https://www.miningweekly.com
Gold|PROJECT|Resources
Gold|PROJECT|Resources
gold|project|resources

Hummingbird announces potential buyer for Pasofino subsidiary

Hummingbird's Yanfolila gold mine, in Mali

Hummingbird's Yanfolila gold mine, in Mali

17th September 2024

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Aim-listed Hummingbird Resources has advised of an offer for a buyer to acquire its 53%-owned subsidiary Pasofino Gold for $75-million.

This represents a purchase price of $0.66, or C$0.91, a share.

Pasofino, which is headquartered in Toronto, Canada, signed an exclusivity agreement with a potential buyer following a strategic review process during which Pasofino engaged with multiple interested parties.

The offer grants the potential buyer an exclusivity period until November 7, which gives the buyer and financing partners time to do due diligence and garner necessary approvals.

Both companies aim to finalise a definitive agreement in the fourth quarter of the year; however, there are no guarantees that such an agreement will be reached with the potential buyer.

Meanwhile, Pasofino intends to undertake interim financing to secure funds for advancing the Dugbe gold project’s feasibility study optimisation initiatives. The project, in Liberia, currently has 2.7-million ounces of reserves, a 14-year mine life and a low cost profile.

Hummingbird continues to operate the Yanfolila gold mine, in Mali, as well as the Kouroussa gold mine, in Guinea.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Klüber Lubrication
Klüber Lubrication

Klüber Lubrication ensures that the world’s essential systems—drive units, machines, and water flow—operate efficiently, sustainably, and reliably...

VISIT SHOWROOM 
AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (29/11/2024)
29th November 2024 By: Martin Creamer
Magazine video image
Magazine round up | 29 November 2024
29th November 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.06 0.096s - 143pq - 2rq
Subscribe Now