Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on KEFI MINERALS PLC. We currently have 53 research reports from 3 professional analysts.
|22Mar17 12:46||RNS||Grant of Share Options|
|08Mar17 09:23||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|07Mar17 12:51||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|07Mar17 09:13||RNS||TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES|
|01Mar17 12:18||RNS||Results of General Meeting|
|01Mar17 07:00||RNS||Chairman's GM Statement|
|13Feb17 07:00||RNS||Conditional Fundraising to Raise £5.62 Million|
Frequency of research reports
Research reports on
KEFI MINERALS PLC
KEFI MINERALS PLC
SP Angel – Morning View
01 Mar 17
BlueRock Diamonds* (BRD LN) 3.9p, Mkt Cap £2.2m – Crushing circuit commissioned | Kefi Minerals* (KEFI LN) 0.3p, Mkt Cap £13.2m – Chairman’s statement | Mkango Resources* (MKA LN) 3.6p, Mkt Cap £3.0m – Workplan for Songwe Hill and Thambani | Thor Mining (THR LN) 0.8 pence, Mkt Cap £2.8m – Resource drilling at Pilot Mountain
13 Feb 17
"Like magic, Donald Trump has pulled the next rabbit out of his hat, promising a 'phenomenal' corporate tax announcement in the next 'two or three' weeks. Its likely to come with his February State of the Union Address to Congress on 28th February, but investors are not seen having the patience to wait for the formal pronouncement. A steadier, but still rather shell-shocked, Euro permitted oversold French bonds to rally, having been preceded on Friday by news from China that its January exports rose 7.9% on last year accompanied a 16.7% leap in imports, which altogether was enough to power all three principal US indices to new record highs having already been boosted by a flow of strong corporate earnings releases. European politics, of course, remains the obvious 'fly-in-the-ointment', with most pundits now seemingly resigned to France's National Front leader, Marine Le Pen, succeeding to May's Presidential run-off. This, however, along with the undoubted complications faced in driving the President Trump's reflationary proposals through Congress, appears to have been temporarily pushed to the back of investor's minds, with early morning trading in Asia firmer right across the board, having had nerves calmed by President Trump informing Xi Jinping that the US would respect his 'One China' policy while also welcoming Japan's Abe to the White House. This leaves Europe simply to follow suit this morning, with all markets expected to open firmer once again. Macro releases due to today are few in number, with nothing coming from the UK, while Germany produces just its Monthly Buba report and the US details the outcome of its 3 and 6-month Bill Auctions. No significant UK corporate earnings or trading updates are due either, although some second-liners like Fidessa Group (FDSA.L), Lok'n Store Group (LOK.L), Plastics Capital (PLA.L) and Surface Transforms (SCE.L) are scheduled, which leaves London to just follow the international lead with the FTSE-100 seen rising between 10 and 15 points in early morning trade." - Barry Gibb, Research Analyst
Securing Lanstead: Tulu Kapi financing underway
13 Feb 17
This morning, KEFI announced it is to raise £5.62m (gross) via the issue of 1.7bn shares at a price of 0.33p, including £4.62m from Lanstead. The majority of the funds raised will be expended on the development of Tulu Kapi over the next 12 months, with the next largest segment being directed towards exploration and the balance to corporate costs. Directors and contractors have supported the fund-raising by subscribing for c £0.4m. Afterwards, a 17:1 consolidation of the shares has been proposed (to be voted on, among other things, at a General Meeting of the company’s shareholders on 1 March).
SP Angel – Morning View
13 Feb 17
Firestone Diamonds (FDI LN) – First sale of Liqhobong diamonds realises $8.14m | Georgian Mining* (GEO LN) – Drilling shows long 114m intersection grading 1.70% copper from 18m depth at Kvemo Bolnisi | Kefi Minerals* (KEFI LN) – £5.62m financing and operational update for Tulu Kapi
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.
Strong trading leads to upgrades
22 Mar 17
On the back of today’s positive trading update and slightly upgraded profit forecasts for FY2017, FY2018 and FY2019 we have reviewed our DCF analysis. This has led to an increased DCF valuation per share of 1500p (from 1200p) which we have made our new target price (from 1200p). Both TFP and JC Paper have contributed to the upgrades shown in the table below as have favourable currency movements. With the potential for further upgrades due to capitalising 3DP costs to come we maintain our Add recommendation.
GMP FirstEnergy ― UK Energy morning research package
17 Mar 17
Pacific Exploration & Production1,6 (PEN CN); BUY, C$72.00: 4Q16 results and improving outlook | Serinus Energy (SEN CN)1, 3; Speculative Buy, C$0.65: FY16 results | IGas Energy (IGAS LN) (not covered): Final terms of a previously announced proposed capital restructuring | Tullow Oil (TLW LN): HOLD, £3.10: Right Issue at a discount & CNOOC exercises pre-emption rights in Uganda
Bang to rights
21 Mar 17
Tullow unexpectedly announced a US$750m rights issue on Friday at a 45.2% discount to the previous close. While this step confirms our investment thesis, the scale of the discount and the timing look like a slap in the face for investors and/or indicative of a weaker financial position than we are modelling. We publish revised estimates to reflect the impact of the issue and cut our Target Price to 215p per share (from 245p). We maintain our Hold recommendation.
Panmure Morning Note 22-03-2017
22 Mar 17
Acacia Mining and Endeavour Mining confirmed merger talks have now ended with Endeavour claiming an inability to “create adequate value for Endeavour shareholders”, most likely, we believe, given the disappointing ruling from the Tanzanian government on copper-gold concentrate sales. We were positive on the merger and believed a credible London listed Pan-African producer capable of challenging Randgold, would have been established. We make no change to our Hold recommendation today, and expect the shares to be marked lower in early trade.
South Disouq spuds
20 Mar 17
SDX Energy announced this morning that it has spudded the South Disouq (SD-1X) well in Egypt, targeting gas and oil across a number of intervals. This is a high impact event for SDX Energy, as current company 2P reserves of 4.7mmboe (post acquisition) would be dwarfed by success at South Disouq (we model a 65mmboe field of which SDX holds 55% WI), which could be developed quickly due to existing pipeline infrastructure passing through the block. Our valuation for South Disouq is 6.8p/share, although on success we would expect notable de-risking. Our core NAV is 42p with a full NAV (including South Disouq) of 57p/share. The well is due to take 30-45 days, so we would expect a result in mid late April.