KEFI Gold and Copper


Market Cap£17.1m

Last Close 0.8p

KEFI Gold and Copper is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield – principally the Tulu Kapi project in Ethiopia, as well as Hawiah Copper and Gold and Jibal Qutman Gold in Saudi Arabia.

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Investment summary

Notwithstanding a modest delay relating to the security situation in Ethiopia, KEFI is in the process of finalising the specifics of the remaining funding sources for Tulu Kapi ahead of the project’s imminent launch. Site preparations have recommenced, community resettlement has been authorised, its mining licence has been reconfirmed and the Ethiopian central bank has approved the project’s debt financing structure.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2019A 0.0 (2.4) (3.5) (0.6) N/A N/A
2020A 0.0 (2.7) (2.8) (0.2) N/A N/A
2021E 0.0 (1.4) (5.8) (0.2) N/A 50.8
2022E 0.0 (1.4) (8.0) (0.3) N/A N/A
Industry outlook

Prior to the above mentioned (c six-month) delay, we valued KEFI at 4.35p/share on the basis of its enhanced (75%) interest in Tulu Kapi and our forecast that it is able to generate c £66m in free cash flow pa. However, this valuation excludes Hawiah (19.3Mt at 1.57% CuE), on which KEFI has completed a recent preliminary economic assessment showing a post-tax NPV(8%) of US$96m (1.07p/share attributable) and on which it is now conducting a pre-feasibility study, and the value of its other tier 2 assets, which we estimate could add a further 1.40–6.33p/share to its valuation.

Last updated on 06/07/2021
Content on KEFI Gold and Copper
KEFI Gold and Copper – On the cusp
Metals & mining | Outlook | 6 July 2021
gold water
KEFI Gold and Copper – Rose gold
Metals & mining | Outlook | 30 September 2020
gold water
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Share price graph
Balance sheet
Forecast net debt (£m) 73.1
Forecast gearing ratio (%) 205
Price performance
Actual (3.9) (14.5) 96.1
Relative* (3.8) (17.5) 69.1
52-week high/low 10.9p/4.1p
*% relative to local index
Key management
Harry Anagnostaras-Adams CEO
Jeff Rayner Managing Director
laki Catsamas Group financial controller