Member Info for tintin35

KEFI (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce that on the 30 June 2022 the Tulu Kapi Gold Mines Share Company ("TKGM") project finance syndicate signed a funding 'Umbrella Agreement' as outlined in the Company's announcement on 15 June 2022.

The Umbrella Agreement sets out the role and contribution of each finance syndicate member in relation to the Company's Tulu Kapi Gold Project ("Tulu Kapi" or the "Project") and, whilst reflecting the conditionality of the plan and intended flexibility within the syndicate, it sets out a full funding package, covering historical and budgeted future expenditure.

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.

The funding structure has been designed in strict compliance with the policies and guidance of the National Bank of Ethiopia (the central bank). The plan has also been approved unanimously by the Board of Directors of TKGM, which comprises KEFI and Ethiopian Government representatives and it remains consistent with previous Company guidance as notified on 23 August 2021.

The Project action plan now includes the following key steps:

· The Company has completed the assembly of the information requested by the Ministry of Mines and has started conducting meetings with the Minister and his team to clarify any aspects. The Minister has agreed to a progress review at the end of July 2022 to ensure a satisfactory outcome;

· to formalise the outcome of successful meetings last week with the principal Government agencies which administer financing policy whereby a key condition precedent was satisfied in-principle - that both of the Company's longstanding banking groups have the right to invest and lend on the same terms;

· 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;

· to finalise the individual definitive agreements for the Project financing and the contracting services for Project implementation; and

· to arrange execution of Project insurances.

still no rns? No way they can not send something out...

am expecting all singing and dancing RNS tomorrow morning - otherwise it's gonna be a v awkward meeting....

KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has denied press reports in Ethiopia that it has lost the licence for its Tula Kapi project.

The explorer and developer, with projects in Saudi Arabia and Ethiopia, said it received a Reminder of Deadline letter on 24 June from the Minister of Mines reiterating a new deadline of 30 June to show availability of project funding.

KEFI will also need to check compliance as regards the environment, taxes and duties, land rent and exploration reports.

The company said it is confident that it has complied with all regulatory requirements and said it believes in its ability to achieve its plan.

Shares dipped 6.9% to 0.6p just before close on Monday.

gotta believe...

coming back over 0.6p now - hope people filed up.....

filtered CVM 13, CVM999 and CAVLM9

you'd thnk he must have been banned for spreading rubbish or something? reported....

and noticed that I'd also filtered quite a few posters that were remarkably similar in name to CalVM9

you'd think he could come up with something more original?

hmmmm...anyone got any questions for the AGM?

weird choice of words - it's been revoked but they'll stop revoking it if the money comes through? MoM getting tired of Harry. I agree he needs to go if nothing comes up by Thursday....

fingers crossed it happens. In many ways TK has been a millstone round our necks. The last fundraises can get us powered up in Saudi and on our way.

I guess we're gonna find out pretty soon then. This would be a massive lost opportunity for the investors so can't see why they would not sign this week. Either way, the SP doesn't even reflect our Saudi assets so any further drop will not be that great in my opinion. But if they come up with the goods? :)

This is what we have been waiting for for years! Assuming all parties say yes (and they will all make a lot of money out of this) we could 3 or 4 bag this in the next two weeks. Can't understand the sellers....

"In Saudi Arabia, we now have two development projects in progress after being held up for many years awaiting a regulatory overhaul. We are looking to develop our Jibal Qutman Gold Project and then to follow with the start-up of the Hawiah Copper-Gold Project. Both projects are growing, but already in the feasibility study stage and, combined, the KEFI interest therein is already projected to exceed that of the Company's Tulu Kapi Gold Project in Ethiopia in terms of NPV and cash flow generation.

"Drilling at Hawiah during 2022 should not only further grow the copper-gold resources but also upgrade the classification to the confidence required for mine planning in the PFS, to be completed by the end of this year. Drilling at Hawiah and the nearby Al Godeyer Prospect is also targeted to provide additional near-surface oxide gold resources to be mined first in open pits, expediting first revenue, prior to the underground mine and base metal processing facility being developed.

