Member Info for tintin35

Q: Assuming that you will be able to line up the required $19m for the Hawiah mine in 2024-2025, are you clear on the next steps required to get both the mine and the finance package approved by both the Saudi authorities and ARTAR?

A: KEFI knows what is normal internationally and what has been the pattern in Saudi Arabia. The Saudi authorities have recently overhauled their regulations to become more transparent, predictable and internationally conventional. So…yes.

Q: Assuming that you are clear on the steps required to get everything approved in Hawiah, do you have a plan and are you working towards having the required meetings, etc. with the Saudi teams during January/Q1 to get everything approved and the mine build process kicked off as early in the year as possible?

A: The process in Hawiah remains to complete the PFS and lodge the Mining Licence Application in 2022, complete the Definitive Feasibility Study and financing in 2023 and start construction on the back of Tulu Kapi coming into production at that time. There is a solid team on the ground doing all this.

Q: In recent updates, it was mentioned that there are 16+ other exploration licences within Saudi Arabia that are owned by the local joint venture company. Do you now have both a work plan and provisional budget in place that will lead to all of these sites being drilled, analysed and the results compiled into MRE and PFS documents within a 1-3 year period? If so, what is the high level plan to get all of this done?

A: We indeed have many applications but few licences get awarded at any one time. Today we have one licence. Upon the award of a licence, we progress early field work fast to progress it or chop it down to its core or potentially drop it. Surviving licences then have to justify further investment or be farmed out or dropped. This is the normal exploration cycle. To outline this per licence in the public domain is not the company’s best interests.

Q: Having listened to the status of the proposed Jibal Qutman gold mine, you really should have a plan agreed with ARTAR to get this situation resolved within a set timeline and be working together towards getting this done. Do you have an agreed plan and deadline agreed to get this completed and if so what is it?

A: We have for a long time downplayed Jibal Qutman because it is stuck in a regulatory quagmire. We work to a plan agreed with our partner and are working with the authorities on it.

Q: Based on the recent dive in the share price, obviously the company doing a (discounted?) share placement based financing round would be hugely dilutive and incredibly unpopular with the existing shareholder base. Please can you confirm that the current loan as well as any associated credit facilities can be extended in terms of repayment until sometime during Q1/Q2 of next year?

A: We always have and continue to use these bridging facilities to optimise the timing/pricing of capital-raisings from the view

f the Kefi team has such long running relationships with all levels of the Ethiopian stakeholders, how could you get caught out by this at the very last minute, just ahead of the Finance group meeting up to review and supposedly approve the new mine Finance package?

A: Escalated physical traffic and investigations as part of launch preparations flushed out expectations by parties other than the community itself. It needs to be dealt with now and the financiers would expect us to deal with all of its aspects ahead of launch.

Q: Having read and listened to Harry outline that early initial work is progressing to get the TKGM site ready for the mine construction. From what we can see, it looks like activities are yet to begin, when is this actually going to start?

A: As regards physical construction-style activities on the ground: we have completed refurbishment of the exploration camp for accommodating initial construction workers; the new host lands about 50 kms from Tulu Kapi at a place called Aba Sena have been substantially cleared, road cut in and initial batch of starter homes delivered; electrical connection program over 50% expended in that fabricated equipment has been received in country; surveys for civil engineering partly completed; new access road to Tulu Kapi surveyed in but not started; old existing access roads and bridges into Tulu Kapi need their annual maintenance plus some further upgrading when the wet season has ended shortly.

Q: What changes can KEFI now make to get the Tulu Kapi Project Finance back on track and the deal done within a reasonable period (current conflict permitting, 6 months)?

A: KEFI and the finance syndicate know what is required to ensure the Project is ready and it will be independently checked before we launch. There is a detailed action plan not dissimilar to analogous projects we have all been involved with.

Q: Is Saudi Arabia’s Hawiah’s Project all still on track and are you able to push this through in order to avoid this getting delayed beyond the end of December?

A: All seems to be on track for this quarter’s milestones.

