Hummingbird draws down $10m for Yanfolila development
JOHANNESBURG (miningweekly.com) – Gold explorer Hummingbird Resources’ wholly owned subsidiary, Trochilidae Resources, has drawn down the $10-million available to it under the Taurus Mining Finance Fund bridge facility.
This facility was the first of a two-phase debt facility announced earlier this week, which would enable Hummingbird to fund the construction of the Yanfolila project, in Mali, through to first gold production, targeted for the end of 2015.
“The drawn down funds will be used to cover front-end engineering and design, detailed engineering, drilling, associated optimisation studies and long-lead capital equipment,” Hummingbird said on Friday.
Upon completion of the Yanfolila plant design and associated optimisation studies, Taurus would provide $75-million under a five-year facility to refinance the bridge facility and finance the development costs of Yanfolila.
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