"With recent encouragement from the Saudi Government, Jibal Qutman is likely to be developed first as KEFI has already commenced work to update the PFS completed in 2014. The preferred development approach for Jibal Qutman is now likely to be a straight-forward CIL gold processing plant, at a larger scale than previously envisaged, as the economics for mining and processing the whole resource now are much more robust at the higher current gold prices. Another important consideration is that project financing in Saudi Arabia will not require foreign banks and that Jibal Qutman will not require the resettlement of communities.

"Our teams in Saudi Arabia and Ethiopia are all working hard towards potentially developing both Jibal Qutman and Tulu Kapi in 2023 and then Hawiah shortly afterwards."

All looking good;
Hawiah Exploration Licence ("EL") has been renewed for five years

· Drilling programmes are proceeding as planned at both Hawiah and adjacent Al Godeyer ELs, with four drilling rigs operating across the licences

· On track to complete new Mineral Resource Estimates and Hawiah Preliminary Feasibility Study ("PFS") in Q4-2022

Jibal Qutman:

· Discussions with the Ministry of Industry and Mineral Resources regarding G&M's Jibal Qutman licence applications continue, and the Company remains hopeful this this matter will be resolved in the near future

· Accordingly, G&M have initiated actions which will allow this project to be advanced rapidly. These include:

o Independent audit of Mineral Resource Estimate;

o Detailed mine planning and scheduling;

o Engagement of Lycopodium to complete a 2 Mtpa carbon-in-leach ("CIL") Detailed Feasibility Study ("DFS") by December 2022; and

o Updating the environmental and social studies to comply with new legislation.

· The intent is to be in a position to trigger project financing formalities for development commitments as soon as the necessary clarification is obtained

· A relatively quick financing and development schedule is targeted because the Saudi Government has simplified and sped up regulatory clearances for development and the financing thereof

It's good to see their confidence. So much to happen in a very short timescale. I think investors are waiting to confirmation of security issues before buying in. But this may come on the same day as the umbrella announcement - which will be far to late to buy in at these ridiculous prices....

What does the Tulu Kapi Umbrella Agreement comprise and when will the full funding package be in place?

A: Please refer to the RNS “Ethiopia Development Update” released 15 June 2022.

Q. Will shareholders be able to ask questions at the upcoming AGM?

A. Certainly. And other questions recently received, particularly regarding disclosure in the Company’s Annual Report, will be answered at the AGM and available online (details to be provided closer to the AGM).

Q: Can you confirm that resettlement has taken place in the Substation, Plant and Mine areas?

A: Resettlement approvals from the company (and the requisite funds) have been handed to the local authorities and the households in the substation area. The move can take up to the statutory 90 days. As stated in the presentation the next will phases will be various parts of the plant site and then the mine site. But that will be staged over a 12 month period and cost over $20 million, so it is not shareholders’ interests to trigger that prematurely from a financing viewpoint.

Posted 15 June 2022

done so far;
Project activities undertaken in the last month included:

· Receiving a final pricing proposal from the mining contractor, which is being reviewed;

· Commissioning further refinements of the process plant construction contract and pricing. Current supply chain strains internationally warrant intensified due diligence on this matter;

· Collaborating with the local Government authorities to implement the first stage of resettlement and compensation under the agreed protocols as per World Bank IFC Performance Standards;

· A multitude of community and local-authority engagement meetings;

· Presentation at the Mine Africa forum in Toronto to promote Ethiopia for mining development (the presentation will be available on the KEFI website: https://www.kefi-minerals.com)

If this isn't happening in the next two weeks then this rns is staggeringly over confident!

As you say - Game On!

Given the disastrous performance of the (on the face of it) much superior TPLF army I would imagine the OLA would do well to keep the hell out of it. Especially as the EG has nothing much else to do now and Abiy is keen to crack down on security. This sort of stuff has been going on for years. It won't stop Kefi (and the EG with their stake in the company's future).

link please.....