KEFI Gold and Copper Plc (KEFI) Earnings Call Transcript

Not at all. Quite the contrary, really. Obviously, we weren't oblivious to how things were going on those 2 projects, and we didn't need independent sign-offs to tell us how they were doing. So yes, we started setting the scene for our current action plan well over a year ago with management changes in Saudi and with -- refocused slightly to certain aspects of the business plan up, and that's all proceeding. The Saudi situation has only got more and more growth-oriented as a whole country for this sector and as has the Golden Minerals agenda of its own has got more growth-oriented. And those 2 projects are demonstrating that and our growth in license holdings and plans to expand it further also reflect all that. So no. No real changes at all to Golden Minerals' plan as was laid out as objectives, and they're coming to fruition. And pardon me -- and KEFI itself, I think, is opening up choices for its own decision-making as to how it allocates capital. Obviously, the London share market is less interested in development funding than it was a decade ago. And therefore, our focus on development funding at the subsidiary and regional level is only well-served, I think, by the results of this growth in the resources. So it just gives us more choices, I think, and allows us to pursue our business plan better.

Harry, I'm aware that many African banks were in Addis Ababa this weekend. It's a large African Union meeting of all member states. Were KEFI's banks present? And anything to report for your project financing?

It's a very big week, I mean, Addis Ababa. The atmosphere for Ethiopia specifically -- obviously, all the member countries have come in to discuss Africa-wide issues. But from our own particular perspective for -- on Ethiopia and our sector in Ethiopia, it's been, I suppose, a refreshing reinforcer that Ethiopia is palpably positive and taking off, sort of firing on all cylinders. There's been a number of new deals, developments announced for Ethiopia just in the last few days as a part of that, all told in the public domain, but large initiatives being taken by the country. All reflecting that, until the exchange control changes and floating of the currency, I think many multinationals, if not most, were looking to get their capital out of the country, and I'm well aware that that's flipped 180 degrees because they have got their capital out of the country and the country is taking off with these wide-ranging economic reforms for encouraging the private sector. All of them that I know of, all the multinationals that I know of, are actually putting money into the country now because of the takeoff of the country, and as sort of a thank-you for the country relieving the capital controls that they were frustrated about previously. So it's all good stuff, really. It's about time. It's been a long time coming, and we can say all these things, but it's refreshing. And our particular banks, yes, they're in town, have been for some days, and yes, multitudes of meetings. And nothing sort of changes. The plan and the momentum remains in place, as we've publicly outlined. So that's all been comforting to all of us on the ground here in Ethiopia.

Harry, I hope you'll keep us posted on developments on both of those fronts. Thank you very much for speaking with us today.

Thank you.

That's KEFI Gold and Copper Executive Chairman, Harry Adams.