Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KEFI MINERALS PLC. We currently have 49 research reports from 3 professional analysts.
|20Dec16 07:00||RNS||December 2016 Quarterly Operational Report|
|09Nov16 07:00||RNS||Tulu Kapi Update Following Financiers' Site Visit|
|25Oct16 07:00||RNS||Update on Discussions with Government of Ethiopia|
|20Oct16 10:48||RNS||Quarterly Update Webinar|
|18Oct16 07:00||RNS||Third Quarter Update|
|10Oct16 10:20||RNS||Update on Ethiopia|
|26Sep16 07:00||RNS||Half-year Report|
Frequency of research reports
Research reports on
KEFI MINERALS PLC
KEFI MINERALS PLC
Financing 2017, construction 2018
18 Jan 17
During 2016 KEFI was engaged in Tulu Kapi financing, but the process was interrupted in 4Q16 by a state of emergency in Ethiopia. The prime minister has since made progressive changes including new, more representative, federal and regional cabinets and the situation is much improved. The emergency is due to end in April, which should mean financing is secured during 2H17 (KEFI is pushing for mid-year). The preferred financing structure will involve Ethiopian government funding, project debt tailored to the Tulu Kapi contracting arrangements, and a $20-30m KEFI equity component. Our valuation and target price is based on this structure and includes the effect of dilution, although we note that almost any financing structure should equate to share price upside from current levels. Financial close will be a major milestone and catalyst for the stock. We recommend BUYing the shares with a 0.95p TP.
High quality construction-ready gold project
21 Dec 16
Yesterday KEFI published an operational update with a useful summary of its overall situation; project economics at a range of gold prices, the improving Ethiopian political situation, encouraging Saudi developments and corporate matters. It also reported it has “received formal confirmation its [£2.5m] refund is due for payment” from the Ethiopian tax authorities, this will be useful working capital.
Still aiming high
21 Nov 16
Since our last note in July, KEFI has updated its capex forecast for Tulu Kapi as well as the consequential funding mix. KEFI has also advised that the start of Tulu Kapi gold production is now expected to be mid-2018 (vs late 2017) due to recent events in Ethiopia and subsequent mitigating actions by the government. Finally, Edison has also updated our long-term gold price forecasts which have reduced our valuations.
GMP FirstEnergy ― UK Energy morning research package
06 Dec 16
Transglobe Energy (TGL CN); BUY, C$5.25: Homeward bound… back to Canada | Great Eastern Energy Corporation (GEEC LN) (not covered): Reserves update in India | BP (BP LN) (not covered): Acquiring interest in Tangguh in Indonesia | Exillon Energy (EXI LN) (not covered): Production update in Russia | Genel Energy (GENL LN); SPECULATIVE BUY, £2.60: Receipt of payment for Taq Taq export in Kurdistan | ExxonMobil (XOM US) (not covered): Relinquishing blocks in Kurdistan
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
16 Jan 17
We take a look at the rankings of the various countries in Africa that have a significant exposure to mining. We take the Transparency International corruption rankings as our starting point and modify these for exceptional geology and for current UK government travel warnings. Ghana, Botswana and Namibia come out as our top three, with Eritrea, Kenya and Zimbabwe at the bottom of our rankings.
19 Jan 17
Aggregated Micro Power* (AMPH): Funding for first peaking power plant project (CORP) | The Mission Marketing Group* (TMMG): Positive trading update (CORP) | Cello (CLL): Increasingly backed by, and leveraging, technology (BUY) | 4imprint (FOUR): Growth backed by strong cash flow continues (BUY) | Allergy Therapeutics (AGY): Positive trading update and market share gains drive upgrades (BUY) | Shanta Gold (SHG): Q4 operating results (BUY) | Sound Energy (SOU): Tendrara extended well test result (BUY) | Revolution Bars (RBG): Price target increase (BUY)
Small Cap Breakfast
17 Jan 17
Global Energy Development (GED.L) — To be renamed Nautilus Marine Services. Schedule 1 from developer and seller of hydrocarbons and related products. Reverse takeover. Raising $10.5m via a convertible. Expected 9 Feb. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.