Edison Investment Research - Kefi Gold And Copper (KMSA) Update: Reduced capex estimate

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Edison Investment Research

Update: Reduced capex estimate

Since our last update note on 10 March, KEFI has announced a Â£1.75m equity raising; confirmation that the Ethiopian government is to take an additional 20% interest in Tulu Kapi in return for a US$20m funding commitment relating to infrastructure (vs our prior expectation of 25%); a reduced capex estimate and modified funding requirement mix; and, replaced the construction contractor with market leader Lycopodium.

07/06/2016 3 EN

Underlying

Kefi Gold And Copper

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GB00B1HNYB75 Berlin Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Still aiming high

Since our last note in July, KEFI has updated its capex forecast for Tulu Kapi as well as the consequential funding mix. KEFI has also advised that the start of Tulu Kapi gold production is now expected to be mid-2018 (vs late 2017) due to recent events in Ethiopia and subsequent mitigating actions by the government. Finally, Edison has also updated our long-term gold price forecasts which have reduced our valuations.

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Update: Reduced capex estimate

Securing Lanstead: Tulu Kapi financing underway

Ford Equity International Rating and Forecast Report

Still aiming high

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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