http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Wed, 22 Nov 2017 07:35:16 +0000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Hummingbird Resources still on track for first gold pour by year-end ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/8390/hummingbird-resources-still-on-track-for-first-gold-pour-by-year-end-8390.html Mon, 20 Nov 2017 10:41:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/8390/hummingbird-resources-still-on-track-for-first-gold-pour-by-year-end-8390.html <![CDATA[News - Hummingbird now commissioning at Yanfolila, on track for first gold pour by end 2017 ]]> http://www.proactiveinvestors.co.uk/companies/news/187481/hummingbird-now-commissioning-at-yanfolila-on-track-for-first-gold-pour-by-end-2017-187481.html Hummingbird Resources plc (LON:HUM) is now beginning the commissioning process at the Yanfolila gold mine in Mali.

First gold pour remains on track for the end of this year.

READ: Power plant now fully installed at Hummingbird’s Yanfolila gold mine

Mechanical and electrical testing of the installed ball mill is now complete, and the water supply for the processing plant in place.

Hummingbird has now commenced wet commissioning of the Carbon-in-Leach (CIL) circuit, after which ore will be introduced to the plant.

"Progress is continuing at pace and in line with our schedule,” said chief executive Dan Betts. 

READ: Hummingbird Resources says Yanfolila on-track and on-budget for first gold

“We are pleased that we have pre-commissioned the ball mill and commenced wet commissioning.” 

 

]]>
Mon, 20 Nov 2017 07:49:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/187481/hummingbird-now-commissioning-at-yanfolila-on-track-for-first-gold-pour-by-end-2017-187481.html
<![CDATA[RNS press release - Commissioning Update at Yanfolila Gold Mine ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171120070004_13436506/ Mon, 20 Nov 2017 07:00:04 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171120070004_13436506/ <![CDATA[RNS press release - Exercise of Warrants ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171114070003_13430112/ Tue, 14 Nov 2017 07:00:03 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171114070003_13430112/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171107175001_13423719/ Tue, 07 Nov 2017 17:50:01 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171107175001_13423719/ <![CDATA[RNS press release - Posting of Circular and Notice of General Meeting ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171030070002_13412381/ Mon, 30 Oct 2017 07:00:02 +0000 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171030070002_13412381/ <![CDATA[News - Power plant now fully installed at Hummingbird’s Yanfolila gold mine ]]> http://www.proactiveinvestors.co.uk/companies/news/186170/power-plant-now-fully-installed-at-hummingbirds-yanfolila-gold-mine-186170.html The 7.4 megawatt power plant at Hummingbird Resources PLC’s (LON:HUM) Yanfolila gold mine in Mali has now been fully commissioned.

London-listed Aggreko PLC (LON:AGK) installed the diesel power facility, which will provide power to the on-site processing plant.

READ: Hummingbird building a gold production presence in Africa and on the London market

Importantly, it keeps Hummingbird on track to deliver first gold from the project by the end of 2017.

“Working with Aggreko to deliver our power remains in line with our strategy of working with world class partners as we progress Yanfolila towards imminent gold production,” said chief executive Dan Betts.

“Aggreko offers the best quality power solution in the market at competitive pricing with a full team on site to run and maintain its operations.  

READ: Hummingbird Resources Mali gold mine on time and on budget

"Furthermore, we continue to evaluate potential renewable solutions such as solar PV, as we strive to be a responsible miner operating for the benefit of all our stakeholders.”

As for what to expect in the coming weeks, Betts said the next milestones would likely be the commissioning of the water supply and testing of the now fully-installed mill.

Shares gained 0.4%, or 0.16p, to 37.4p in early deals on Wednesday.

]]>
Wed, 25 Oct 2017 08:26:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/186170/power-plant-now-fully-installed-at-hummingbirds-yanfolila-gold-mine-186170.html
<![CDATA[RNS press release - Power Plant Fully Commissioned at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171025070002_13407785/ Wed, 25 Oct 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171025070002_13407785/ <![CDATA[News - Hummingbird Resources says Yanfolila on-track and on-budget for first gold ]]> http://www.proactiveinvestors.co.uk/companies/news/185793/hummingbird-resources-says-yanfolila-on-track-and-on-budget-for-first-gold-185793.html Hummingbird Resources Ltd (LON:HUM) told investors that the Yanfolila mine, in Mali, remains on track and on budget, to deliver first gold by the end of the 2017.

