KEFI Gold and Copper (KEFI)

Sector:

Mining

Index:

FTSE AIM All-Share

1.70p
   
  • Change Today:
      0.048p
  • 52 Week High: 2.62
  • 52 Week Low: 1.55
  • Currency: UK Pounds
  • Shares Issued: 2,152.93m
  • Volume: 4,442,693
  • Market Cap: £36.64m

Kefi reassures investors after Ethiopian press reports

By Josh White

Date: Monday 17 May 2021

LONDON (ShareCast) - (Sharecast News) - Ethiopia and Saudi Arabia-focussed exploration and development company Kefi Gold and Copper updated the market following recent press commentary in Ethiopia on Monday.
The AIM-traded firm said the press reports were over a Mines Ministry briefing on 14 May, at which reference was reportedly made to the cancellation of licences awarded to 27 mining and exploration companies, with a ministry official apparently making a verbal reference to issue warning letters to three other companies, including 'Tulu Kapi Gold Mines'.

Kefi said neither itself or its subsidiaries, Kefi Minerals Ethiopia and Tulu Kapi Gold Mines Share Company (TKGM), nor any of their associate companies, were aware of any breach of licence conditions, and had not received a warning letter or had notice of an intended letter flagged to them, formally or informally.

"The directors of Kefi believe they have an especially close working relationship with the Ethiopian government, which is a shareholder in TKGM at both the federal and Oromia regional levels," the board said in its statement.

"Last week, formal meetings of the TKGM shareholders, board of directors and project task force, comprising senior representatives of TKGM and all involved Ethiopian government agencies, were held which agreed the tasks and timetable for development of the company's Tulu Kapi gold project to commence in the coming months."

Kefi said it was agreed that, at the current time of "heightened anxiety" around "arguably the most important" democratic elections in Ethiopia's history, which are scheduled for the end of June, all parties needed to focus on completing the preparations for project launch.

"Kefi and TKGM are particularly grateful for the Ethiopian government's efforts at all levels regarding the jointly-owned project and its undertakings to complete its requisite final preparations for development to commence.

"Notwithstanding the obvious distraction of election time, it was agreed last week to upscale security around the project, endorse Kefi's historical project expenditure, confirm Kefi's exploration licences and confirm the construction schedule for the offsite infrastructure.

"Kefi acknowledges and appreciates the huge effort required from such busy government agencies."

The company said it was focussed on completing preparations for full project launch as soon as possible after its annual general meeting, which would take place before the end of June.

"The company will make further announcements as appropriate."

At 1312 BST, shares in Kefi Gold and Copper were down 4.96% at 2.01p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

KEFI Market Data

Currency UK Pounds
Share Price 1.70p
Change Today 0.048p
% Change 2.90 %
52 Week High 2.62
52 Week Low 1.55
Volume 4,442,693
Shares Issued 2,152.93m
Market Cap £36.64m

KEFI Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
23.44% above the market average23.44% above the market average23.44% above the market average23.44% above the market average23.44% above the market average
58.68% above the sector average58.68% above the sector average58.68% above the sector average58.68% above the sector average58.68% above the sector average
Price Trend
29.2% below the market average29.2% below the market average29.2% below the market average29.2% below the market average29.2% below the market average
3.82% below the sector average3.82% below the sector average3.82% below the sector average3.82% below the sector average3.82% below the sector average
Income Not Available
Growth Not Available

KEFI Dividends

No dividends found

Trades for 27-Jul-2021

Time Volume / Share Price
15:58 25,000 @ 1.70p
15:58 28,768 @ 1.70p
15:49 40,000 @ 1.70p
15:49 58,474 @ 1.70p
15:32 25,000 @ 1.66p

KEFI Key Personnel

Finance Director John Edward Leach

Top of Page