Hummingbird secures $5m facility extension for Yanfolila development
JOHANNESBURG (miningweekly.com) – Aim-listed gold production, development and exploration company Hummingbird Resources has secured a $5-million facility extension to start moving its flagship 1.8-million-ounce Yanfolila gold project, in Mali, towards targeted production in 2016.
With the completion of the initial earthworks, including the excavation, placement and compaction of more than 80 000 m3 of fill materials, Taurus Funds Management expanded its $10-million bridge facility to $15-million to kick off the full construction and ongoing development activities at the emerging mine.
"The extension of the bridge facility allows Hummingbird to maintain its schedule as we conclude all the necessary technical, financial and legal due diligence prior to first draw on the main facility,” CEO Dan Betts told shareholders in an update to the market on Tuesday.
Hummingbird would use the proceeds to start the initial pit dewatering, acquire land around the mine site and finalise the due diligence in preparation for a full draw down of the main $75-million facility with Taurus.
“We continue to believe that the development of Yanfolila during the downturn will set Hummingbird apart as a cash-generative miner offering investors leveraged exposure into the gold space,” explained Taurus director of management Nick Farr-Jones.
Comments
Research Reports
Projects
Latest News
Showroom
Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...
VISIT SHOWROOM
South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
