KEFI Minerals (KEFI) has updated on the Tulu Kapi gold project in Ethiopia – including of a programme of works following “advice the company has received from the Ethiopian Federal and Regional Government agencies that the handful of remaining regulatory consents required for triggering the project are expected to be provided in the coming weeks”…
This includes that “the newly recruited construction manager and senior site risk manager will now relocate to site from next week, joining approximately 100 locally recruited personnel who have already been hired for land clearing and the drilling rigs required to complete the geotechnical surveys for the final design of the foundations for the processing infrastructure and dam walls”. Additionally, project-equity investor ANS has advised that, on receipt of the Government consents, it intends not only to release at the end of this month the previously announced $9 million (Ethiopian Birr equivalent) for funding the planned Q1 2019 project activities but to also commit to release an additional $9 million at the end of that quarter to fund the planned Q2 activities.
Kefi notes that this will ensure it can “commit to completing community resettlement and the first phase of project construction prior to the closing of the US$160 million bond/lease non-equity capital project financing. The remaining balance of ANS's planned US$30-38 million equity investment is expected to coincide with full project finance close as soon as the non-equity component is accessed”.
There thus currently remains financing risk, but equally there is clear project and financing progress. The shares though currently remain depressed at around 1.375p, capitalising the company at just circa £7.6 million. This compares to us previously noting potential 8 year average annual operating cash flow from the project of c. £50 million ($65 million)+, with KEFI having 54% of the project company. We continue to consider it reporting concrete progress towards production will spark the shares – and thus the stance remains buy.
Filed under: KEFI Minerals, finnCap, Filtronic, Frontera Resources, Superdry, TomWinnifrith.com, HotStockRockets
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