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KEFI Minerals is the operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield (The Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia). KEFI is targeting production at these projects to generate cash flows for further exploration and expansion as warranted, recoupment of development costs and, when appropriate, dividends to shareholders.

Website:
http://www.kefi-minerals.com
Phone:
Address:
3 Agios Demetrios Street, 2012 Acropolis, Nicosia, Cyprus.
Super Sector:
General Mining - Gold
Sector:
Mining
Industry:
General Mining
EPIC / Symbols:
LON:KEFI
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*subject to change and depends on individual circumstances.

KEFI Minerals RNS Press Releases

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KEFI Minerals Articles, News, and Media Files

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KEFI Minerals Related Media

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  • 11/05/2015

    Stocktube video - KEFI Minerals chairman discusses placing as Goldfields deal falls through

    Harry Anagnostaras-Adams, executive chairman of KEFI Minerals (LON:KEFI), says the lapsing of the Goldfields agreement is a ‘bump in the road’, but says the company has ‘moved on’.

    The gold explorer has started on an alternative financing plan after the Goldfields Resources Fund missed its final deadline for a £3mln investment. KEFI has instead carried out a placing to raise £666,000 at 1p to follow £800,000 raised at the same price in March. Directors are preparing to inject a further £250,000.

    KEFI’s chairman says Goldfields just ‘couldn’t keep up with our timetable’.

Broker press

  • Page 1 of 1
  • 11/09/14

    11.09.14 :.-2, (1.43) finnCap reiterates its "buy" rating and raised its price target to 5.7p from 5.6p.

  • 01/04/14
    +0.00 +1.83

    finnCap initiates coverage with a "buy" rating and 3.5p target price.

  • 21/11/11
    +0.10 +2.88

    Fox Davies upgrades KEFI Minerals from hold to speculative buy.

  • 23/02/11
    +0.00 +7.18

    KEFI Minerals downgraded to hold from buy at Fox?Davies.

  • 09/10/10

    09.10.10: an article in the FT reports: KEFI Minerals rose 0.32p to 2.05p after raising GBP625,000 for exploration in Saudi Arabia. The... read more

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
18/03/15 A.E. Anagnostaras-Adams BUY 23,000,000 ORD 1.00 230,000 56,966,667 4.61
11/06/14 J.G. Rayner BUY 1,000,000 ORD 1.50 15,000 4,783,333 0.48
11/06/14 I.R. Plimer BUY 1,866,668 ORD 1.50 28,000 3,116,668 0.31
11/06/14 A.E. Anagnostaras-Adams BUY 2,000,000 ORD 1.50 30,000 13,966,667 1.40
12/07/13 J.G. Rayner TAKE 1,000,000 ORD 2.10 21,000 2,533,333 0.50

BASIC RESULTS INFORMATION

  • Page 1 of 4
Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/12/14 Full year 0.00 -3.96 -0.40 0.00 GBX
30/06/14 Interim 0.00 -1.93 -0.22 0.00 GBX
31/12/13 Full year 0.00 -2.59 -0.53 0.00 GBX
30/06/13 Interim 0.00 -0.81 0.17 0.00 GBX
31/12/12 Full year 0.00 -1.73 -0.39 0.00 GBX

Company Statement

London-listed company KEFI Minerals plc (AIM: KEFI) is an exploration and development company focussed on gold and copper deposits, primarily in the highly prospective Arabian-Nubian Shield.

KEFI Minerals is currently progressing feasibility studies on two gold projects:

 

•         100%-owned Tulu Kapi project in Ethiopia with a Probable Ore Reserve of 1.0 million ounces and Mineral Resources totalling 1.9 million ounces; and

•         40%-owned Jibal Qutman project in Saudi Arabia with Mineral Resources totalling 0.5 million ounces.

 

As the operator of these joint-venture projects, KEFI Minerals is well positioned to develop these projects prudently while continuing to add value through further exploration.


Strategy

Our aim is to create wealth for our shareholders by developing into profitable mines the gold and base metal deposits that the Company has discovered or acquired in a cost-effective manner.

 

Since KEFI Minerals was formed in 2006, we have rapidly evaluated and relinquished a number of exploration properties as well as acquiring new projects.

 

The highly prospective Arabian-Nubian Shield has been the Company’s primary focus since 2008 when it commenced exploration activities in the Kingdom of Saudi Arabia.

 

Our prudent approach is exemplified by the cost-effective acquisition of the Tulu Kapi project in the Democratic Republic of Ethiopia in late 2013. The £4.5 million cost of acquiring 75% of this advanced project equates to only $10 per reserve ounce and provides the information collected from historical expenditure of more than $50 million.