The mine developer, in a statement, reported that the construction phase of the project was around 86% complete at the end of the third quarter.

READ: Hummingbird Resources signs potential 50% earn-in deal for Kobada Gold Project in Mali, will take 9.9% stake in owner African Gold Group

At the close of the three month period, ended September 30, the company had US$56mln cash.

In the quarterly activity report the company also noted corporate highlights, including the conditional acquisition of a 50% stake in the Kobada gold project – which could feed a high-grade gold concentrate to Yanfolila, potentially adding some 50,000 ounces of production per year.

"We are now in the final quarter of the year and remain on track, and budget, to deliver first gold by the end of the 2017,” said Dan Betts, Hummingbird chief executive.

"We have had a positive last quarter, on top of great construction progress, we announced a commitment to enter into an agreement with African Gold Group to develop their Kobada gold project to the north of Yanfolila. 

“Whilst this deal is subject to satisfactory due diligence over the coming months, we believe this project will show a compelling economic case to produce a concentrated product to truck to our Yanfolila plant. 

READ: Hummingbird Resources Mali mine is on time and on budget for first gold pour later this year

“We believe this will materially increase both the annual production output and the life of the mine at a similar operational cost.”

Betts added: “Post period end, Hummingbird also saw the successful IPO and funding of Cora Gold, which is set to develop exploration licences in Mali.  Hummingbird was the previous owner of a number of the permits and holds a 34% shareholding in the company.”

]]>
Wed, 18 Oct 2017 09:18:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/185793/hummingbird-resources-says-yanfolila-on-track-and-on-budget-for-first-gold-185793.html
<![CDATA[RNS press release - Q3 2017 Review ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171018070002_13400143/ Wed, 18 Oct 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171018070002_13400143/ <![CDATA[RNS press release - Cora AIM Admission to Advance Mali Gold Portfolio ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171009070202_13389668/ Mon, 09 Oct 2017 07:02:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20171009070202_13389668/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170929154642_13381089/ Fri, 29 Sep 2017 15:46:42 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170929154642_13381089/ <![CDATA[News - Hummingbird Resources signs potential 50% earn-in deal for Kobada Gold Project in Mali, will take 9.9% stake in owner African Gold Group ]]> http://www.proactiveinvestors.co.uk/companies/news/184750/hummingbird-resources-signs-potential-50-earn-in-deal-for-kobada-gold-project-in-mali-will-take-99-stake-in-owner-african-gold-group-184750.html Hummingbird Resources (LON:HUM) shares were higher today on news it has signed a letter of intent for a potential earn-in to a 50% interest in the Kobada Gold Project in Mali owned by African Gold Group Inc (AGG) and plans an initial investment  of C$3.6mln for a near 10%  initial stake in the group.

Dan Betts, Hummingbird’s CEO, commented: "Based on the due diligence we have completed to date we believe we will be able to truck a high-grade concentrate to the Yanfolila processing plant from Kobada. This high-grade concentrate would have a material increase to our annual production rates and could add up to an additional 50,000oz per annum to our existing average life of mine production of 107,000oz.”

READ: Hummingbird Resources Mali mine is on time and on budget for first gold pour later this year

In a statement, published after the London market close yesterday, Hummingbird noted that Kobada has 2.2mln oz of measured, indicated and inferred gold resource, including 511,000 oz of reserves.

Hummingbird said its investment in AGG for an approximate 9.9% stake will see it buy 40,000,000 units at C$0.09 each - each unit consisting of a share and a warrant at C$0.12 per share.

Possibility of increasing shareholding

The firm added that, during an exclusivity period, it has the right to increase its shareholding in AGG to 19.2% for a further consideration of C$4.4mln also at CAD$0.09 per share paid in Hummingbird shares.

It will also have the right to manage the definitive feasibility study (DFS) on the Kobaba project, funded by AGG, and on completion of the DFS Hummingbird has the right to acquire a 50% interest in Kobada through funding the project’s capital expenditure.

Hummingbird said it will receive 70% of cashflows from the project until its capex is recovered.

CEO Betts added: “This deal with AGG gives us a path to 150,000oz production per year within three years from now combined with the organic extension of mine life from existing resources extending it well beyond 10 years.  This could significantly improve the production profile of Yanfolila and materially improve the mine's NPV.”

