Member Info for tintin35

no dodgy investors here

Africa Finance Corporation, to date, has invested over US$ 6.6 billion in infrastructure projects, across 28 African countries

TDB was a large financial institution with assets exceeding US$5.56 billion. The bank had 38 shareholders, across two classes of shares, with shareholders' equity in excess of US$1.19 billion.

few chunky buys coming through....

bought a bunch more at 0.6p - difficult to see how you can lose at this price when you factor in the huge Saudi assets. The licence was extended (again) till end of July so am expecting more news in next week. Most of it is down to EG approvals - who are heavily invested here - so difficult to imagine they would want to see any further delays on their part.

"Work is gathering pace on many fronts. We are firmly on track to achieve the following milestones in Q4 2022: in Ethiopia for financial close and the launch of construction of our Tulu Kapi Gold Project and in Saudi Arabia our larger Hawiah Copper-Gold Project to deliver its PFS.

"In addition, we have other exciting developments in Saudi Arabia. Our Jibal Qutman Gold Project is fast-tracking its DFS, mining licence and financing work so as to launch in 2023. Plus we have been greatly honoured by the Saudi authorities to be granted two new exciting gold exploration projects.

"KEFI now has an excellent project pipeline in two fast-improving (for mining) large jurisdictions within the highly prospective Arabian Nubian Shield. Three development projects lined up for sequential construction schedules leading to combined production of c. 400,000 oz gold or gold-equivalent per annum by 2026. Plus exciting earlier-stage exploration projects which can be addressed concurrently.

"This marks the beginning of an exciting chapter for both our joint-venture partnerships and continues to demonstrate our ability to operate as a first-mover explorer and developer in challenging environments."

In collaboration with the regulatory agencies at all four levels of the Ethiopian Government, notable progress during Q2-2022 included:

· initial community youth employment programmes being established which support the project, such as those covering road maintenance and expansion of revegetation nurseries;

· the Ministry of Mines has now audited and endorsed the historical project costs incurred up to 2020 of c.US$80 million and can now report this to the Ethiopian central bank; and

· the central bank has now permitted that both development banks be allowed to lend on the same terms and formal ratification is awaited from the Government.

As with Jabal Hillit, large crush and dump piles can be found across the tenement with ancient miners clearly targeting the quartz-vein gold mineralisation. USGS sampling of vein material from these crush dumps reached up to 46 g/t of gold.

The G&M regional exploration team are gearing up for a busy summer of mapping and sampling within these new licences to ground truth historical data, extend the known limits of mineralisation and define the structural framework controlling mineralisation, ahead of more advanced exploration works this year.

Jibal Qutman Project Developments

As previously reported, ARTAR (on behalf of G&M) has been actively engaged in discussions with the Saudi Arabian Ministry for Industry and Mineral Resources ("MIM") regarding its mining licence application. These discussions have now reached an advanced stage and it is the view of G&M's management that a positive outcome to these discussions is now imminent.

In line with these discussions, G&M will need to submit an updated Development Plan and Environmental and Social Impact Assessment to enable the resubmission of the mining licence application under the new Saudi Arabian Mining Investment law, ahead of the award of the expected Jibal Qutman Mining Licence ("ML").

In advance of this, it is anticipated that G&M will be granted three exploration licences covering the Jibal Qutman area to enable the above studies to be completed.

As announced on 16 June 2022, G&M has engaged Lycopodium to complete a Detailed Feasibility Study ("DFS") for Jibal Qutman by December 2022. In addition to this, the Company has initiated steps to re-establish its operational base in the nearby city of Bisha.

Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:

"Work in Saudi Arabia is gathering pace on many fronts; our Hawiah Project is firmly on track for the delivery of the Preliminary Feasibility Study by year end, we have exciting developments on the Jibal Qutman Gold project and now the granting of these two additional exploration licenses. The award of the exploration licences, which contain known high-grade gold occurrences provides an exciting opportunity to make further discoveries at a time where the country is focused on developing its mineral resources.

"This expansion of our regional exploration portfolio highlights our commitment to organic growth and our desire to discover and develop additional assets in the highly prospective Arabian shield. At Jibal Qutman, developments are particularly encouraging and should allow for a fast-track development schedule, targeting near term gold production. This marks the beginning of an exciting chapter for the G&M joint-venture partnership and continues to demonstrate our ability to operate as a leading explorer and developer within Saudi Arabia."

