19th Aug 2024 11:42
Hummingbird Resources PLC on Monday - gold miner with operations in Mali, Guinea, Ivory Coast and Liberia - Completes strategic refinancing of a part of its existing loan facilities with its principal financing partner Coris Bank International. Adds that it secured a refinancing packaging amounting to about USD25 million at an annual interest rate of 12%. Hummingbird Chief Executive Officer Dan Betts says: "The refinancing with Coris Bank is a significant step in enhancing Hummingbird's financial resilience. We fully appreciate the ongoing support and constructive relationship with Coris, which has been instrumental in working through recent challenges and in the development of Hummingbird over the last several years. This move not only reduces near-term balance sheet constraints but also helps position us to navigate the current operating environment as we finalise the ramp-up at Kouroussa and target commercial production later this quarter." The Kouroussa mine is based in Guinea and achieved its first gold pour in June 2023. It is expected to produce an average of 120,000 to 140,000 ounces of gold for the first three years of commercial production.
Current stock price: 8.25 pence, up 21% on late Monday morning in London
12-month change: down 32%
By Tom Budszus, Alliance News slot editor
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