15th Aug 2014 07:43
LONDON (Alliance News) - Africa-focused gold miner Hummingbird Resources PLC Friday said its Trochilidae Resources subsidiary has drawn down the full USD10 million made available under the Taurus Mining Finance Fund bridge facility.
The Taurus facility is the first of a two-stage financing facility which will back Hummingbird's plans to fund the construction of the Yanfolila project in Mali through to first gold production.
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.
On completion of the Yanfolila plant design, along with associated optimisation studies and other conditions, Taurus will provide a USD75 million, five-year facility to refinance the bridge facility and back development costs for Yanfolila.
Hummingbird shares were untraded on Friday, quoted at 56 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Hummingbird Resources