KEFI Minerals


£9.3m market cap

1.7p last close

KEFI Minerals 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 and, to a lesser extent, the Jibal Qutman project in Saudi Arabia.

Investment summary

KEFI has now negotiated the completion of the project equity subscription into Tulu Kapi and is in the process of closing the first (albeit slightly delayed) subscription funds of US$9.5m from ANS in Q220. Community resettlement was authorised in mid-January, ahead of the start of the first phase of project development. Notwithstanding COVID-19, the Ethiopian central bank has approved the project’s debt financing and KEFI is still targeting full financial closure ahead of major mine site works in October and full production in 2022.

Y/E Dec
Revenue (£m)
PBT (£m)
EPS (p)
P/E (x)
P/CF (x)
2017A 0.0 (3.5) (3.6) (1.2) N/A N/A
2018A 0.0 (4.1) (4.6) (1.0) N/A N/A
2019E 0.0 (3.6) (3.6) (0.3) N/A N/A
2020E 0.0 (1.0) (9.0) (0.5) N/A N/A
Industry outlook

In executing its mine plan, we calculate that KEFI is capable of generating free cash flow of c £49m pa, which we valued (prior to a small, recent £3.7m interim financing) at 3.54p/share. In the meantime, drilling at Hawiah in Saudi Arabia has intersected extensive VMS style mineralisation on which KEFI expects to announce a maiden resource towards the middle of the year, which Edison estimates could be in the order of 13.3Mt at 2.58% copper equivalent.

Last updated on 23/09/2018
Share price graph
Balance sheet
Forecast net debt (£m) 47.8
Forecast gearing ratio (%) 76
Price performance
Actual (28.8) (36.9) (58.4)
Relative* (24.7) (35.6) (55.5)
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

Content on KEFI Minerals