Member Info for Robjm66

That’s your trouble Plump you always want a bargain they did try something like that once but it did not raise enough money. What was more important was financing TK at the project level.

Longer term better to get a Saudi listing like AmaK and put an extra zero on the end of the market cap (slide 27)

https://www.kefi-goldandcopper.com/files/presentations/kefi-investor-presentation-q1-2024-4feb24a.pdf Maybe you should push for that?

Https://www.kefi-goldandcopper.com/files/presentations/kefi-investor-presentation-q1-2024-4feb24a.pdf John slide 12.

Sorry tried to sign up once to TW but could not get it to work probably a good things as means i got in the habit of Dyor. Considering the high inflation rate that sounds not a lot but ditto here. However probably most of the deal will be done in dollars through the two African banks https://www.kefi-goldandcopper.com/files/announcements/kefi-tulu-kapi-update-5oct23.pdf

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Smellyben getting a good deal because of several reasons, one the international companies have their money locked up in the country and this is a way to repatriate some of their profits, two its African banks which the Ethiopian government is a member of, three a chunk of the money will need to paid back well down the track when kefi should have two mines operational, four Ethiopian government needs to attract international miners which one of the reasons kefi mentioned the other miners in the RNS after all would have Allied have got involved if kefi had not done most of the heavy lifting regulations wise.

I think kefi does have a good idea of what share it will get as “Discussions have already commenced with well known industry-specialist financiers. We have deliberately withheld commitments on this until now, when the rest of the funding package is clear.” If they know the funding package and now feel free to discuss it with speciality financiers they probably have a very good idea which they will likely announce post board approvals of all parties.

DSRT Government would not spend anything unless it was sure things were going ahead also mentioned were bridges. There is already an Airstrip there though longer term might need it upgraded doubt we are talking Heathrow. Things will get done in stages anyway throughout construction and if the Ethiopian government could not cover its end local subsidiaries of multinational corporations could or the africian banks could. Not that see that a happening as once you have full go ahead the Ethiopian government will be able to borrow the money if it needs to.

Can see from satellite photos that they have built a church, school and are dismantling the old camp site and doubt they would lie about actually receiving some of the electrical equipment. They teams on the ground the cannot fib about either as would be picked up on by the consortium partners.

DSRT maybe read it for the third time.

"The Ethiopian Federal Government also attended and reaffirmed its equity capital investment has been fully documented, committed and already partly invested." "Partly invested probably..electricity contractor procuring all (and taken delivery of most) of the equipment required for connection to the mains grid; and road contractor completing upgrades to some bridges on existing routes, as well as the surveys of the new additional all-weather access road.

Suggest you reread the RNS DSRT clear that all the parties committed to the board approval stage after the recent meeting of kefi the banks and the Ethiopian government they would hardily do that unless all the parties expected the second bank to say yes from the impression that that bank gave.

The Company can now report that all the other parties in the funding syndicate, have advised they will this month go to their respective committees to approve the proposed transaction. (this month)

Also The contractors in the syndicate have all reaffirmed their intention and readiness to enter into the already drafted definitive documentation (already drafted..)

Community and Physical Preparations…

Having received the recent clarifications, the subsidiary-level equity-ranking product-linked funding piece of US$20 million can now also be finalised. Discussions have already commenced with well known industry-specialist financiers. We have deliberately withheld commitments on this until now, when the rest of the funding package is clear. (notice the last line)

Https://www.miningweekly.com/article/tulu-kapi-stakeholders-commit-to-proceed-with-project-development-2024-02-13

A major plus is you will get everyone who has not already signed of going to committee sign off at the same time rather than a dribble of sign offs.

Https://www.kefi-goldandcopper.com/files/announcements/kefi-tulu-kapi-project-update-13feb24.pdf there you go.

HtTps://www.proactiveinvestors.co.uk/companies/news/1040815/kefi-gold-says-funding-syndicate-to-submit-proposals-for-approval-this-month-1040815.html

"The Ethiopian Federal Government has also reaffirmed its equity capital investment has been fully documented, committed and already partly invested, according to the statement."

That's they way I read it as well no money from parent company for the project needed at this time..just "repayable in cash or equity at KEFI's election as from year 4 at then market prices" obviously kefi will pay it out of cash from production unless kefi share price is a very large multiple of what it is now four years down the track by then should have at least two mines on the go.

From Estseon kefi Advfn thread

There remains the $20m special finance but it sounds like some kind of royalty deal. It won't rank as equity.

The Federal and Local Governments will be the JV partners providing the increased amount of $40m at TKGM level taking c30%.

The equity risk notes ($70m) are repayable in cash or, at Kefi's option, in Kefi shares issued at market value at the time of redemption of the notes from year 4 (presumably at least 3 years after commencement of production but that needs to be clarified). The interesting twist on this part of the finance is that the finance will be provided in local currency but repaid in 'hard currency'. That might have required a bit of negotiation with the Central Bank.

The original senior debt offer from the banks was $110m (see RNS 19/06/2020 for instance). They are now providing $190m.

Before taking account of the massive amount of our cash invested in this project, only $210m of the $320m funding will be in 'hard currency'. Federal government will be providing infrastructure including the power link to the hydroelectric dam and Local government, I suspect, will be principally funding the relocation of families.

9° 4'55.57"N 35°33'5.09"E google earth old camp being dismantled

9°04'55.6"N 35°33'05.1"E Church and not far away school Kefi built

Things are already happening on the ground.

"The Company can now report that all the other parties in the funding syndicate, have advised they will this month go to their respective committees to approve the proposed transaction."

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"I look at Centamin (CEY), Kefi Gold & Copper (KEFI), Bluebird Merchant Ventures (BMV), Ariana (AAU) and Amaroq (AMRQ)"

"it's like clockwork" yeah TCM predicts a placing about every two weeks.

TCM someone who predicted forty of the last two fund raisings.