KEFI Gold and Copper — New beginnings
20/03/2025
Having required KEFI to work through regulatory overhauls and security threats, its host countries have now taken the brakes off, with the result that KEFI is launching its projects with a serendipitous tailwind of high metal prices. Major banks are signing up for Tulu Kapi in Ethiopia, with board ratification by Africa Finance Corporation following TDB last year. As such, project finance and other preparations are coming together for launch in Q225. In the meantime, KEFI has announced a JV today between its Saudi Arabian vehicle, GMCO, its local conglomerate partner ARTAR and Australian major Hancock. The JV focuses on a 900km2 major mineral belt 50km east and parallel to the analogous belt where GMCO has already discovered one of the world’s top 10% VMS deposits. This follows KEFI announcing material mineral resource upgrades at the Hawiah and Al Godeyer VMS deposits and at Jibal Qutman (gold) recently. As such, KEFI’s projects in both Ethiopia and Saudi Arabia are advancing apace.
KEFI Gold and Copper — Clearing the decks
04/12/2024
KEFI has announced that it is raising c £10.6m by issuing c 1.9bn shares at a price of 0.55p. The full raise is in five parts: a firm placing, a retail offer, a conditional placing, a conditional subscription and a conditional issue. The first two have now been completed, raising £5.4m (gross) via the issue of 988.5m shares. The remaining three require shareholder approval from a general meeting on 2 January. Assuming this to be the case, they will raise a combined £5.1m (gross) via the issue of a further 933.2m shares.
KEFI Gold and Copper — Swapping assets for cash
13/11/2024
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).