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.£16.2m
Last close4.88p
High / Low (52 weeks)10.9p / 4.1p
Stock market listingLN
Forecast net cash (£m)10.4
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(11.9)(11.8)(40.9)
Relative *(11.2)(9.7)(46.2)

* % Relative to local index

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Company news

KEFI Minerals tipped to soar by Cantor Fitzgerald

Thu, 15 Jun 2017 11:21:57 GMT

KEFI Minerals' boss highlights "great growth prospects” and is “confident of ...

Tue, 06 Jun 2017 07:56:34 GMT

Kefi MInerals at pivotal point says chairman

Wed, 01 Mar 2017 09:13:56 GMT

KEFI Minerals boost as Ethiopian legal claim is "drastically reduced"

Tue, 02 May 2017 07:01:34 GMT

KEFI Minerals offers 200% upside once Ethiopia stabilises says house Beaufort

Wed, 21 Dec 2016 12:11:53 GMT

Investment summary

In late July, KEFI announced that it had reached agreement with Oryx for US$135m of lease funding for its Tulu Kapi project in Ethiopia (which has now lifted its state of emergency). As a result, Oryx will now provide c 70% of KEFI's total funding in a form of build, own, operate and transfer arrangement. In the wake of the Oryx deal, we are now assuming a future equity raise by KEFI of US$13m (c £10m at current forex rates) compared to £15.85m previously. However, it could be as low as US$4m.

Last updated on 06/09/2017

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 (2.1) (2.2) (0.8) N/A 25.3
2018E 0.0 (2.1) (10.4) (1.7) N/A N/A

Last updated on 25/08/2017

Latest research

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

Beyond Tulu Kapi

Update | Mining | 11/11/2015

More gold faster and cheaper

Update | Mining | 01/10/2015

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$11.12 per resource oz, compared to an estimated global average cost of discovery of US$10.16/oz.

Last updated on 06/09/2017

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