Kefi Minerals provided its quarterly update for the three month period ended 30th September 2014 and additional post-period events. The company’s flagship, Tulu Kapi project in Ethiopia, reported a JORC compliant resource upgrade of 1.9million ounces at 2.51 grams per tonne (g/t) from an independent verification. Moreover, the company acquired the remaining 25% stake in the project and also received suggestive project finance terms from various financial institutions. The company’s other prospect, Jibal Qutman in Saudi Arabia continued its drilling and mineralization operations and some of the best drilling results indicated 17m at 3.72g/t Au, 8m at 3.22g/t Au (including 3.0m at 7.21g/t Au). Additionally, the Guji and Chalte prospects, adjacent to the Tulu Kapi project also reported sound exploration results of 44m at 1.73 g/t Au and 8m at 1.91 g/t Au, respectively. On the other hand, the company raised £2.13m cash through private placement and appointed SP Angel Corporate Finance as its nominated advisor. Further, Mr Harry Anagnostaras-Adams was moved to the position of the Executive Chairman while Mr Jeff Rayner assumed the position of the Exploration Director.
Our view: Kefi’s remarkable progress in the quarter gone by and the reactivation of the mining licence application for Tulu Kapi, paves the way for it to become a commercial gold producer in the near future. Kefi has fast tracked its operations in the prospect with signing of the indicative finance terms and the all-in-cost average much below the industry standards. Though the company is majorly focussed on the Tulu Kapi prospect at present, it has made considerable progress at identifying other productive targets in the highly prospective Arabian-Nubian Shield. Kefi possesses an extremely proficient exploration, development planning and financing team, that ably supports its endeavours. The company is well positioned as a cost efficient operator of two gold development projects of its portfolio. In view of these positives, we retain our Speculative Buy rating for Kefi.
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