Hummingbird Resources plc has increased its holding to 53% in Pasofino Gold Ltd, owner of the Dugbe gold project in south Liberia. MAXIMISATION The company finalised the acquisition in December through a US$2 million investment in Pasofino’s non-brokered private placement, totalling $2.33m, announced today. Funds will be used to optimise the 2022 definitive feasibility study. […]
Tag: Hummingbird Resources plc
Hummingbird finalises 51% holding of Dugbe partner
Hummingbird Resources plc has completed converting its 51% holding in the Dugbe gold project into a 51% interest in Canadian joint venture partner Pasofino Gold Ltd. STRUCTURE The company said that it now had “clear visibility and control” for more efficient decision-making and project advancement”. The agreement results in Pasofino now owning 100% of Dugbe, […]
Hummingbird secures $55m refinancing for Kouroussa
Hummingbird Resources plc has agreed to refinance a portion, totalling US$35 million, of its existing Coris Bank group loan and secured $20m new loans for its West African operations. SUPPORT The refinancing of existing Coris Bank loans will see loan repayments deferred from Q3 2023 to full year 2024. Funds will provide additional cash flow […]
Hummingbird net group estimates fall
Hummingbird Resources plc net group estimates have fallen compared with last year’s statement for its projects in Guinea, Mali and Liberia. UNTAPPED EXPLORATION Revised group reserves total 4.03 million ounces of gold and group resources of 6.95 Moz, while net figures saw a decrease of 98,000 ounces and 327 Koz respectively. At the Kouroussa gold […]
Hummingbird has strong first half at Yanofila
Hummingbird Resources plc has reversed its fortunes with strong first half production from Yanfolila gold mine in southern Mali. PRODUCTION The company’s Q2 2023 operational and trading report showed an increase to 23,885 oz gold produced in Q2 2023 (Q2 2023: 20,013 oz). Total H1 2023 gold produced reached 51,147 oz (H1 2022: 35,561 oz). […]
Hummingbird 2022 losses treble from challenges
Hummingbird Resources plc recorded more than a three-fold increase in losses while gold pour fell following issues with its mining contractor at the Yanfolila mine in Mali. FINANCES Full year results for 2022 showed revenue decreased to US$150.5 million (2021: $162.7m) while losses rose to £39.9m (2021: £12.7m). The company sold less gold at 80,445 […]