Q: Assuming that the published Hawiah numbers are roughly correct, have you already lined up the £17m that Kefi will need to cover as its contribution? If not, do you have a plan in place to have this £17m ready and approved by the end of this year, in line with the PFS & MRE documents being completed?

A: The PEA published in 2020 estimated $222M for development. The latest guidance is that development is targeted for 2024-2025. Once we confirm that the Saudi Industrial development Fund or similar project financier lends 75%, KEFI would put up c. $19M equity to avoid dilution of its share. That is the choice to be made 3 years from now and finance costs optimised accordingly.

I've filtered so many idiots I only ever see green lines now....

He's started already

Ethiopian Prime Minister Dr. Abiy Ahmed has directed South Sudan’s President Salva Kiir Mayardit to start mediation between Ethiopia’s federal government and the Tigray People’s Liberation Front (TPLF), according to South Sudan presidency spokesman Ateny Wek Ateny.
https://www.sudanspost.com/ethiopian-premier-directs-kiir-to-kick-start-mediation-of-tigray-conflict/

..are investing in a gold mine in Tigray - presumably they don't have any security concerns.....

If it's local thugs - then this will be either a brown envelope or a kick in the door from the army- either way everyone wants the mine to go ahead. Delay is a pain but there's some cheap shares out there - Saudi already bigger than TK...

Could also be a way of telling the EG to sort the locals out otherwise you can kiss your £20 investment goodbye. Gov't and mining minster have been notified....

Can't see the Government putting up with a bunch of local thugs putting their biggest ever mine at risk. Would you take the EG on right now?

They're demanding money or benefits from Kefi - they're discussing it - some misunderstandings - sounds like local heavies want a piece of the action. Won't affect viability of project - they need Government to get involved and sort them out. Hopefully just a blip - no longer term impact.

hello 6p - been a while.....

I think fjones got his Tanzania's and Ethiopia's mixed up :)

dear god, what's happening in Tanzania?

don't they flog cars?

Biden's trying to knock some heads together - threatening individual sanctions is about the least he could do - but I hope it works as I'm sick of reading about all the sh*t that's going on up there. We need some normality and long term investment...

so, just to be clear - this would be sanctions to punish individuals - NOT the country as a whole - even if they froze Abiy's assets it wouldn't affect Kefi

United States President Joe Biden signed an executive order that allows the US government to impose sanctions against those responsible for a range of serious human rights abuses in northern Ethiopia.

The order establishes a sanctions regime that allows the US government to deny visas to and freeze the assets of individuals and entities responsible for or complicit in serious abuses and obstructing access to humanitarian aid.

on FB
We believe that the mining sub economy is the dawn of Ethiopian economy and we are going to the top. By using our mineral resources which is useful for the country and by giving our positive attitude, our development journey will be to the top.

1.778p - stand back - this is gonna blow!

well, they're up 10% over there....hotting up

The presentation being given is available on the Company's website at https://www.kefi-minerals.com and highlights the recent, previously announced, developments regarding the Company's projects, together with the following more recent updates:



Tulu Kapi, Ethiopia:

·Triggered the first stage of the Tulu Kapi community resettlement compensation and detailed engineering for plant procurement.

·The Ethiopian Ministry for Mines and Petroleum has approved the schedule to trigger development in October 2021 and project company TKGM has confirmed the remaining requirements from the Government for development to commence.



Hawiah, Saudi Arabia:

· Phase 4 drilling has been completed and, whilst focused mainly on in-fill drilling to upgrade the resource from Inferred to Indicated, it has also successfully added tonnes and grade and confirmed that mineralisation remains open.

· The updated Hawiah Mineral Resource Estimate ("MRE") remains on track to be reported in Q4 2021 incorporating the results of the phase 4 drilling and successful previous drilling campaigns.

cos they've just issued a gold mining licence...

https://borkena.com/2021/08/30/ethiopia-issued-akobo-minerals-with-temporary-gold-mining-permit/