Hummingbird shares higher

In afternoon trading, Hummingbird shares were 3.7%, or 1.25p higher at 35.00p.

In a note to clients, analysts at Shore Capital said: “We understand that due to operational synergies, Hummingbird expects gold produced from Kobada material to enjoy a similar AISC to Yanfolila-sourced production (just under US$700/oz). There would also be capex synergies – in particular, there  would be no need to construct a CIL circuit at Kobada.”

 They added: “Kobada notwithstanding, it should be noted that Yanfolila has additional resources that could potentially enable mine life to be organically extended beyond 10 years.”

 -- Adds share price, broker comment --

]]>
Thu, 28 Sep 2017 10:28:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184750/hummingbird-resources-signs-potential-50-earn-in-deal-for-kobada-gold-project-in-mali-will-take-99-stake-in-owner-african-gold-group-184750.html
<![CDATA[RNS press release - Conditional Acquisition in Gold Project, Mali ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170927170010_13377781/ Wed, 27 Sep 2017 17:00:10 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170927170010_13377781/ <![CDATA[News - Hummingbird Resources Mali mine is on time and on budget for first gold pour later this year ]]> http://www.proactiveinvestors.co.uk/companies/news/184658/hummingbird-resources-mali-mine-is-on-time-and-on-budget-for-first-gold-pour-later-this-year-184658.html Hummingbird Resources PLC’s (LON:HUM) interim results chart a busy and productive period for the mine developer ahead of its maiden gold pour at the end of this year.

The Yanfolila project in Mali is currently under construction. It is fully funded to production and is on schedule and on budget, the firm said.

READ: Hummingbird Resources publishes video of construction progress at Yanfolila Gold Project in Mali

In April, Hummingbird announced the terms of a “materially improved” US$60mln debt deal to fund the build.

This was on top of the US$67mln raised last June from shareholders and the additional US$11mln from the Mali government, which doubled its stake to 20%.

Pre-production mining is underway, while the delivery of the ball mill was a major landmark for the company.

READ: Hummingbird Resources will continue to re-rate, reckons Cantor

There have also been a few tweaks to the structure of the company in so much as Hummingbird has taken its ownership of the project to 80% (from 75%) by acquiring a 5% stake from La Petite Mine d'Or for US$1mln. It has also bought a 1% royalty on sales for the same amount.

Hummingbird has offloaded subsidiaries Sankarani Resources and Hummingbird Exploration Mali to Cora Gold in return for 50% in the new company.

Cora is currently seeking a listing on AIM, which should crystalise a value for those assets.

As is common with companies at this formative stage of their commercial trajectory, Hummingbird was lossmaking. The pre-tax loss US$2.6mln, it said in a statement.

More importantly, the company was sitting on cash of over US$60mln on September 1 following the debt drawdown.

]]>
Wed, 27 Sep 2017 08:29:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184658/hummingbird-resources-mali-mine-is-on-time-and-on-budget-for-first-gold-pour-later-this-year-184658.html
<![CDATA[RNS press release - Interim Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170927070003_13376396/ Wed, 27 Sep 2017 07:00:03 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170927070003_13376396/ <![CDATA[News - Hummingbird Resources publishes video of construction progress at Yanfolila Gold Project in Mali ]]> http://www.proactiveinvestors.co.uk/companies/news/184316/hummingbird-resources-publishes-video-of-construction-progress-at-yanfolila-gold-project-in-mali-184316.html Hummingbird Resources PLC (LON:HUM) said it has published a new video detailing construction progress on the ground at its Yanfolila Gold Project in Mali.

The AIM-listed group said it posted the video on its corporate website ahead of its targeted first gold pour by the end of 2017.

READ: Hummingbird commences mining operations at Yanfolila

In a brief statement, the company also said it remains on budget and on target to deliver first gold by the end of 2017 with 132,000 ounces of gold production forecast for the first full year of production at an all in sustaining cost (AISC) of US$695.

]]>
Wed, 20 Sep 2017 14:44:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184316/hummingbird-resources-publishes-video-of-construction-progress-at-yanfolila-gold-project-in-mali-184316.html
<![CDATA[RNS press release - Yanfolila Construction Video Published ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170920143001_13369635/ Wed, 20 Sep 2017 14:30:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170920143001_13369635/ <![CDATA[RNS press release - Event Attendance and Corporate Presentation ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170918070007_13365401/ Mon, 18 Sep 2017 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170918070007_13365401/ <![CDATA[News - Hummingbird Resources will continue to re-rate, reckons Cantor ]]> http://www.proactiveinvestors.co.uk/companies/news/184059/hummingbird-resources-will-continue-to-re-rate-reckons-cantor-184059.html Shares in Hummingbird Resources PLC (LON:HUM) should continue to re-rate as it moves towards first production at Yanfolila in Mali before the year end, reckons broker Cantor Fitzgerald.

