The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Is there a succession plan in place? After Harry was suffering from covid recently, is there sufficient experience on the board to continue with the companies masterplan if something happened to Harry?
A. Yes. And the team caters for emergency succession.
Q. In a recent interview Harry seemed to bring the Jibal Qutman mine start forward (maybe sooner than Tulu Kapi). Have you been given an indication from the Saudi authorities that the mining licence is imminent?
A Yes. As a result of a new regulatory system, we have received indications from the Saudi Arabia’s Government that the Mining Licence would progress in 2022. On the back of this encouragement, development planning studies have recommenced at Jibal Qutman.
Q. With the recent Ethiopian civil war/fighting now fading - hopefully, how important is the fact that Jibal Qutman is close to the Yemeni border? How close is the conflict in Yemen to that part of the
border?
A. Jibal Qutman is not close to Saudi Arabia's border with Yemen so is not impacted.
Q. What are the specific conditions required to action the Tulu Kapi funding instruments?
A. The regulatory disclosures set out the description of material conditions. The details of subsidiary conditions per individual party are commercial in confidence.
Q. What stage are these conditions at as of today?
A. Security is a matter for continued satisfactory conditions, government approvals are in process, definitive documentation, insurances and international bank account opening procedures are in process.
Q. I see that some Saudi mining licences have recently been opened to competitive bidding. Will our interests also require a competitive round?
A. None of our licences could be put out for tender.
Q. An Ethiopian media article has reported that the Mining Minister says that they have asked Tulu Kapi to submit details of their financial reliability. Is this the case and, if so, have you done so or are you awaiting EG sign off on this or other matters?
A. Typically we don't respond to media reports. However, It is important that we now proceed to financial completion in accordance with the latest plans agreed with the Government. Indeed, we have in the past reported that the Government has warned of administrative consequences if we fail to do so and we have also reported that all of our finance syndicate members have made it clear that they wish to proceed according to plan subject only to normal safety and compliance procedures.
Posted 06 June 2022
https://www.sudanspost.com/ethiopian-rebels-reportedly-in-secret-talks-with-federal-government/
Is any directors’ remuneration not disclosed in the annual report?
A: No.
Q: Has KEFI ever liquidated any of its subsidiaries? And have any officers been paid anything via those subsidiaries?
A: Dormant subsidiaries have been wound up when they no longer served a purpose. No payments have been made via dormant companies, but the main point is that reported remuneration covers any payments by the KEFI Group as a whole.
Q: What other business interests does any Director or officer have that potentially conflict with or could potentially provide services to KEFI?
A: No conflicts have arisen, and if any ever did arise, that would have to be declared and dealt with in the normal manner, as set out in governance charter and also then reported in the annual report.
Q: Do you object to answering such pointed questions?
A: No, they should be dealt to protect the Company’s good name. And defamation (intentional or unintentional) of individuals is also something to prevent by being open with the facts. We deal with first-tier international organisations and Governments and expect the highest standard of conduct of ourselves, our stakeholders and our counterparties.
stockready and Fukutu are the usual de-rampers we see. Both show a "concern" for the company about some incident that happened hundreds or thousands of miles away and "hope" it doesn't affect us. They can both get stuffed....
: An anonymous person posting on the ADVFN bulletin board has accused KEFI's Chairman of hiding his shareholding in KEFI and/or earnings received from KEFI into undisclosed corporate entities including subsequently liquidated entities. Any comment?
A: The Company’s audited annual reports disclose any and all shareholding and remuneration data as regards the Chairman and other directors. We are not aware of what this person is referring to. If anyone has genuine concerns regarding KEFI's Chairman or any officer, they should contact and supply evidence to the Company's Nominated Advisor SP Angel Corporate Finance.
Q. What is the exact timetable for the resettlement of the local population at Tulu Kapi?:
A: One group of people at the electrical substation area is being moved as soon as authorities allow. Likewise the armed security force at site, moving to a new adjacent security barracks. The rest of the people are moved to their pre-finished new homes and farm lands within the first half of the 24 month construction timetable. There are about 10 stages of moves for the different site locations.
Q: Does the Kefi management intend to set up a webcam at Tulu Kapi?This would allow 1:1 tracking of progress; would build a lot of confidence among current and potential investors.
A: There will be no problem publishing photos and videos. We already have webcam facilities already at our sites, but not for external audiences.
When EG (who are big investors in this company) confirm these agreements shortly - THAT'S when we can light the blue touch paper!
The syndicate has decided to proceed. And the progress is now in the hands of the government, especially the security systems side of things but also some administrative things. I find it difficult to imagine those things not being done.
all looking good...
Q. Can you tell Shareholders more about the New Institutions on Board on this last placing and maybe any holding details or more information in regards to their participation?
A: They are mostly large institutions which are likely to end up investing more than they did on this placing. The regulations require them to declare when they go over 3% of KEFI so, unless they have split their holdings somehow that does not require disclosure, at least one will declare over 5%.
Q. Has the indigenous population been completely relocated from the mine site area?
A: No. We prepare for it but that would require over $20 milionl to be spent which should not be done prematurely.
Q. With just over 5 weeks away from a historic moment in history for KEFI and its Shareholders, can you Harry put some meat on the bone where possible what we will be seeing/expecting as regards to progress towards this fantastic milestone for the company and its Shareholders in regards to RNS`s steps or are you just going to tell the market we are "heading to sign"?
A: We announced last week from Capetown the decision of syndicate to sign umbrella agreement and we will announce when done. Before and after we will keep reporting progress to full launch.
Q. Harry are you still rating success of signoff as 10/10, also are you more confident of getting TK Finance signoff over the line since your meeting in South Africa with the Syndicate and why?
A: The syndicate has decided to proceed. And the progress is now in the hands of the government, especially the security systems side of things but also some administrative things. I find it difficult to imagine those things not being done.
Q. Should you not get the TK Finance signed off, would you consider this to be your biggest failure and therefore step down but on a positive, if you get TK over the line stay on until all three projects are in production, how do you see your future in Kefi as it been a difficult time in regards to quality family time and the Ethiopian War?
A: I do not see the past geopolitical issues as the failing of any one employee of KEFI. The board has reviewed arrangements with all senior people to build a mid-tier producer over the next 5 years and my role will see me taking off some of the hats I wear today as the team grows. Of course shareholders may vote off the board any time they wish and one-third directors retire by rotation regularly.
Is ARTAR domiciled in Saudi or another country? Some bulletin board posters are casting aspersions on their character. Any comment?
A: Abdul Rahman Saad Al Rashid and Sons Limited (“ARTAR”) is our Gold and Minerals Limited (“G&M”) joint venturer. The family has businesses internationally as well as in the Kingdom. KEFI considers itself lucky to have such a respectable international family office as our partner and we will make no comment on anonymous bulletin board comments.
apparently we've raised 28 quid
https://addisstandard.com/business-kefi-approves-capital-raisings-of-1-8-bln-etb/
yep - not looking too bad. btw - here are the votes of the Jury;
https://www.kefi-minerals.com/files/files/KEFI-GM-Voting-Results-May22.pdf
all looking up for the second biggest economy in Africa
https://finbold.com/ethiopia-is-finally-launching-a-stock-exchange-with-the-first-50-firms-already-on-the-list/
given that our huge Saudi assets are priced in at zero at the moment it's a bargain. But everyone wants TK off the mark first - which will release the capital to really make some dosh - well worth holding long term...