Hummingbird Resources plc has increased its debt with a US$5 million unsecured interest-free loan from its major investor CIG SA. Funds will be used to pay the first instalment to the Government of Mali, where the company owns the Yanfolila gold mine. The loan has a fixed $2.8mn royalty payable between 1 March 2025 and […]
Tag: Yanfolila gold mine – southern Mali
Hummingbird secures new $35.6m loan deal
Hummingbird Resources plc has refinanced its loan agreement to US$35.6 million to support its subsidiary’s operations in southern Mali. NEEDS The unsecured amount plus accrued interest at 9%, from its largest shareholder Nioko Resources Corporation, is repayable on 31 December 2025. The new arrangement follows Nioko’s mid-December buyout cash offer for the company. Hummingbird shareholders […]
Hummingbird secures loan extension
Hummingbird Resources plc has secured a binding agreement with its major investors on a new loan extension. SUPPORT The transaction is with CIG SA and Nioko Resources Corporation regarding the new CIG loan. Shareholders voted in favour of converting the CIG US$30 million loan, dated 6 November, into new ordinary shares in a debt-to-equity conversion. The […]
Kouroussa misses target commercial production
Hummingbird Resources plc said that the Kouroussa gold mine had achieved commercial production below target due to “lower than expected” mill feed grade. CONSTRAINTS The Guinea project’s four-week trailing average production increased to approximately 1,900 oz, lower than the previously announced target of 2,000-2,500 oz per week. The figure is not expected to ease the […]
Hummingbird faces delisting and buyout
Hummingbird Resources plc could be delisted and bought out after it agreed to convert US$30 million debt into shares for its main creditor. CHALLENGES Negotiations on debt restructuring continue with the company’s primary lenders Coris Bank International and CIG SA and its largest shareholder Nioko Resources Corporation. Hummingbird said that challenges at Yanfolila in southern […]
Hummingbird mulls selling non-core assets
Hummingbird Resources plc has secured a US$30 million loan as it initiates an independent review of its West Africa operations, including the possible sale of its non-core assets. KOUROUSSA The company’s largest shareholder CIG SA lent $20 million, payable in tranches, and consolidated a previous US$10 million short-term loan. Hummingbird said it anticipated changing the […]