Shares have broken through the  broker's previous range and it has now hiked up its target to 41p from 32 previously. Shares are at around 33p currently.

Pre-production mining already started..

Pre-production mining has already started and by the end of November, the firm expects that over 3Mt (million tonnes) of material will have been moved with ore stacked ahead of fourth quarter commissioning.

The mine is slated to produce 132,000 ounces of gold in its first year of full production.

READ: Hummingbird building a gold production presence in Africa and on the London market READ: Hummingbird commences mining operations at Yanfolila

Cantor notes that from the last quoted cash position in mid-July of US$70mln, it expects a cash position of US$10m at year end, with net debt of around US$50mln.

It expects commercial production to be declared in April, 2018, which should see the cash position rise rapidly to over US$40mln by the end of 2018, it suggests, leaving the miner well placed to meet subsequent debt repayments.

"The onset of production at Yanfolila will also bring a greater commitment to further reserve definition and exploration at the project," noted Cantor analyst Asa Bridle.

More than 1mln ounces outside initial plan..

"At present over 1Moz of resources lie outside of the initial mine plan, and HUM will look to reclassify this inventory into reserves to increase the average annual production rate and/or the overall mine life," he added.

Bridle said that based on various metrics taken from a peer group of “in construction” gold companies, he values the group's 80% stake in the Yanfolila project at US$121mln or 27p a share.

Using the same metrics from a 'PFS' peer group for the company’s Dugbe property in Liberia generates a valuation of US$66mln or 14p a share for Hummingbird's second gold project.

Combining these gives the new  target price of 41p target price. The recommendation is 'buy'.

]]>
Fri, 15 Sep 2017 10:15:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/184059/hummingbird-resources-will-continue-to-re-rate-reckons-cantor-184059.html
<![CDATA[RNS press release - Block Listing Six Monthly Return ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170912070012_13359141/ Tue, 12 Sep 2017 07:00:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170912070012_13359141/ <![CDATA[RNS press release - Exercise of Warrants ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170911134501_13358563/ Mon, 11 Sep 2017 13:45:01 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170911134501_13358563/ <![CDATA[News - Hummingbird building a gold production presence in Africa and on the London market ]]> http://www.proactiveinvestors.co.uk/companies/news/183384/hummingbird-building-a-gold-production-presence-in-africa-and-on-the-london-market-183384.html In 2014 Hummingbird Resources PLC (LON:HUM) took over the Yanfolila gold project in Mali from Gold Fields (JSE:GFI), which in turn had taken it over from one-time London-listed junior Glencar.

Gold Fields, as one of the largest gold producing companies in the world, had concluded that on the whole the project was too small for it. But that hadn’t precluded it doing a lot of detailed investigations on viability, following up on the initial resource work that had been done by Glencar.

This work was then handed onto Hummingbird, which proceeded rapidly on to completing final economic studies, raising money and moving on into development.

Economic in a variety of gold price scenarios

According to the most up-to-date study conducted by Hummingbird, Yanfolila is capable of producing an after-tax internal rate of return of 60%, assuming a gold price of US$1,250, lower than where it is now.

That would be on the basis of life of a production scenario weighted towards the early years, but which over the life of the mine would produce at an average rate of 107,000 ounces per year.

However, if gold were to rise to US$1,400, the after-tax IRR rises to 77%. Similarly the NPV jumps from US$162 mln to US$216 mln.

Conversely though, if the gold price should fall to US$1,100, the project will still enjoy a 42% internal rate of return.

Mining underway

Hummingbird has now commenced mining at Yanfolila, although gold production is still some weeks away. That’s partly because the plant isn’t quite complete yet, and partly because the company is building up a planned stockpile of ore to allow for an orderly introduction into the process plant before the end of the year.

As it stands, Yanfolila is forecast to produce 132,000 ounces in its first year of production, at an average all-in sustaining cost over the life of the mine of US$695 per ounce.

