KEFI Gold and Copper - Edison Group

Overview
Price performance
Financials
Research
Thematics

KEFI Gold and Copper is an exploration and development company with three projects focused on the Arabian-Nubian Shield – namely, the Tulu Kapi project in Ethiopia (projected 70% interest) and the Hawiah and Jibal Qutman projects (both 25%) in Saudi Arabia.

In the wake of its March equity fund-raising, we calculated that KEFI was capable of generating free cash flow of c £82m pa from 2027 to 2032, driving average (maximum potential) dividends of 0.59p/share and valuing the company at 2.21p/share. However, at spot metal prices, this valuation rose to in excess of 5.50p/share in FY27.

Latest Insights

View More

Metals & Mining |
Update

13.11.24

KEFI Gold and Copper — Swapping assets for cash

Metals & Mining |
Update

07.03.24

KEFI Gold and Copper — The penultimate piece of the puzzle

Metals & Mining |
Update

13.02.24

KEFI Gold and Copper — Counting down to launch in H124

Metals & Mining |
Flash note

18.09.23

KEFI Gold and Copper — East Africa and Ethiopia attracting investment

Sector

Metals & Mining

Equity Analyst

Lord Ashbourne

Director of Content, Mining

Key Management

Harry Anagnostaras-Adams

CEO
Jeff Rayner

Managing Director
laki Catsamas

Group financial controller

Balance Sheet

Forecast net debt (£m)

0.2

Forecast gearing ratio (%)

1

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	37.88	27.94	16.78
Relative	37.35	24.48	19.8
52 week high/low	10.9p/4.1p

Financials

This morning, KEFI Gold and Copper (KEFI) announced it is in talks with its Saudi joint venture partner, ARTAR, to exit its Saudi Arabian joint venture, G&M. The exit will remove KEFI’s obligation to pay US$10m to maintain its beneficial interest in G&M at 25% (cf 15% otherwise).

Y/E Dec	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2022A	0.0	(2.7)	(3.3)	(0.1)	N/A	N/A
2023A	0.0	(3.5)	(4.6)	(0.2)	N/A	N/A
2024E	0.0	(6.5)	(17.0)	(0.3)	N/A	N/A
2025E	0.0	(1.0)	(4.5)	0.0	N/A	N/A

Research

Outlook

Metals & Mining

17.03.22

KEFI Gold and Copper — Hawiah developing rapidly behind Tulu Kapi

Outlook

Metals & Mining

06.07.21

KEFI Gold and Copper — On the cusp

Flash note

KEFI Gold and Copper — Rounding the final bend

Outlook

Metals & Mining

30.09.20

KEFI Gold and Copper — Rose gold

Update

Metals & Mining

04.03.20

KEFI Minerals — Tulu Kapi project started and financings improved

Update

Metals & Mining

21.08.19

Kefi Minerals — Convertible loan note restructuring

Outlook

Metals & Mining

07.06.19

KEFI Minerals — Final government approvals granted

Update

Metals & Mining

06.12.18

KEFI Minerals — Honing in on production

Update

Metals & Mining

30.10.18

Kefi Minerals — Counting down to production

Outlook

Metals & Mining

08.05.18

Kefi Minerals — Blue sky and beyond

Update

Metals & Mining

01.02.18

Kefi Minerals — Greater exposure to gold price beckons

edison tv

Metals & Mining

29.11.17

Executive interview – KEFI Minerals

Update

Metals & Mining

02.11.17

Kefi Minerals — Tulu Kapi financial projections update

Update

Metals & Mining

09.10.17

Kefi Minerals — Plant capacity expansion beckons

Update

Metals & Mining

31.05.17

KEFI Minerals — Small refinements and robust numbers

Update

Metals & Mining

13.02.17

Kefi Minerals — Update 13 February 2017

Update

Metals & Mining

21.12.16

Kefi Minerals — Update 21 December 2016

Update

Metals & Mining

21.11.16

KEFI Minerals — Update 21 November 2016

Update

Metals & Mining

27.07.16

KEFI Minerals — Update 27 July 2016

Update

Metals & Mining

07.06.16

KEFI Minerals — Update 7 June 2016

Update

Metals & Mining

10.03.16

KEFI Minerals — Update 9 March 2016

Update

Metals & Mining

11.02.16

KEFI Minerals — Update 10 February 2016

Update

Metals & Mining

11.11.15

KEFI Minerals — Update 10 November 2015

Update

Metals & Mining

30.09.15

KEFI Minerals — Update 30 September 2015

edison tv

Metals & Mining

21.08.15

Executive Interview – KEFI Minerals

thematic

Consumer

05.10.22

IPO apocalypse

thematic

TMT

10.08.22

ESG, moving beyond the box tick

thematic

Metals & Mining

27.04.22

Five (more) things every investor should know about lithium and Lepidico

thematic

Metals & Mining

21.03.22

Decarbonisation – A potential opportunity for aluminium producers

thematic

Metals & Mining

13.12.21

The PGM markets – Outlook and price forecasts

thematic

Metals & Mining

16.05.19

Alliance Mineral Assets secures strategic investment from Galaxy and Jiangxi

thematic

Metals & Mining

24.04.19

Piedmont Lithium increases its mineral resource estimate by 21%

thematic

Metals & Mining

22.01.19

Gold stars and black holes

thematic

Metals & Mining

06.02.15

Mining sector report: Gold: The value of gold and other metals

thematic

Energy & Resources

04.03.14

ASX Spotlight Conference – London, 6 March 2014

thematic

Metals & Mining

26.02.14

Making a case for uranium: Life after Fukushima

thematic

Metals & Mining

28.01.14

Indaba special, 2014

thematic

Energy & Resources

01.03.13

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

Energy & Resources

28.02.13

Asia-Pacific resources quarterly: February 2013 edition

thematic

Metals & Mining

01.02.13

Indaba special, 2013

thematic

Metals & Mining

02.10.12

Edison mining quarterly: October 2012

thematic

Metals & Mining

14.09.12

Mining catalyst: China’s new stimulus

thematic

Energy & Resources

20.08.12

Asia-Pacific resources quarterly: August edition

thematic

Energy & Resources

10.05.12

Asia-Pacific resources quarterly

thematic

Metals & Mining

25.04.12

Edison mining quarterly: April 2012

thematic

Metals & Mining

16.12.11

Macro Outlook – Price weakness on the cards

thematic

Metals & Mining

07.10.11

Indium and gallium overview

thematic

Metals & Mining

13.06.11

Switzerland: Global Resources Investing Conference