jawar-Mohammed-as-Architect-of-Recent-Violence
Can an update be given as to what stage we are at in the process of satisfying the 2 bank lenders regarding credit referencing etc. and whether any pitfalls lie ahead. I.e. site visits needed but delayed due to COVID 19.
With regards to the ANS mining subscription, the previous rejection by the company of an Addis Fortune article In February 2020, whereby, one of the ANS founders stated that they would be looking to raise 1bn birr by share subscription in September 2020. Is this now in hindsight proven to be legitimate and appears to tie in with the facts arising by RNS etc. regarding ANS not as yet having funds? Also, can we assume that ANS will still be part of the overall funding package?
At what stage of the negotiation process can the specialist mining financiers be named and terms announced? I.e. upon signing an agreement? After selecting a preferred option? After collating all interested parties?
Being pedantic, initially Kefi states that financing would be closed ‘well before October’, this has now been changed in the latter quarterly report to ‘in October 2020’. Is this an indication of anything untoward and are we being subliminally prepared for a delay?
In the quarterly report it appears that an incorrect USD - GBP rate has been used, example, in NPV for 45% of project $180m equates to £152m.
With regards to Adam Taylor’s past history and present with Oakfield Holdings and Yalelo, It was noted that the IFU provided a loan for the construction of the production factory in Zambia. Is this something that Kefi could look to utilise now that the IFU (investment fund for developing countries) Is no longer tied to funding danish companies and danish interests (Since 31/12/2016)?Ethiopia is on the list of eligible countries and on face value we appear to meet all the requirements and I also note that I believe they have invested a loan into Belize Minerals Ltd (although stated as industrialisation fund for developing countries on their website - in 1992).
What due diligence will be required from agreeing terms from ‘specialist mining financiers’ and receiving funds? Also, what paperwork, agreements, signing ceremonies, filing of paperwork etc. will be required when finalised with the Ethiopian government / other partners and can it be confirmed that this has already been drafted and can be accepted concurrently and not sequentially?
Are there any security issues in the area of Tulu Kapi that the company has been made aware of, or is everything still settled after the events of recent weeks?
What is the window for resettlement for the locals onto their new lands, have they been updated and has a date range been agreed?
Can we have a further update on the road construction?
Hopefully a step in the right direction... and good the Egyptian president is stepping back from threats of military action.
https://www.google.co.uk/amp/s/www.bloomberg.com/amp/news/articles/2020-07-28/sisi-says-egypt-is-committed-to-talks-over-ethiopia-s-nile-dam
Egyptian President Abdel-Fattah El-Sisi said his country is committed to talks to resolve an impasse over the filling and operation of Ethiopia’s mega-dam on the Nile’s main tributary.
“We are keen to reach a solution to the issue via negotiations,” Sisi said Tuesday in televised comments made at the opening of a new industrial city. He denounced suggestions in unspecified media about military action.
ORDINARY RESOLUTIONS
1. To receive and adopt the audited financial statements of the Company, the strategic report, the directors' report and the auditor's report for the financial year ended 31 December 2019.
2. To reappoint John Edward Leach who retires and offers himself for reappointment in accordance with the Company’s articles of association, as a director of the Company.
3. To reappoint Richard Robinson as a director of the Company in accordance with the Company's articles of association.
4. To reappoint BDO LLP as auditors of the Company, to hold office from the conclusion of this meeting until the conclusion of the next annual general meeting at which audited financial statements of the Company are laid before the Company.
5. To authorise the directors to determine the remuneration of the Company's auditors.
SPECIAL RESOLUTION
6. That the name of the Company be changed from KEFI Minerals plc to KEFI Gold and Copper plc
I completely agree with you UK.
A useful cog in the ANS Structure (When being put together) and he is now probably looking to diversify from his current role and raise his standing (maybe even wealth?!). Feels like his background was slightly overstated in the release.
Just to update: The above mentioned funder who is a ‘long standing natural resources senior executive’ is a general manager of Africa Oil - Ethiopia. I checked his linked in profile and he has no mention of mining activities..... can we assume someone experienced and knowledgeable in the oil industry automatically becomes the same in precious metal mining or just have a general understanding?