Well-covered by brokers

In 2016, Beaufort Securities called Yanfolila “one of the best undeveloped gold projects in Africa”.

That analysis is only running out of date because Yanfolila is now producing, but the company is well-followed by other brokers, including Mirabaud,  SP Angel and Shore Capital, and that kind of coverage isn’t always easy to achieve for a junior miner.

But with the gold price on an upward trend, and gold companies known to re-rate significantly once they move from development into production, the reasons for the interest are pretty clear.

Chief executive in upbeat mood

“Commencement of mining activities at Yanfolila is a significant milestone for Hummingbird as we continue to bring the project closer to production by the end of this year,” said chief executive Dann Betts.

“Our contract mining partners, AMS, have mobilised a significant fleet to site and this commitment emphasises the momentum the project has gained throughout the year. As we enter the final months of construction we remain on time and budget for first gold by the end of 2017. We will look to build on the current momentum as we ramp up to full scale mining and production.”

 

]]>
Mon, 04 Sep 2017 11:19:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183384/hummingbird-building-a-gold-production-presence-in-africa-and-on-the-london-market-183384.html
<![CDATA[News - Hummingbird commences mining operations at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/news/183080/hummingbird-commences-mining-operations-at-yanfolila-183080.html Pre-production mining has commenced at the Yanfolila gold project in Mali held by Hummingbird Resources PLC (LON:HUM).

For the time being, ore will be stockpiled, ready for introduction into the process plant in the fourth quarter, when the first gold pour is also expected.

Construction of plant and associated infrastructure remains on budget and on-schedule, with the mine slated to produce 132,000 ounces of gold in its first year of full production, the company said in a statement.

WATCH: Hummingbird Resources fully cashed-up after accelerated loan drawdown

“Commencement of mining activities at Yanfolila is a significant milestone for Hummingbird as we continue to bring the project closer to production by the end of this year,” said chief executive Dan Betts.  

“Our contract mining partners, AMS, have mobilised a significant fleet to site and this commitment emphasises the momentum the project has gained throughout the year. As we enter the final months of construction we remain on time and budget for first gold by the end of 2017. We will look to build on the current momentum as we ramp up to full scale mining and production."

READ: Hummingbird Resources ups stake in Yanfolila mine in Mali to 80%

 

 

 

]]>
Tue, 29 Aug 2017 08:08:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/183080/hummingbird-commences-mining-operations-at-yanfolila-183080.html
<![CDATA[RNS press release - Mining Operations Commence at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170829070006_13343287/ Tue, 29 Aug 2017 07:00:06 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170829070006_13343287/ <![CDATA[RNS press release - Q2 Update: Pre-Production Mining to commence in Q3 ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170718070005_13298103/ Tue, 18 Jul 2017 07:00:05 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170718070005_13298103/ <![CDATA[Media files - Hummingbird Resources fully cashed-up after accelerated loan drawdown ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7748/hummingbird-resources-fully-cashed-up-after-accelerated-loan-drawdown-7748.html Wed, 05 Jul 2017 10:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7748/hummingbird-resources-fully-cashed-up-after-accelerated-loan-drawdown-7748.html <![CDATA[News - Hummingbird completes debt drawdown as construction at Yanfolila continues ]]> http://www.proactiveinvestors.co.uk/companies/news/180279/hummingbird-completes-debt-drawdown-as-construction-at-yanfolila-continues-180279.html Hummingbird Resources PLC (LON: HUM) has drawn down fully on the US$60 mln senior secured loan facility with Coris Bank International Group, a leading Burkinabe bank. 

The debt facility is being used to fund the ongoing construction of the Yanfolila gold mine in Mali, which is on budget and scheduled for first gold pour by the end of 2017.

WATCH: Hummingbird Resources fully cashed-up after accelerated loan drawdown

The latest drawing of the US$35 mln balance from the debt facility follows the initial US$25 mln drawn in April.

Following the drawdown Hummingbird's cash position stands at approximately US$70 million

"It was originally anticipated that we would make monthly drawdowns against our senior secured debt facility with Coris Bank International as we progress the development of Yanfolila,” said Hummingbird chief executive Dan Betts.

“This accelerated drawdown of the remaining facility is the result of their increased confidence in the development of the project and underlines the strength of our relationship with Coris Bank International as a supportive lender who understand the industry."

