KEFI Minerals (KEFI) states it “is pleased to provide” an update on the Tulu Kapi gold project, but then includes that “whilst the Government has provided a number of formal consents, at the date of this update there are a number of others that whilst having been verbally agreed, are still subject to processing formalities and thus the agreed deadlines have been extended to end January 2019”. Hmmm...
However, this follows significant political changes in Ethiopia and the company emphasises “in the meantime progress at the project site continues” – this including drilling for infrastructure design and land clearing and the first steps for the community resettlement program due to start after the Ethiopian Christmas on 7th January. Additionally, “current and planned project partners (KEFI via KEFI Minerals (Ethiopia) Limited; the Ethiopian Federal Government via the Ministry of Finance and Economic Cooperation; and ANS Mining Share Company) have in the past week re-confirmed their respective support for the project development and finance plan as previously reported by KEFI, and agreed that the focus should be to maintain progress whilst scheduling regular reviews to ensure it is in a manner designed to ensure safe and secure project delivery”.
The company adds that it considers that the noted deadline extension “will have a minimal impact on the progression of the project” and indeed Managing Director Harry Anagnostaras-Adams is “heartened by the current gold price outlook, the continuing positive transformation of the Ethiopian political situation and the level of support KEFI is receiving”. Despite this, it is unsurprising to see the shares slightly lower on the overall update.
However, the work is towards a potential 8 year average annual operating cash flow project of c. £50 million ($63 million)+, with KEFI having 54% of the project company. There is clear risk, but at a current circa 1.5p to buy, a market cap of little more than £8.5 million. Continuing to consider operational progress should spark the shares from here, our stance remains buy.
Filed under: KEFI Minerals, Neil Woodford, Telit, Mobile Streams, BT Group, HotStockRockets
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