Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
RNS in Australia overnight will land here at 7am ish. Currently up 5.7% on ASX so the Aussies must think its OK. Big one assays held up in a queue but all good at Ayra. Look forward to input from the experts on here
Second part - The main cause of delay for mining projects like Kefi is a lack of coordination between the federal and regional authorities, Begosew Abate (PhD), a mining expert with three decades of experience in the sector, serving various companies as a consultant, said.Directions given by the federal authorities are often not translated in the regions, according to Begosew.Though the financial institutions were hesitant to disburse the funding following a series of conflicts in the country, the management of Tullu Kaapi hopes to see the loans released soon."They've approved it, and the paperwork is underway," said Adams, admitting that multinational lenders were first frightened to disburse the funding because of security concerns.Out of the additional financing the mining company has secured, 140 million dollars has been raised from local and foreign investors, according to Adams, though he declined to disclose the identities of the investors. Through agreements with the National Bank of Ethiopia (NBE), Kefi has been permitted to open an international correspondent trust account in London used to service its commitments and make payments to banks, investors and contractors.The government has pledged 20 million dollars in the form of infrastructural investment, including road construction and electric supply ? not in hard currency, according to officials at the Ministry of Mines & Petroleum. The federal government has a 17pc stake in the company, half of which is owned by the Oromia Regional State.The exploration in Tulu Kepi, Wollega Zone, 360Km from Addis Abeba, began over a decade ago after Kefi acquired an Australian firm, Nyota Minerals Limited, for 5.2 million pounds sterling (7.2 million dollars at current exchange rates). When Kefi took over, 70 million dollars had already been spent on the venture. The exploration area, which covers over 2,000ht, is estimated to hold deposits of close to 50,000Kg of gold. Extraction is expected to begin in less than two years, increasing hope it would significantly improve Ethiopia's exports of gold.Gold generated 600 million dollars in export last year, a staggering jump from 29 million dollars in 2019.With over 5,000 shareholders, the company has 15-year concession rights and is expected to complete the construction of its production facility in two years, requiring the resettlement of 350 households, the Chairman disclosed.
First part - The Trade & Development Bank (TDB) has committed 70 million dollars in loans, while a similar financial pledge has been made by the Africa Finance Corporation (AFC), according to Harry Adams, executive chairman of Kefi Gold.The Tullu Kaapi Gold Mine Share Company, a subsidiary of the UK Kefi, raised 300 million dollars from the Ethiopian government, banks, and investors for its bid to explore gold in the region, a relief for its management, which has been working under a tight liquidity crunch with 60 million dollars invested thus far. Along with its operations in Saudi Arabia through its investment wing, ARTAR, Kefi registered 56.6 million dollars in losses last year, according to the company's consolidated financial report.For nearly five years, prospective investors have been reluctant due to security concerns in the area.Dissatisfied by its progress, the Ministry of Mines & Petroleum warned the company over the delay of the gold exploration project, a series of setbacks Kefi's management attributed to security concerns and the consecutive declarations of a state of emergency in the country since 2016. Two years ago, Tullu Kaapi faced an attack by an unidentified armed group that raided the camp, forcing it to halt operations until security issues were cleared.
It's a good question and there are lots of conspiracy theories. One I heard was people sending out insider messages to each other. e.g. three £1 trades in an hour meant the share as about to take off - or visa versa. Saw it a lot when I was invested in Thomas Cook (oh those glory days :-) )
news - It's Monday. And it was only up 2.56%.
My view is that the whole drama of the share suspension in Aus (and the subsequent underwhelming reaction by the Aussies) has put people off. Looks like it's going to be a longer wait for any uplift. Looking forward to reading the reaction of mining professionals to this data.
Are we expecting the announcement sometime between 10pm and 1am (when trading starts). This site looks a good place to check
https://www2.asx.com.au/markets/company/ccz
So the million $ question for me is - Have they got the £250m Bond Issue away? I can see from the RNS that they were expecting to close by 2nd July. Rather deafening silence since then. Please would someone put me right on this. I would have expected an RNS or some press release/coverage.
Now if they haven't - and the investment bankers and II's might know this - then that would explain (some of the) -15% share price weakness.
Answers on a postcard...
(and well done Rox for your efforts at the weekend. Inspirational!!)