 

]]>
Tue, 04 Jul 2017 07:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/180279/hummingbird-completes-debt-drawdown-as-construction-at-yanfolila-continues-180279.html
<![CDATA[RNS press release - Full Drawdown of Coris Loan Facility ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170704070002_13282497/ Tue, 04 Jul 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170704070002_13282497/ <![CDATA[RNS press release - Result of AGM ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170621142229_13268591/ Wed, 21 Jun 2017 14:22:29 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170621142229_13268591/ <![CDATA[Media files - 'Full steam ahead at Yanfolila' as Hummingbird Resources ups stake to 80% ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/7633/-full-steam-ahead-at-yanfolila-as-hummingbird-resources-ups-stake-to-80-7633.html Tue, 13 Jun 2017 15:58:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/7633/-full-steam-ahead-at-yanfolila-as-hummingbird-resources-ups-stake-to-80-7633.html <![CDATA[News - Hummingbird Resources ups stake in Yanfolila mine in Mali to 80% ]]> http://www.proactiveinvestors.co.uk/companies/news/179136/hummingbird-resources-ups-stake-in-yanfolila-mine-in-mali-to-80-179136.html Hummingbird Resources (LON:HUM) has increased its stake in the under construction Yanfolila gold project in Mali to 80% with the exercise of an option over a further 5% of the equity.

The AIM-listed junior is buying out La Petite Mine d'Or’s interest for US$1mln, plus paying a further US$1mln to acquire its 1% royalty. Both considerations will be paid in shares.

WATCH: 'Full steam ahead at Yanfolila' as Hummingbird Resources ups stake to 80%

A 3% royalty to Mali over the project remains in place, with the government owning the remaining 20%  of the project.

Dan Betts, Hummingbird’s chief executive, said reducing the royalties increases the benefit as “we firmly believe the mine life will increase significantly as we convert further Resources into Reserves once we are in production”. 

"We continue to make excellent progress on site and as a result we continue to advance Yanfolila to production both on time and on budget." 

Hummingbird is targeting first production from Yanofilia by the end of 2017.

The mine has a probable reserve of 709,800oz at  3.14g/t and total resources of 1.8Moz of gold.  

]]>
Tue, 13 Jun 2017 08:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/179136/hummingbird-resources-ups-stake-in-yanfolila-mine-in-mali-to-80-179136.html
<![CDATA[RNS press release - Increases Stake in Yanfolila Ahead of Production ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170613070002_13257857/ Tue, 13 Jun 2017 07:00:02 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170613070002_13257857/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170607161647_13252839/ Wed, 07 Jun 2017 16:16:47 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170607161647_13252839/ <![CDATA[RNS press release - Holding(s) in Company ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170607161514_13252836/ Wed, 07 Jun 2017 16:15:14 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170607161514_13252836/ <![CDATA[News - Hummingbird Resources on schedule at Yanfolila in Mali ]]> http://www.proactiveinvestors.co.uk/companies/news/178251/hummingbird-resources-on-schedule-at-yanfolila-in-mali-178251.html Hummingbird Resources PLC (LON:HUM) has reported good progress is being made with the construction of the Yanfolila gold mine in Mali.

The ball mill has recently arrived into the port of Abidjan for transporting to site, said Dan Betts, chief executive, while the carbon in leach tanks are now over 70% complete and the steelwork for the gold room and reagent area is being erected.

“The front-end crushing circuit has been fabricated and is in transit for assembly on site, and the conveyors and construction therefore is all on schedule,” he added. 

 “Once constructed, the plant will need to be electrified and we have recently signed a power contract with Aggreko to provide 'over the fence' power from a bank of diesel generators. 

“Finally, we will move into the commissioning stages of the plant in Q4 2017 ahead of our targeted first gold pour by the end of the year.”

Hummingbird added it has also appointed David Staker-Smith as a non-executive director. He is a director of CrossBorder Capital.

Losses in 2016 were US$8.44mln (US$4.56mln). Cash holdings at the year-end were US$53.8mln.

]]>
Wed, 24 May 2017 09:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178251/hummingbird-resources-on-schedule-at-yanfolila-in-mali-178251.html
<![CDATA[RNS press release - Final Results ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170524070012_13236210/ Wed, 24 May 2017 07:00:12 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170524070012_13236210/ <![CDATA[News - Hummingbird Resources announces "significant milestone" for Yanfolila project with delivery of the ball mill ]]> http://www.proactiveinvestors.co.uk/companies/news/178113/hummingbird-resources-announces-significant-milestone-for-yanfolila-project-with-delivery-of-the-ball-mill-178113.html Hummingbird Resources PLC (LON:HUM) has said pre-production mining at its Yanfolila gold project in Mali is on schedule to commence in the third-quarter of 2017 following delivery of a Ball mill from Europe, with the contract mining fleet also arriving on site.

