KEFI Minerals (KEFI)

Business description

KEFI Minerals is an exploration & development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield, principally the 95%-owned Tulu Kapi project, Ethiopia and also the 40%-owned Jibal Qutman project, Saudi Arabia.

Stock data

Market cap.£14.8m
Last close4.45p
High / Low (52 weeks)10.9p / 4.1p
Stock market listingLN
Forecast net cash (£m)5.3
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(6.3)(13.6)(33.7)
Relative *(9.4)(14.3)(38.8)

* % Relative to local index

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Company news

KEFI Minerals raises output projections for the Tulu Kapi gold project

Tue, 31 Oct 2017 08:05:42 GMT

KEFI Minerals tipped to soar by Cantor Fitzgerald

Thu, 15 Jun 2017 11:21:57 GMT

KEFI Minerals targeting higher returns through Tulu Kapi production expansion

Wed, 01 Nov 2017 12:26:30 GMT

“Transformational” first half for KEFI Minerals as it edges towards ...

Wed, 27 Sep 2017 08:19:13 GMT

KEFI Minerals notes lifting of state of emergency in Ethiopia

Mon, 07 Aug 2017 07:15:09 GMT

Investment summary

The release of KEFI’s updated financial projections for Tulu Kapi earlier this week follows the operational update in October in which it first posited a c 25% increase in ore processing capacity from 1.5-1.7Mtpa to 1.9-2.1Mtpa (depending on ore hardness), funded by an expansion of the proposed Oryx financing facility, from US$135m to US$140m. The detail provided in the updated projections has allowed us to firm up our forecasts and expectations relative to the indicative estimates presented in our update note of 9 October.

Last updated on 02/11/2017

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2015A 0.0 (1.6) (2.0) (3.0) N/A N/A
2016A 0.0 (2.3) (2.5) (1.6) N/A N/A
2017E 0.0 (2.7) (2.9) (0.8) N/A N/A
2018E 0.0 (2.5) (10.8) (1.5) N/A N/A

Last updated on 09/10/2017

Latest research

Tulu Kapi financial projections update

Update | Mining | 02/11/2017

Plant capacity expansion beckons

Update | Mining | 09/10/2017

83% of the way there

Update | Mining | 20/07/2017

Small refinements and robust numbers

Update | Mining | 31/05/2017

Securing Lanstead: Tulu Kapi financing underway

Update | Mining | 13/02/2017

Maintaining flexibility

Update | Mining | 21/12/2016

Still aiming high

Update | Mining | 21/11/2016

Steady as she goes

Update | Mining | 27/07/2016

Reduced capex estimate

Update | Mining | 07/06/2016

Going underground

Update | Mining | 10/03/2016

Another piece falls into place

Update | Mining | 11/02/2016

Beyond Tulu Kapi

Update | Mining | 01/12/2015

Latest video

Executive Interview - KEFI Minerals

Industry outlook

Fully diluted at a share price of 5.4p, we estimate a value for KEFI of 10.4p/share, rising to 18.83p in 2024, based on the net present value of (maximum potential) future dividends, discounted at 10% pa. However, this increases to 25p in the event that KEFI is able to successfully leverage its cash flow from Tulu Kapi into other development assets in the region. In the meantime, KEFI is trading at just US$9.23 per resource oz, compared to an estimated global average cost of discovery of US$10.16/oz.

Last updated on 03/10/2017

Key management

Harry Anagnostaras-Adams, CEO
Malcolm Stallman, Exploration Manager
laki Catsamas, Group financial controller
Jeff Rayner, Managing Director

Company address

Office 21, 2nd Floor
Nicosia
35600
Cyprus
+357 22 25 61 61
View website