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KEFI Minerals (KEFI)

Business description

KEFI Minerals is an exploration and 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.£8.7m
Last close1.38p
High / Low (52 weeks)10.9p / 4.1p
Stock market listingLN
Forecast net cash (£m)38.4
Forecast gearing ratio (%)N/A
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual(8.7)(23.2)(61.6)
Relative *(8.8)(16.1)(58.9)

* % Relative to local index

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Company news

KEFI Minerals welcomes appointments of new State Ministers in Ethiopia as it ...

Tue, 15 May 2018 07:18:04 GMT

Broker Forecast - RFC Ambrian issues a broker note on KEFI Minerals PLC

Wed, 16 May 2018 11:34:56 GMT

KEFI Minerals increases size of bond and equity issues for Tulu Kapi

Tue, 08 May 2018 07:46:58 GMT

KEFI Minerals starts community resettlement at Tulu Kapi gold project in ...

Fri, 20 Apr 2018 07:40:43 GMT

KEFI Minerals looks forward to government support as it continues to advance ...

Thu, 05 Apr 2018 07:25:05 GMT

Investment summary

On 6 December, KEFI announced that it had arranged for project equity funding of the Tulu Kapi gold mine project in Ethiopia for both Q119 and Q219, and that activities are progressing to this end, including government indications that the handful of outstanding permits are still expected to be granted in December to allow for community resettlement and development. The announcement also reports completion of the project due diligence for the US$160m bond/lease proposal (see previous notes) and follows KEFI’s announcement, on 28 Nov, that it had entered into an up to £4.0m secured convertible loan facility to underpin parent company working capital as it triggers the development of the project in Q119.

Last updated on 06/12/2018

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (p) P/E (x) P/CF (x)
2016A 0.0 (2.3) (2.5) (1.6) N/A N/A
2017A 0.0 (3.5) (3.6) (1.2) N/A N/A
2018E 0.0 (3.2) (3.8) (0.9) N/A N/A
2019E 0.0 (3.4) (11.6) (0.9) N/A N/A

Last updated on 07/12/2018

Latest research

Latest video

Executive interview - KEFI Minerals

Industry outlook

Once developed, we calculate that Tulu Kapi is capable of generating free cash flow of c £41.7m a year and paying average (maximum potential) dividends of 2.15p/share from FY23-28, which we value at 6.55p/share in FY18 (at a 10% discount rate) or 7.21p/share in FY19. However, this valuation increases to 13.3p in the event that KEFI is successfully able to leverage its cash flow from the mine into other assets in the region (NB to which end it has enlarged its exploration footprint in Ethiopia).

Last updated on 29/11/2018

Key management

Harry Anagnostaras-Adams, CEO
laki Catsamas, Group financial controller
Jeff Rayner, Managing Director

Company address

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