In its latest construction update statement, the AIM-listed firm said “all aspects of construction continue to progress on time and on budget with first gold pour due before the end of 2017.”

By mid morning, Hummingbird shares were still 2.1p higher at 24.25p. 

READ: Hummingbird Resources Mali gold mine on time and on budget

Dan Betts, Hummingbird’s CEO, added: "As the longest lead item, the delivery of the ball mill to site is a significant milestone for Hummingbird and further de-risks the delivery of the project's critical path."

In a note to clients today, analysts at Beaufort said: ”We continue to be encouraged with the pace of progress being made at the Yanfolila as the project remains on time and within budget.

“We look forward to further updates as pre-production mining is planned to commence in Q3 2017. We also note that once Yanfolila is in production, operating costs (AISC) are expected to be US$695/oz with 132,000oz of gold produced in the first full year's production.”

Beaufort maintained a ‘Speculative Buy’ rating on the stock.

Last month Hummingbird put in place the last piece of the funding jigsaw by securing a US$60mln debt facility with West Africa-focused lender, Coris Bank.

Investors have already contributed US$71mln to the construction. The mine itself, which is host to an estimated 1.8mln ounces of gold, is expected to churn out 132,000 ounces of the yellow metal in the first 12 months.

 -- Adds broker comment, updates share price --

]]>
Mon, 22 May 2017 07:56:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/178113/hummingbird-resources-announces-significant-milestone-for-yanfolila-project-with-delivery-of-the-ball-mill-178113.html
<![CDATA[RNS press release - Construction Update: Ball Mill on Site ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170522070008_13232722/ Mon, 22 May 2017 07:00:08 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170522070008_13232722/ <![CDATA[News - Hummingbird Resources Mali gold mine on time and on budget ]]> http://www.proactiveinvestors.co.uk/companies/news/176777/hummingbird-resources-mali-gold-mine-on-time-and-on-budget-176777.html Hummingbird Resources PLC (LON:HUM) said it Yanfolila gold project in Mali is on time and on budget with 410 people on the ground during the construction phase.

Chief executive Dan Betts is confident of having the 1.2mln tonne-a-year operation ready to enter the initial mining phase during the third quarter, enabling the first gold pour by the end of the year.

So far 59% of the work schedule has been completed, with 99% of the detailed engineering and 91% of the process design now done.

CLICK HERE to sign up to the Proactive daily newsletter

Looking at the specifics of this fast-track project, the ball mill is complete and due for delivery to site next month, while work on the carbon in leach tanks is expected to be finished then too.

Structural, mechanical, plate work and piping has been underway for over three months now, while the plant foundations are “largely complete”.

Earlier this month Hummingbird put in place the last piece of the funding jigsaw by securing a US$60mln debt facility with West Africa-focused lender, Coris Bank.

Investors have already contributed US$71mln to the construction. The mine itself, which is host to an estimated 1.8mln ounces of gold, is expected to churn out 132,000 ounces of the yellow metal in the first 12 months. 

]]>
Mon, 24 Apr 2017 08:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176777/hummingbird-resources-mali-gold-mine-on-time-and-on-budget-176777.html
<![CDATA[RNS press release - Yanfolila Gold Project Gearing up for Production ]]> http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170424070007_13201112/ Mon, 24 Apr 2017 07:00:07 +0100 http://www.proactiveinvestors.co.uk/companies/rns/3358/LSE20170424070007_13201112/ <![CDATA[News - Gold mine developer Hummingbird Resources agrees US$60mln debt deal on better than expected terms ]]> http://www.proactiveinvestors.co.uk/companies/news/176269/gold-mine-developer-hummingbird-resources-agrees-us60mln-debt-deal-on-better-than-expected-terms-176269.html Hummingbird Resources PLC (LON:HUM) has sealed a US$60mln debt agreement on better than anticipated terms that will fund the build of its Yanfolila gold mine in Mali.