 

In September 2014, KEFI Minerals acquired the remaining 25% of Tulu Kapi for £750,000 and 50 million KEFI shares.

 

KEFI Minerals is now positioned as the operator of two gold development projects as well as a cost-effective explorer of its portfolio in the highly prospective Arabian-Nubian Shield.

 

With the appropriate mix of technical and financial expertise, the Company is prudently progressing its projects into profitable gold production with the aim of returning value to shareholders.

Current Operations

Ethiopia 

 

 

KEFI has 100% ownership of the Tulu Kapi licence in western Ethiopia and is at an advanced stage in refining the development plan for the project, aimed at reducing the previously planned capital and operating expenditure. Detailed research has yielded encouraging results and has been summarised in recent Company announcements. 

 

At the end of 2013, the Ethiopian Government improved the fiscal regime applying to the gold sector, and Tulu Kapi in particular. This included lowering the income tax rate for mining (to 25% from 35%); settling of repayment schedule for inherited VAT liability (over three years rather than up-front); the removal of VAT on future exploration drilling expenditure; lowering royalty on gold mining (to 7% from 8%); accelerating the depreciation of historical and future capital expenditure (over four years); and clarifying the workings of the Government’s 5% free-carried interest so that it does not impede conventional project financing terms. 

 

Expected milestones for the remainder of 2015 at Tulu Kapi include: 

• Independently verified capex, opex & closure costs 

• Independently verified Ore Reserves 

• Independently updated Definitive Feasibility Study for banking purposes 

• Formalisation of bank syndicate, agreement of final terms for project finance 

• Full development funding and commencement of construction 

 

For more information please CLICK HERE.

 

The Kingdom of Saudi Arabia 

In 2009, KEFI formed G&M in Saudi Arabia with local Saudi partner Abdul Rahman Saad Al-Rashid & Sons Company Limited (“ARTAR”), to explore for gold and associated metals in the Arabian Shield. KEFI has a 40% interest in the G&M and is the operating partner. To date, the G&M has conducted preliminary regional reconnaissance and has had five Exploration Licences (“EL”) granted, including Jibal Qutman and the recently granted Hawiah Exploration Licence that contains over 5km2 of outcropping gossans developed on VMS altered and mineralised rocks. 

 

G&M holds 23 Exploration Licence Applications that cover an area of approximately 1,484km2 . ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) lease within the area. 

 

The Kingdom of Saudi Arabia has instituted policies to encourage minerals exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom’s minerals sector.

 

During 2015 KEFI anticipates submitting a Mining Licence Application for Jibal Qutman in Saudi Arabia.

 

For more information please CLICK HERE.

Management

 

Harry Anagnostaras-Adams, Non-Executive Chairman

Harry Anagnostaras-Adams is currently Managing Director of AIM-listed EMED Mining Public Limited. He was formerly Managing Director of ASX and AIM-listed Gympie Gold Limited, Deputy Chairman of the Australian Gold Council, Executive Director of investment company Pilatus Capital Limited and General Manager of investment company Clayton Robard Limited. He was an inaugural Senior Investment Manager in Australia for Citicorp Capital Investors Limited and was manager of Australian mergers and acquisitions for CitiNational Merchant Bank. He has a Bachelor of Commerce (in Systems and Finance) from the University of New South Wales. He qualified as a Chartered Accountant while working with PricewaterhouseCoopers and has a Master of Business Administration from the Australian Graduate School of Management.


Jeff Rayner, Managing Director

Jeff Rayner is a geologist with over 24 years’ experience in gold exploration and mining in Australia, Europe and Asia. He started his career in Australia with BHP Gold and later Newcrest Mining Limited. He was involved in the early exploration discovery of the Cracow and Gosowong epithermal deposits and the Cadia Hill deposit, currently all of which are operating mines. In 1998, He joined Gold Mines of Sardinia plc as exploration manager, responsible for exploration and mining in Sardinia and project generation in Europe. During part of his time at Gold Mines of Sardina plc, he lead the exploration discovery of the Monte Ollasteddu gold deposit in Sardinia. He joined EMED Mining in 2006 and managed its Eastern European projects, resulting in the early drill discovery of the Biely Vrch gold deposit in central Slovakia. He became Managing Director of KEFI Minerals in November 2006. He is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Society of Economic Geologists.

