News Column

Hummingbird Resources Agrees USD75 Million Funding For Yanfolila Project

August 11, 2014

Sam Unsted

LONDON (Alliance News) - Hummingbird Resources PLC Monday said it has agreed a phase two debt funding facility for the construction of the Yanfolila gold project in Mali with Taurus Mining Finance Fund worth USD75 million.

Hummingbird will get a USD10 million bridge facility which will back Front End Engineering and Design, engineering, drilling, associated optimisation studies and long-lead capital equipment for the site.

The firm will then receive the USD75 million refinancing facility post the bridge facility.

Optimisation of the site is due to be completed in the fourth quarter of 2014, with construction then due to commence in the first quarter of 2015 and the first gold production from Yanfolila due to start by the end of 2015.

"We acquired the Yanfolila project to provide us with a fast, simple and low cost route to production. Securing this financing package so quickly demonstrates the quality of this deal and opens the path to first gold production by the end of next year," said Dan Betts, Chief Executive of Hummingbird.

Hummingbird shares were untraded at 54.25 pence on Monday.

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Source: Alliance News

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