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 […]
Tag: Yanfolila gold mine – southern Mali
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 […]
Hummingbird positive on upgrading Yanfolila
Hummingbird Resources plc said that it had positive results from drilling aimed at upgrading inferred resources into the indicated category at its Yanfolila gold mine in southern Mali. MRE During the first quarter, exploration mainly focused on the Sanioumale West North pit and Kabaya South deposits. The company added that Sanioumale West North showed “potential […]
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 […]