Two additional exploration licences Jibal Hillit and Qunnah (collectively the "Exploration Licences") have been awarded on an initial five-year term

· The Exploration Licences have historically yielded grades of up to 15.3g/t at Jabal Hillit and 46 g/t Au at Qunnah, hosted in quartz-veins

· Positive progress has been made in discussions with the Deputy Minister for Mineral Resources relating to the Jibal Qutman Project - anticipated resolution in the current quarter

Jabal Hillit and Qunnah Exploration Licences

The granting of the Exploration Licences represents the start of a new and exciting phase of exploration and discovery for the Company. These licences are situated approximately 30km apart, straddling the Ad Dawadimi and Afif terranes in the eastern portion of the Arabian Shield (see map in the appendix accessible via http://www.rns-pdf.londonstockexchange.com/rns/0896S_1-2022-7-11.pdf. Both represent attractive gold exploration targets, and the granting of the Exploration Licences represents a new frontier for the G&M exploration team.

· The Exploration Licences are situated within the eastern area of the Arabian Shield, located 30km apart and cover a combined area of 184.29 km2 of prospective ground

· 23 known gold occurrences have been historically documented, with significant ancient workings located within the tenements

· The Exploration Licences have identified gold within shear-hosted quartz veins, with grades of up to 15.3g/t at Jabal Hillit and 46 g/t Au at Qunnah as noted by the BRGM and USGS

· The Exploration Licences present an excellent opportunity to make discoveries within a highly prospective and under explored area of the Arabian shield

Mineralisation within the Exploration Licences presents as north-west trending gold-bearing, structurally controlled quartz veins. Work conducted during the Bureau de Recherches Géologiques et Minières ("BRGM") and United States Geological Survey ("USGS") reconnaissance programmes of the 1970s and 1980s, remains the only modern exploration to have taken place over the sites, with basic mapping and rock chip sampling confirming the presence of high-grade gold mineralisation and outlining the key areas of interest.

Jabal Hillit represents the more advanced licence with 20 mapped gold occurrences across five main vein packages cutting across the licence. Veins have been shown to strike discontinuously for 1,500m with widths of up to 2.5m, hosted within meta-volcanic units. USGS mapping also rediscovered the ancient ruins of the Umm Adher gold mine, which now sits inside a fenced archaeological site within the licence area. BRGM sampling of dump piles associated with this ancient mining showed gold grades of up to 15.3 g/t.

Located 30km west of Jabal Hillit, the Qunnah exploration licence area also presents with gold-bearing, structurally controlled quartz veins within three main areas. As with Jabal Hillit, large crush and dump piles can be found across the tene

at 0.599p - there is no justification for this price - Saudi starting in the next year worth way more than that on its own.....

This is a huge project with lots of different investors, banks, insurers, contractors and Government departments involved and the media seem to think Kefi just turn up with a bag with $80m dollars in it and plonk it on someone's desk FFS....

yeah - media not exactly covered themselves with glory in their reporting of Kefi news.....

Q: Can you please respond to the points made in the Ethiopian Reporter newspaper article on 2 July 2022? What exactly are the issues? Please explain why it is presented as some sort of disagreement between the Company and the regulator.

A: The media again present the story as a disagreement but it is really a case of confusion that requires discussion and explanation – to the various Government agencies. The confusion often arises on a couple of aspects:

The central bank has set policies that regulate debt-to-equity capital ratios by taking into account historical as well as future investment. So on this aspect, our past investment (of approximately US$85 million) needs to be taken into account as well as future equity contributions and debt capital, to ensure we comply and remain within the 70% debt-to-30% equity policy. Our overall plan is well within those policy limits.
One other point which can cause confusion is that, whilst KEFI has arranged within the TKGM project finance syndicate for everyone to set aside the equity and debt capital for the project’s future spending (budgeted at approximately US$240 million), these funds do not flow until all financing conditions precedent are satisfied based on independent certification.
The satisfaction of most of these conditions precedent is in the hands of various Government agencies and not with KEFI or TKGM. We have in the past few days reported to the Ministry of Mines the details of the large institutional lenders and investors and have also listed some of the conditions for the release of funds.
As reported over the past year, KEFI has also made arrangements to provide additional funds from within the financing syndicate due to possible cost-inflation. We need to finalise construction contracts before locking in the amounts and then setting aside of those funds.
Please bear in mind that mining project finance transactions are new to the country and its media and it is perfectly understandable that regulators need to be comprehensively briefed. We have only just submitted to the Ministry of Mines detailed explanations and they will need to assemble their questions for us to answer when we next meet.

