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Finally got round to filtering that idiot Condor bloke. Now looking like a sea of green :(
I'll be relieved when funding is finally sorted as I won't have to put up with any more of the cr*p posted by these ars*holes....
Https://newbusinessethiopia.com/politics/minister-explains-ethiopias-state-of-emergency
Nearly all news articles are based on press releases - which is why they all look the same. Which begs the question why did Kefi release a press release on the basis of no news? Why did papers err in referring to September if they were just copying and pasting the press release?
Probably will be proved wrong but I'm thinking there should be be a very interesting press release on Monday.
Waiting 10 years for funding and you don't think it'll be a multi bagger?
ha ha ha ha....
Near-term cashflow from commissioning and production from Tulu Kapi: It is
expected that shovels will soon be moving earth at Tulu Kapi, a high-grade, low-cost
open-pit operation that will produce strong margins and an estimated $86m free
cashflow per year over an initial eight-year mine life.
• Advanced assets in two jurisdictions: Other than Tulu Kapi in Ethiopia, KEFI has the
Hawiah copper-gold and Jibal Qutman gold projects in Saudi Arabia, which are host to
significant established resources that remain open for further growth. These assets
are being advanced through engineering and economic studies. In production, these
assets would provide asset, jurisdiction and commodity diversification, and a
significant increase in attributable cashflow.
• High-quality exploration assets: We believe that the ANS is one of the last significant
greenstone belts to undergo systematic exploration using modern methods, and
massive potential remains to be discovered. KEFI is a relatively earlier mover in the ANS,
and has secured prospective licences with evidence of historical mining. These licences
could add to KEFI’s resource base, given further exploration. Furthermore, the potential
to add further resources around the advanced assets should not be overlooked.
WHI view: Having secured funding for the Tulu Kapi gold mine project in Ethiopia, KEFI is
set to become AIM’s next gold producer. Over an initial eight-year mine life, the open-pit
operation will produce strong margins, in the region of $950/oz of gold produced at our
forecast long-term gold price of $1,850/oz. The mine could then transition to an
underground operation, in our opinion, adding at least four further years of gold production
and revenues. With an established operational base and revenues to drive exploration, KEFI
will be well-placed to maximise the significant potential of the underexplored ANS. We
believe that the combination of high-potential projects with the experience and
commitment of the executive team and partners, is likely to deliver further success for KEFI
and its shareholders. The underlying value of KEFI’s assets has increased significantly since
our last full note (June 2021), and we see fair value at 3.9p per share.
Thanks Bear - good stuff
WH Ireland Limited, 24 Martin Lane, London, EC4R 0DR, tel. 020 7220 1666
WHIreland is authorised and regulated by The Financial Conduct Authority and is a member of The London Stock Exchange.
Important disclosures and certifications regarding companies that are the subject of this report can be found within the disclosures page at the end
of this document.
CORPORATE SPONSORED MARKETING COMMUNICATION
18 July 2023
KEFI Copper & Gold
AIM’s next gold producer
Having recently announced the signing of the final umbrella agreement for the financing
of its Tulu Kapi project in Ethiopia, after all the lenders’ conditions were met and agreed
upon by the Ethiopian government, KEFI is set to become AIM’s next gold producer.
KEFI recently became only the second company to be granted exemption from capital
controls, behind Ethiopian Airlines. Military protection has just been deployed in
readiness for launch of community resettlement activities. Extremely disciplined risk-
management is apparent, which we consider both appropriate and exemplary for a
project in a country that recently went through intense turmoil. Construction is
expected to start later this year, and first gold production (and cashflow) could be as
soon as 2025. In operation, Tulu Kapi will provide a foothold (and funds) to explore the
Arabian Nubian Shield (NBS) in Ethiopia properly – perhaps the most significant
greenstone belt globally yet to undergo extensive and systematic modern exploration.
In this regard, KEFI has already stolen a lead in the same belt in Saudi Arabia. With its
local JV partner, it has an interest in two advanced projects, and further mine
developments are a real possibility. Exploration licences in Ethiopia and Saudi Arabia
with historical mining offer further scope for growth. We see fair value at 3.9p per
share.
If our investors take too long the Russians and Chinese will step in....
https://newbusinessethiopia.com/investment/fdi-flows-from-russia-to-ethiopia/