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Manu, you are active on the bb today. Doubled your shareholding to 4 shares in anticipation of impending (good) news? Good man, join the party....
Manu: investors in Kefi know all the information that you regularly post. What is it that you’re trying to achieve?
Go and get a hobby you twerp.
Yes he’s used “waiting on security” as well a few years back,read the RNS’s there all there.
“waiting on security to be monitored and signed off (following permanent security on site)”
Manu, logging in just now I noticed you’d feverishly typed something-soon-to-be-hidden by a green box.
Didn’t read it, but I guess you’re not happy about losing some money along the way.
On the plus side, you’ll be able to find a new hobby soon!
AFAIK
The second bank works on their own timelines, and is waiting on security to be monitored and signed off (following permanent security on site).
The bank’s own internal processes need to be completed, and approvals done, then once all the prerequisites are compiled then they sign with everyone else.
KEFI is focused primarily on developing the advanced Tulu Kapi Gold Project in Ethiopia. Tulu Kapi has a Probable Ore Reserve of 1.05 million ounces and Mineral Resources totalling 1.7 million ounces. Average planned gold production at Tulu Kapi is forecast to be over 140,000 ounces/year at an All-in Sustaining Cost of approximately US$950/ounce. Almost all the pre-requisites to begin construction are now in place. We remain focused on final credit and board approvals for the project financing, ahead of project launch in Q4 2023, with first production expected by the end of 2025.
The Company's schedule for Tulu Kapi remains for community preparations to commence this quarter (Q3 2023), ahead of procurement and construction commencement next quarter (Q4 2023), all synchronised with the Government's continued upgrading of security, as already committed.
Sharezy . Thanks makes some sense , but from this I still cannot see at what point does the second bank sign to agree to all of this . It's there somewhere I think but just not clear ?
For anyone who’s actually paying attention…
The information is all there…
Early works:
- Once compensation is agreed for the community, there is a 90 day period during which resettlement must occur, legally. This agreement is required (ie total cost and definitely happening) prior to financial closure (to reduce risk of spending money without being able to proceed)
- Once final costs are agreed with the contractors, equipment orders must be placed within 60 days. For signing / finance closure there must be proof that the contractors have placed their orders, and all documentation and admin for delivery is in place.
- Financing fees then due within 90 days.
Then funds can flow, equity portion first.
September is targeted to have everything ready to sign off, which would mean;
- Resettlement costs agreed
- Orders placed by mining contractors
- Security reports concluded as “safe”
- All admin completed (bank accounts, insurances, import licenses, etc.)
The. The financiers would sign off the debt and the equity investors would sign off their investments.
… triggering major works…
As we see some of these things happening, interest in the project will build towards launch.
A project which is worth multiples of current share price.
We will also find out more about the recent conclusion of drilling in Saudi, to see how big that Pie could be…
Strong hold imo.
I don't get the 60 day thing DV, was it not that prices (plant and also compensation to residents moved)had to be refreshed as at the point of finance close move from minor to major works that those prices are only good for 60 days so everything is syncronised to finance close/move from minor to major works?
No 'material matters' have occurred in the past 5 weeks?! The 60 day period beckons (as do further delays?). Tom W might know more than us plebs...
From the Kefi Q&A page published 31/5
Q4: Milestones ahead?
A: We will report any material matters as they occur from week to week. KEFI will also issue monthly update RNS’s as regards Tulu Kapi Early Works, along with any other material developments in Ethiopia or Saudi,
I don't think there's an immediate requirement for an update on early works, would be nice of course, but we SHOULD get an update at the end of the 60 day period for sure.
Its an idea though think the in the case of old mining camp it will be totally dismantled by now. Maybe some before and after shots?
https://allafrica.com/stories/202406250300.html (Ethiopia mining)
https://mfn.se/cis/a/akobo-minerals/bulletin-from-the-annual-general-meeting-2024-in-akobo-minerals-ab-publ-b42717cf (Ethiopia mining)
https://www.mining.com/web/saudi-backed-almar-water-seeks-lithium-partnership-in-chile/ (Suadi mining)
We do need an update on Early Works programme. There was great fanfare in the 20 may RNS about the importance of the official TK launch. 5 weeks later.....nothing!
The way the world is going we might not see 2025 ffs
Would love Kefi to post some up to date photos of Tulu Kapi. Perhaps showing the dismantling of the old camp and development progress of new facilities. How hard would that be ? Wouldn’t that build investor confidence ? Something physical, tangible ? It’s one of the early works milestones so not a big ask
Https://www.kefi-goldandcopper.com/files/presentations/kefi-121-confernce-presentation-june24.pdf
Page 11 details all the steps/milestones needed to kick off the major works (construction) at TK in Ethiopia with production starting in mid 2026. So just in time for the USA/Canada/Mexico World Cup in summer 2026.
Saudi Arabia is hosting the 2034 World Cup.
Que?
Well was going to just chill (well try to) literally but as FU2 is missing me.
King should get the promised monthly update Monday on TK and might get drilling results if they are back from what Lab as well “the 5,000m Resource Infill and Expansion diamond drilling programme at our Al Godeyer VMS”.
https://www.linkedin.com/company/gmco-ltd/posts/ today.
“This week, we're thrilled to welcome our 2024 summer training program participants, a talented group representing a wide range of academic backgrounds, to our diverse projects around Saudi Arabia. We're proud to host over 40 senior students, early career professionals, and even PhD students from different Saudi universities..”
https://www.mining-technology.com/news/jubilee-metals-expands-copper/ Africa copper
https://www.ena.et/web/eng/w/eng_4653061 Ethiopia general
https://www.bloomberg.com/news/articles/2024-06-24/creditors-ready-to-give-ethiopia-more-time-to-negotiate-imf-deal?srnd=homepage-asia
https://addisstandard.com/ethiopia-leads-east-africa-in-foreign-direct-investment/
Kind of temporary summer lull in things generally with gold trading sideways and more of a stalemate in Ukraine not quite at the general election here and not at the stage where Biden might get replaced in the states. Main action seems to be see whether bitcoin holds above 60000 and that Julian Assange will be released.
Oh and TAA has been dropped.
Morning,
Can somebody, probably nobody, advise what we are waiting for now? For a long time it was waiting for bank approval, which we got in a somewhat fragmented way, with still uncertainty of the second bank.
I am an idiot, so I could easily be wrong but weren’t we supposed to be all signed off and planning how to spend our retirement now?
I am a ridiculous optimist hence being out in Germany watching another poorly run team, but we are we now waiting for? What is the next RNS target for me to blinding wait and cheer for?
Is it another bank approval? Or are we not waiting on Ethiopia now and hoping Saudi gets us moving?
P.s. It’s coming home
Hence where we are at with no posters posting and sp in the doldrums.
As I have only ever quietly been let down on these targets I am not going to pretend I am getting excited.
Interestingly all cannot be happiness in the country and those where are little plot of land is.
You wouldn't believe refugees are trying to flee into a war zone.
https://www.aljazeera.com/news/2024/6/11/dozens-dead-missing-in-migrant-boat-sin-king-off-yemen-un
Over 1 month since TK officially launched and no updates? I hope we don't have any further delays to the '60 day' target for finance sign off....