Member Info for Robjm66

Ask me in a couple of days time ;)

The Company received a Reminder of Deadline letter late on 24 June from the Minister of Mines referring to a new deadline of 30 June 2022.

The Company remains confident of its compliance....including the signing of the Umbrella funding Agreement by the end of June 2022 which will demonstrate the full funding and any attaching remaining conditions.

For a second there was worried that kefi would leave things to last the minute sorry but you have laugh though I may be taken away be the men in white coats by the 30th at this rate :)

Link no longer works for me either suggests the article has been pulled.

Tayaramecanici

Found the article by simply googling kefi this morning not that long before the market opened no one sent it to me. Date probably different because of the time difference in Ethiopia and me not having mastered googling in my sleep.

As harry commented in the article it includes a response from the company.

As for the mining ministry things are a bit haphazard there generally.

No point me saying the article is confirmed or not confirmed I assume this is what Harry meant when he said he would talk to the Ethiopian papers if he anything has been missed out or is inaccurate up to him and the company to say so.

Think it can still go either way with licence and even if it is lost the present shareprice does not even reflect the KSA but that's just my opinion.

"After Wednesday’s announcement, according to sources the Ministry had sent a letter to KEFI to submit their financial report until June 30, indicating that if not adhered to, the termination will continue."

Part two
Based on the notice, the Ministry had given KEFI up until the end of July 8. But since the Ministry foresaw that the company would not fulfill its conditions within a few days, they went through with the revocation. However KEFI argues that it is in good condition to fulfill its request
KEFI says it has maintained the full funding syndicate for the project. It plans to sign the funding “Umbrella Agreement” during the month June to demonstrate the full funding commitment, especially to the Ethiopian Ministry of Mines.
“The Ministry did not volunteer to have discussions with us,” explained the exploration firm.

After Wednesday’s announcement, according to sources the Ministry had sent a letter to KEFI to submit their financial report until June 30, indicating that if not adhered to, the termination will continue.

Kefi Gold & Copper PLC – Cyprus-based gold and copper exploration and development-company has projects in Ethiopia and Saudi Arabia.
With a Probable Ore Reserve of 1.05 million ounces and Mineral Resources totaling 1.72 million ounces of gold, KEFI is advancing the Tulu Kapi Gold Project in Western Ethiopia towards development.
The Tulu Kapi Mining Agreement between the Ethiopian Government and KEFI was formalized in April 2015. The terms include a 20-year Mining License, a 5% Government free-carried interest and full permits for the development and operation of Tulu Kapi.
The government became entitled to a 5% free-carry interest in Tulu Kapi upon granting of the Mining License in April 2015. The Exploration Licenses held by KEFI Minerals (Ethiopia) Limited cover an area of approximately 200 square kilometers over and near the Tulu Kapi deposit.

https://www.capitalethiopia.com/capital/gold-exploration-firm-on-verge-of-losing-license/

Part one
KEFI Gold & Copper PLC, of the Tulu Kapi Gold Mine project opposes the decision of Ministry of Mines in the termination of its license. Takele Uma, Minister of Mines announced on Wednesday, June 15, that the Ministry has revoked 972 licenses of which the Tulu Kapi Gold mining project has fallen victim.
“The government is applying lots of pressure to proceed, and we can understand that, however, we have been a bit shocked to hear the news of the termination on media to which we had no knowledge about. We did not receive any notification whatsoever which is shocking and disappointing,” said Harry Anagnostaras, executive chairman of KEFI, indicating that KEFI applies conventional industry project finance structures for the development funding.
“These companies did not comply with the terms of their exploration and production licenses despite the repeated warnings given to them,” Takele said.

KEFI is processing debt from Africa development banks, TDB and AFC, and is capable of demonstrating full funding plans and capacity whenever requested by the government,” said the chairman adding that, “We are spending a lot of money preparing the procurement, and with hard work and diligence too. I think we are the only company working like that especially in the current status of the country.
“So far we have invested 80 million dollars and have made a good discovery and established a world class plant,” said the chairman, adding, “We were prepping for the full project launch for each project as soon all conditions were met in terms of the security situation in the country as it improves. We were planning to start construction in the dry season around October.”
Authorities from the ministry argued that the main issue with KEFI was the finance, to which they did not start their operation on time, in addition to not showing the capability to finance the project and not showing visible progress. “We have been giving them notices for several times and six month ago the ministry gave them the last warning to submit their financial status and ability,” stated the Mines Ministry.

Cracker10 Your post is about as accurate as you saying that two chairmen of kefi had committed suicide.