 

Ian Plimer, Non-Executive Deputy Chairman

Ian Plimer (B.Sc. [Hons], PhD, FTSE, FGS, FAIMM) is Professor of Mining Geology at The University of Adelaide (2005-present) and was previously Professor and Head of Earth Sciences (University of Melbourne 1992-2005) and Professor and Head of Geology (University of Newcastle (1985-1991). Previously he worked in the Australian mining industry and at various universities. He is a prominent Australian geologist, has published 130 scientific papers, seven books and is a regular broadcaster. He was director of CBH Resources Ltd (ASX:CBH) from 1998 until takeover in 2010 and sits on the boards of Ivanhoe Australia Ltd (ASX:IVA; TSX:IVA; lead director plus Audit, Safety, Remuneration Committees), Ormil Energy Ltd (ASX:OMX; plus Safety and Audit Committees) and the unlisted TNT Resources Ltd.

 

John Leach, Finance Director (part-time)

John Leach has over 25 years’ experience in senior executive positions in the mining industry internationally and is currently also the Finance Director of EMED Mining. He holds a Bachelor of Arts (Economics) degree and a Master of Business Administration. He is a Member of the Institute of Chartered Accountants (Australia), a Member of the Canadian Institute of Chartered Accountants, and is a Fellow of the Australian Institute of Directors.

 

Norman Ling, Non-Executive Director

Norman Ling was a member of the British diplomatic service for more than 30 years, for the last ten with the rank of ambassador. He has served in a wide range of countries in the Middle East and Africa. His last post, before retirement, was as Ambassador to Ethiopia, Djibouti and the African Union. For the last two years he has been actively involved with development of the mining industry in Ethiopia.

 

Major Shareholders

 

As at 23 January 2012, KEFI Minerals had on issue:

 365,179,689 Ordinary Shares; and
 27,945 million options and warrants with exercise prices of 1p to 7p.

The significant shareholders in KEFI are:

 EMED Mining (18.5%);
 BARCLAYSHARE Nominees Limited (8.5%); 
 TD Waterhouse Nominees (Europe) Limited (11%); 
 Starvest Plc (5%); 
 L R Nominees Limited (6%); 
 HSDL Nominees Limited (2%); 
 James Capel Nominees Limited (7%); 
 Directors, Management and their families (2%).

The above significant shareholdings total to 60% and are the only shares considered not to be in public hands.

 

  • Additional Information
    Market
    AIM
    EPIC
    KEFI
    Share Price
    0.88p
    Change
    -0.07
    Volume
    2,109,990
    Dividend
    0
    EPS
    -0.40
    Shares
    1,381.95 m
    Offer
    0.9
    Bid
    0.85
    Yield
    0.00
    P/E
    -9.71
    Mkt Cap
    £12.16 m
  • Latest Stocktube
    11/05/2015

    KEFI Minerals chairman discusses placing as Goldfields deal falls through

    View full size
  • Contact Information

     

    Registered Office

    27/28 Eastcastle Street

    London W1W 8DH

    United Kingdom

     

    Exploration Office (Aramalar Ofisi)

    Cemal Gursel Caddesi Yali Apt.

    No.304 Kat:4 D.9 

    35600 Karsiyaka

    Izmir, Turkey

    Tel: +90 232 381 9431 or 232 381 9486 

    Fax: + 90 232 381 9071 

    Email:  info@kefi-minerals.com

     

    Exploration Office – Saudi Arabia

    Villa No: 14, Khawlah Bint Al Azwar Street (112)

    Al Shate’e District / 3 

    N35W20 SectorJeddah, Saudi Arabia

     

    Jeff Rayner, Managing Director

    Mobile Phone: +90 533 928 1913 (Turkey) or +966 535 004 480 (Saudi Arabia)

     

    Omer Celenk, General Manager

    Mobile Phone: +90 533 441 1344 (Turkey)

     

    Corporate Information

     

    Company Secretary

    Cargil Management Services Limited

    22 Melton Street

    London NW1 2WB

    United Kingdom

     

    Auditors 

    Moore Stephens LLP

    150 Aldersgate Street

    London EC1A 4AB

    United Kingdom

    http://www.moorestephens.co.uk

     

    Nominated Adviser

    Fox-Davies Capital

    Whitefriars House

    6 Carmelite Street

    London EC4Y 0BS

    United Kingdom

    http://www.fox-davies.com

     

    Broker 

    Fox-Davies Capital

    Whitefriars House

    6 Carmelite Street

    London EC4Y 0BS

    United Kingdom

    http://www.fox-davies.com

     

    Share Registrar

    Share Registrars Limited

    Craven House

    West Street, Farnham

    Surrey GU9 7EN 

    United Kingdom

    http://www.shareregistrars.uk.com

     

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