Focused on Arabian-Nubian Shield HOME ABOUT US PROJECTS NEWS INVESTOR INFO CONTACT US You are here Home » Investor Info » Q and A Q and A KEFI Minerals is committed to providing full and transparent disclosure of its activities, primarily via releases to AIM's company announcement platform. KEFI also holds a live webinar shortly after the release of the Company's Quarterly Operations Report during which shareholders's questions are answered (and recordings are available on KEFI's website). KEFI often receives follow-up questions as well as questions regarding how market developments may impact the Company. Under AIM rules, KEFI Minerals cannot be party to selective disclosure of information to individual investors. Whilst some conversations are about material already in the public domain, it is a Company policy to be cautious about one-to-one conversation with individual shareholders. In order to make answers to these questions broadly available, KEFI has set up this Q&A page to post answers to questions which are deemed likely to be of general interest. If you choose to post these answers on a bulletin board, we ask you to publish the Q&A verbatim on the bulletin board and cite this page as the source. Please email your questions to info@kefi-minerals.com. How does the G&M joint venture work in Saudi Arabia as regards planning, budgeting, owners’ contributions and finance strategy? A: The JV has a long-term strategy and budgets ahead 12 months within that. Reviewing progress at board meetings, the partners fund each half-year. If one party does not contribute, the other may take it up. When considering funding its share of G&M costs, KEFI takes into account the value potentially provided by its strategy to optimise project development finance by utilising low-cost debt. By way of illustration, we would look to use project debt for say 75% of funding and equity for 25% of which KEFI’s current equity contribution would be 8% (32% of 25%) of the cost to develop Hawiah. The Saudi Industrial Development Fund provides loans for up to 75% of the capital cost of mine development at attractive interest rates. Posted 16 November 2021 Various questions regarding KEFI’s activities in Saudi Arabia As objectively as possible, would we be better of today if we had already closed the financing and Tulu Kapi was in construction in Ethiopia? Current situation in Ethiopia? How many road routes to Tulu Kapi and how long a drive are they? Please provide an indication of the order that things need to happen for the project to now close financing as it has become so complicated with the pause and security situation. Various questions Please can you clarify the pause of the Tulu Kapi project? Is it the security concern or about the demand from the local? Warning letters from Ethiopian Government? Why does the % TKGM that KEFI expects to own change from time to time? Will the National Bank of Ethiopia’s decision to effectively freeze all asset backed lending ‘in country’ impact the upcoming financial close of TKGM in any way? Would you please provide some insight into recent media reporting on Ethiopia? Article in Ethiopia’s Fortune Magazine Remuneration of KEFI directors? Questions regarding Hawiah activities and KEFI's Annual Report Various questions regarding new mining contractor for Tulu Kapi Ethiopian media commentary on Tulu Kapi Institutional ownership of KEFI? Questions regarding Tulu Kapi Various questions regarding history and strategy of KEFI How is COVID impacting KEFI people getting their work done? Commitment of Tulu Kapi consortium? Quarterly report and other questions Why do you not post photos of ministerial and financiers visits to the website? Participation by retail investors in KEFI equity raisings Conflict in Tigray Region? Photos of current activities in Ethiopia Various queries Hawiah Discovery - Credit to Jeff Rayner? Is start-up of new Ethiopian hydro plant necessary for Tulu Kapi? Have you considered approaching African Export-Import (Afrexim) Bank for funding? Please clarify the restrictions in Ethiopia due to the current State of Emergency Is one to assume that ANS have been removed from the TK funding process? Is the Tulu Kapi financial closing in October 2020 dependent on the Ethiopian elections happening prior to the closing date? Various questions following up £3.7 million placings Current impact of COVID-19 on Ethiopia? Various questions regarding KEFI's shareholder communications Various questions regarding KEFI's projects in Saudi Arabia Various questions regarding KEFI's Tulu Kapi project in Ethiopia What has been the impact of COVID-19 on Ethiopia, Saudi Arabia and KEFI's activities? Update on Coronavirus in Ethiopia? Coronavirus in Ethiopia? Quarterly webinar follow-up questions Timing of ANS Funding? Article in Addis Fortune News Any feedback from General Meeting? Why are you holding the General Meeting on 6 January 2020 in Australia? What the Tulu Kapi farmers/landowners doing at this time for their livelihoods? How long have you known the banks selected for the Tulu Kapi debt? Why switch horses now from bonds to bank? How long has the development schedule been 24 months? And how flexible is the sequencing within the 24 months? When is first gold pour scheduled? What is the process for settlement by ANS Mining in TKGM in Ethiopia? A question following the Q3 webinar, which was excellent: When did you realise the government had an internal administrative problem? As it currently stands KEFI will only have 45% minority control of Tulu Kapi. With gold at $1500, are there other investors out there that could step in and replace