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.£11.4m
Last close3.62p
High / Low (52 weeks)10.9p / 4.1p
Stock market listingLN
Forecast net debt (£m)2.2
Forecast gearing ratio (%)18
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual19.1(21.3)(51.5)
Relative *16.4(23.4)(55.2)

* % Relative to local index

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Company news

KEFI says it's business as usual after last week's resignation of Ethiopian ...

Mon, 19 Feb 2018 11:33:44 GMT

KEFI Minerals scheduled to start work at Tulu Kapi this year

Thu, 18 Jan 2018 12:55:06 GMT

KEFI Minerals raises output projections for the Tulu Kapi gold project

Tue, 31 Oct 2017 08:05:42 GMT

Proactive weekly mining news highlights: Lionsgold, Kefi Minerals, Greatland Gold

Sat, 20 Jan 2018 06:00:00 GMT

KEFI Minerals tipped to soar by Cantor Fitzgerald

Thu, 15 Jun 2017 11:21:57 GMT

Investment summary

On 1 February, KEFI announced the appointment of David Munro, former MD of Billiton, and his two partners at International Mining Performance, to the senior management team as a prelude to triggering development and operations. This followed the announcement on 18 January that KEFI had terminated, by mutual agreement, its relationship with Oryx relating to its funding plans. Simultaneously, in its quarterly operational update, it reported that the funding approach remains unchanged, albeit with a simplified structure. KEFI also released the results of the final Tulu Kapi project models agreed by the consortium (and uploaded into the formal financing data rooms), which demonstrated some value improvements for shareholders compared with recent guidance.

Last updated on 01/02/2018

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) (0.9) N/A N/A
2018E 0.0 (2.5) (2.8) (0.4) N/A N/A

Last updated on 01/02/2018

Latest research

Greater exposure to gold price beckons

Update | Mining | 01/02/2018

Up to 90% of the way there

Update | Mining | 28/11/2017

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

Latest video

Executive interview - KEFI Minerals

Industry outlook

We continue to assume a future equity raise by KEFI in the order of US$13m (c £10m). Fully diluted at a share price of 4.375p, this leads us to estimate a value for its shares of 8.79p (vs 8.55p previously), rising to 15.44p in 2024, based on the net present value of (maximum potential) future dividends, discounted at 10% pa. However, this increases to 19p in the event that KEFI is able to successfully leverage its cash flow from Tulu Kapi into other development assets. In the meantime, it is trading on a resource multiple of just US$8.31/oz cf an estimated global average cost of discovery of US$10.16/oz.

Last updated on 13/12/2017

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