Gambella is a long way away from TK. When the news of the attack at the village of Tole broke followed that to. No serious commentator doubts it was carried out by OLA with the help of some local collaborators.

Tole is actually between Gimbi town and Nekemte so stretching it to say it was near TK.

If you are paying for all this information maybe you should ask for a refund. Maybe its the same analyst that said Inchcape was going to be white knight to kefi if you bought in then on the back of that you can hardily blame anyone here.

“I only deal in facts” lucky you said that or the casual observer would think you are just making it up as you go along. A bit like in one post saying do not worry about the Chinese then in another saying TK would be sold to the highest bidder.

The previous Chairperson of kefi was Jeff Rayner who is still very much alive https://www.kefi-minerals.com/people/senior-management

From memory there was someone who was on the board for a while who had money problems and depression after they retired not that uncommon unfortunately.

Agree with you about Harry genuinely wanting TK to work and open up the Ethiopian mining sector its not just about the money with him think he has fallen a bit in love with the Ethiopia and its people.

As for the RSA think the better more easily funded and exploited prospects are there get Jibal Qutman back and it can be funded for peanuts with a SIDF loan then Jibal can fund everything else especially Hawiah. Just funding would be miles easier would not have to have all the moving parts and a consortium to keep on side.

One problem with TUB is never sure how much is political grandstanding with him but those kind of shenanigans do actually hurt and slow investment into a country.

Think shareholders will generally back Harry till the situation is clearer if it goes wrong in Ethiopia he could well be toast if he pulls it of he will be everyone's hero that's just the nature of things.

Thanks Urai5.

Urai is a long term holder posts mainly on the German wallstreet online kefi board. Ethiopia has gotten several Grants more recently than that. The list on revoked licensee is probably irrelevant really as well out of date.

https://www.garoweonline.com/en/world/africa/world-bank-to-provide-war-torn-ethiopia-with-715-million

Urai5 Guess I and everyone else is just exhausted by how long this has gone on. Mood not helped by the derisory share price which does not even reflect a fraction of the Saudi prospects.

Members of the consortium might want more guarantees of security but makes sense for the Ethiopians to play ball as need western investment as well as Chinese into their country and they will improve security anyway in the region otherwise it would be very politically damaging to their government.

Seriously a twitter feed of a press conference in Amharic that’s inaudilbe and a screen capture of an article that might well be totally unreliable probably from a source that has been misleading in the past in previous articles that also said kefi was going to lose their licence then it did not happen.

Agree the company has to do more than answer a Q and A and reply to a tipsters email and actually lay out what the state of play is and the company often sucks in informing shareholders of what is going on but give me break.

As for the security situation company can do nothing about that its in the government hands but after the attack the other day government likely to flood the whole area with troops short term, medium term beef up the troop levels medium term and longer term get into talks with the rebels. The incident was so shocking and got so much publicity locally and at a national and international level government will not be able politically drag its feet so will massively improve security in the area.

Sorry should have mentioned it is the exploration areas not TK main mining area i am talking about.

Shows a allowed active application think its been that way since march for months anyway would be overruled by kefi agreement connected to TK launch with the Ethiopian government covering exploration areas. From memory think it was gone into at the time. (months ago).

Urai5 later post by a different poster saying the same thing its from a article in https://www.ethiopianreporter.com Avaitor did not fake it looks like the reporter and paper were fed inaccurate information.

You would be a bit more convincing if you did not have 9999 in your user name suggests you got it wrong nearly ten thousand times.

Company should respond to Kefi shareholder directly even if it is just on the Q.A section not just rely on a subscription article that only a minority can read.

Make more sense to announce any good news next Monday or Tuesday and let the share price run.

TK still shown as TKGM (kefi subsidiary) kefi given longer to show progress. That many I would think most are small scale mentions illegal trading so probably includes a lot of operations that are illegally exporting to avoid tax.

Was a post earlier today "the joint committee formed by the Ministry of Mining and National Bank of Ethiopia has decided to adjust the incentive purchases and the overall purchase price for traditional gold manufacturers."

Suggests they are trying to gain revenue from artisanal miners where gold is being smuggled out as does the two links at bottom of post.

"The gold market increased by 35 percent from global gold prices to enable direct manufacturers to take advantage of their illegal gold."

https://www.fanabc.com/english/ethiopia-revokes-licenses-of-972-miners/?utm_source=rss&utm_medium=rss&utm_campaign=ethiopia-revokes-licenses-of-972-miners

https://ethiopianmonitor.com/2022/06/22/11-month-gold-export-generate-513-9-million/

Bit more detailed.