the funding provided by the Ethiopians? Have all reports required from KEFI for the closing of the ANS investment been completed? And when is closing and project trigger expected? What is ANS Mining Share Company id number? Can you help me reconcile the TKGM equity and debt summary in the 2019 Interim Results with previous funding plans? What is production profile for Tulu Kapi? I don’t mean what is bankable, but you are planning to do? Various questions regarding the new working capital arrangements Convertible Loan Facility Queries Why is the independent security report taking about 2 months to complete if it is simply updating previous assessments? Is Harry Anagnostaras-Adams prepared to share how sees his legacy at Atalaya? What is corporate travel policy? Why is Tulu Kapi so valuable if it Nyota failed? Many thanks for the update this morning. Has a realistic timescale been provided for the updated reports required as per this morning’s update? I read that KEFI had an armed burglary. Was anyone hurt and what was stolen? What is the development timetable for Tulu Kapi? Is the Ethiopian Government deliberately slowing us up? Please explain why KEFI agreed to grant protection to ANS if full project finance does not close? There is a news report that five miners have been shot in Ethiopia. Did this involve our company in any way? Please elaborate further on the Tulu Kapi development schedule with more detailed explanations? How long is the overall schedule, when are the start and end dates, and how does it fit with financing schedules, wet seasons and resettlement schedules? Various questions following Project Financing Update Where can I find further information on the Tulu Kapi bond arranger ACT Capital? Does the RNS released on 5 March mean the project is now formally signed off, meaning receipt of the ANS cash is now due? Various questions regarding placing What is the cost of the £4 million loan Facility? Did the terms of the loan facility change since being announced on 30 October? Questions on Saudi Arabia Follow-on questions regarding Secured Loan Facility Further questions regarding Secured Loan Facility Various questions regarding Secured Loan Facility Please clarify how resettlement works at Tulu Kapi? Questions on Q3 Quarterly Update Federal approval required to trigger resettlement? Have significant shareholdings in KEFI been appropriately reported? Has Lanstead delivered all its cash to KEFI, so that it has fully paid shares and is in the same boat as all other shareholders? Please explain if not. Various questions regarding Project Equity Investment Agreement with ANS Why did you drop Cantor Fitzgerald as a Joint Broker? Why appoint SP Angel as Joint Broker? Has Lanstead delivered all its money and therefore all shares fully paid for? When will exploration resume in Ethiopia? Questions regarding Tulu Kapi Update RNS of 14 August 2018 Various questions regarding the June 2018 Placing Virus warning on KEFI website Will KEFI retain a majority interest in Tulu Kapi whatever happens with funding? What does the resignation of Ethiopia's Prime Minister mean for KEFI? Following the RNS this morning, can you confirm that the other syndicate members aren’t stepping in to replace the Oryx element of funding? Was your meeting today with the Ethiopian Prime Minister part of the granting process? Appreciate the RNS but I must be the only one that does. I’m sure you expected the SP reaction to any further delay and I am disappointed as I’m sure you are that this could not be put to bed before Christmas? Can you explain if the attack on a foreign company in Ethiopia is a new worrying development? Why do you think the share price does not respond to the analysts’ evaluations and recommendations? Even though all the analysts see major upside even after equity dilution is factored in at whatever (organisational) level it comes in at? Please update us on the resettlement process, especially any facts of events on the ground Various questions regarding the Infrastructure Finance Bond Can you answer the following questions regarding the Lanstead Sharing Agreement? Different figures in January 2017 Beaufort Securities note? Questions regarding Q4 2016 Update DBE Debt Level Ratios? Dilution alternatives? Question relating to equity placing Exploration expenditure following July 2016 placing? Will KEFI release a Q2 2016 quarterly report? Two questions regarding potentially divesting Tulu Kapi to Odey or other parties Might KEFI's Board of Directors consider demerger of the Company's interest in Kefi Minerals Ethiopia (KME) following full funding of the Tulu Kapi project? How is KEFI progressing on various matters? Q&A for 121 Mining Investment Conference in Capetown, 8-9 February 2016 Follow-on Questions from Q4 2015 Webinar Can you please summarise the key economic parameters of Tulu Kapi showing changes since the acquisition by KEFI, as referred to in yesterday’s webinar? Various questions regarding Tulu Kapi What are KEFI's plans following the placing? Will details of the revised ‘peak cash requirement’ following agreement ... Questions to Harry Anagnostaras-Adams regarding Edison Research note How do Tulu Kapi capital costs in the release dated 17 August 2015 tie in with DFS numbers? Various questions regarding planned drilling of the Hawiah prospect in Saudi Arabia. Could the current price of gold impact on the finance required to develop Tulu Kapi? What can the company do to alleviate shareholders’ fear of more dilution? Are you talking to the Ethiopian Government about their participation? 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