Posted 03 July 2022

Shares in KEFI Gold & Copper PLC jumped Thursday in early trading after the mining company said that it has been told by the Ethiopian government that the Tulu Kapi license isn't cancelled.

The Ethiopian Minister of Mines told the company that recent media reports of license cancellation were inaccurate, and confirmed that the regulator's review will continue to ensure the earliest possible launch of the gold project.

In addition, KEFI said that it has signed an umbrella agreement with the project's finance syndicate setting out a full funding package.

"The signing of the umbrella agreement is a very important step and we look forward to completing the outstanding matters that will allow for full project construction to commence in the Ethiopian dry season, starting in October 2022," Executive Chairman Harry Anagnostaras-Adams said.

Shares at 0835 GMT were up 39% at 0.71 pence.

https://www.marketwatch.com/story/kefi-shares-rise-as-ethiopian-government-confirms-support-for-tulu-kapi-project-271656578843

A security specialist was recently involved in monitoring and supporting some actions that we took to discretely protect our people on the ground and I would like to take the liberty to share one of that expert's comments. The comment made in the wrap-up report was as follows: 'I appreciate the professionalism and commitment you and your colleagues displayed during the circumstances experienced last week. All the individuals involved barely needed assistance and knew exactly what to do (and not to do). I would feel extremely safe if I was an employee of KEFI in Africa.' I share this because I am proud of our team's integrity, dedication and professionalism. Our people in the field work tirelessly and usually below the radar of public recognition. I therefore would like to acknowledge our field teams publicly to our shareholders. And I am referring to our highly driven teams in both Ethiopia and Saudi Arabia as well as our specialists in Cyprus and elsewhere. I am deeply proud of all these teams and, although the share price does not reflect what we have achieved, we have indeed a very strong foundation for value creation here at KEFI - both in the discovered and acquired projects but also in the quality of our people and systems.

do we know who they all are now?

sorted;
to document the positive outcome of a successful inspection last week by independent security experts and to finalise with security authorities the requirements for Project launch at the start of the Ethiopian dry season in October 2022;

There has been some down right criminal news reports recently about this. Hope this gets investigated;

In addition, at a meeting this week between the Ethiopian Minister of Mines and the Company and TKGM's senior management, the Minister confirmed that the media reports of licence cancellation were inaccurate, that the Tulu Kapi mining licence is not cancelled and that regular progress reviews would continue so as to ensure the earliest possible Project launch.

I got the same for 0.69 - still onwards and upwards!

yes it is - and some poor suckers sold up at 0.4p a few seconds before the rns....

Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:

" The Tulu Kapi Gold Project has been designed to the highest international regulatory standards and has had historical investment of approximately US$80 million. The Project has assembled a first-class management team backed by a first-tier syndicate of African experienced specialist organisations and funders.

"No other mining project of this scale in Ethiopia has been brought to this stage of advancement during recent years and Tulu Kapi will be the first industrial scale mine development in Ethiopia in over 30 years. It has taken extensive technical re-design of the Project, overhaul by the Ethiopian authorities of financial policies which previously hindered mining project finance and the patient and cautious traversing of recent well publicised events in the country.

"We are taking all measures to drive the Project safely forward, respect the national priority to develop Ethiopia's mining sector and place the highest importance on social licence in the very supportive Tulu Kapi community. We are pleased that the Minister of Mines and other Ethiopian government officials have expressed their continued support.

"The deposit was discovered some 15 years ago, and KEFI itself was invited in some eight years ago to remedy the Project's technical defects, which took about two years. We then collaboratively reviewed, with Government agencies, the financial regulations prevailing in Ethiopia that hindered modern mining project finance and assembled a first-class international syndicate which all signed terms sheets in 2019.

"Since then, the syndicate has completed technical and legal due diligence whilst the Company ensured the Project could proceed on the ground, traversing previously reported challenges. The decision to trigger financing and Project launch procedures was confirmed within the syndicate last month, some three months after the Ethiopian Government lifted its national State of Emergency. We very much appreciate the collaboration and mutual trust with our Federal and Regional Government co-shareholders in the operating subsidiary TKGM and the multitude of government agencies with whom we deal daily.

"The signing of the Umbrella Agreement is a very important step and we look forward to completing the outstanding matters that will allow for full Project construction to commence in the Ethiopian dry season starting in October 2022."

bought a load more - waiting for it to be completed