The facility is with Coris Bank, one of the largest and fastest growing lenders in West Africa. Hummingbird had been in negotiations with the Taurus Mining Finance Fund, which provided a US$25mln bridge loan to begin the development of Yanfolila, which is scheduled to pour its first gold by the end of year.

CLICK HERE: To sign up for the Proactive daily newsletter

The company has borrowed with Coris over four years at an interest rate of 9% with a 12-month capital deferral.

Crucially, there is no royalty or hedging involved and the company will draw down US$25mln immediately.

Hummingbird said the Coris agreement reduces the cost of the debt and “maintains flexibility” for growth and development.

"Importantly the terms of the loan with Coris Bank International are more flexible than the previous arrangement and much better aligned with our strategy of growth,” said chief executive Dan Betts. 

“We look forward to working with Coris Bank International to bring Yanfolila into production and also to help us execute our strategy to become a multi-mine company."

]]>
Tue, 11 Apr 2017 07:20:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/176269/gold-mine-developer-hummingbird-resources-agrees-us60mln-debt-deal-on-better-than-expected-terms-176269.html
<![CDATA[News - WH Ireland alights on Hummingbird Resources, starts coverage with a 'buy' rating ]]> http://www.proactiveinvestors.co.uk/companies/news/174783/wh-ireland-alights-on-hummingbird-resources-starts-coverage-with-a-buy-rating-174783.html WH Ireland has started coverage on Hummingbird Resources Ltd (LON:HUM) with a ‘buy’ rating and a target of 42p, offering over 20% upside to the gold miner’s current share price of 23.375p.

In a note to clients, analysts at the broker noted that Hummingbird “is busy building its first gold mine in Mali at Yanfolila.”

They pointed out: “This low capital intensity mine is fully funded and construction is well underway with first concrete poured, steel contracts in place, a mine contractor appointed and a growing experienced production team assembled.”

The analysts added: “The mine once commissioned by the end of this year will produce over 100koz gold/a for an initial 8 year period at high profit margins and will be very cash generative.”

They said: “We see this is as only the beginning for Hummingbird with the prospective greenstone belt under its control around the Yanfolila plant, together with a stake in a wider exploration company over this part of West Africa and a 4.2Moz deposit in Liberia at Dugbe.”

The analysts pointed out: “Hummingbird has an experienced management team having i) completed the purchase of an asset from a major, ii) completed a Feasibility study (and optimised it), iii) negotiated both the debt market and the London equity environment in some tough years and iv) begun construction of a significant gold mine.”

They concluded: “We feel this is only the beginning for Hummingbird and initiate today with a BUY recommendation and a 42p price target.”

]]>
Tue, 14 Mar 2017 15:13:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/174783/wh-ireland-alights-on-hummingbird-resources-starts-coverage-with-a-buy-rating-174783.html
<![CDATA[News - Hummingbird appoints highly experienced GM at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/news/173592/hummingbird-appoints-highly-experienced-gm-at-yanfolila-173592.html Gold mine developer Hummingbird Resources Ltd (LON:HUM) has appointed a general manager at its Yanfolila gold project in Mali.

He is Kevin Moxham, a professional engineer with more than 30 years of experience in the management and commissioning of mining projects in jurisdictions including Ghana, Eritrea, Tanzania and South Africa.

Read Hummingbird Resources’ Yanfolila construction is on track for 2017 gold pour

Most recently Moxham was general manager (GM) and head of operations at Newmont Golden Ridge Ltd, where he oversaw commissioning and production of the 9mln tonnes per annum Akyem Gold Mine in Ghana.

Moxham has also held several senior roles at the Barrick Gold Corporation, Gold Fields Ltd, Lonmin Platinum Mines and Anglo American.

"The appointment of a GM to join the team is a crucial appointment for Hummingbird,” declared Dan Betts, chief executive officer of Hummingbird. 

“It is no exaggeration to say that we have searched extensively for the candidate who we believe demonstrates the right blend of skills, commitment and chemistry to join our team,” Betts said, adding that the appointment looks beyond the immediate focus of constructing and commissioning of Yanfolila towards the company’s further ambitions of operating of a world class project, and building a world class gold mining company. 

“As a board, we believe that to have attracted somebody of Kevin's experience speaks volumes about the quality of the Yanfolila Gold Project and the character of the existing Hummingbird team," Betts added.

]]>
Thu, 23 Feb 2017 07:55:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/173592/hummingbird-appoints-highly-experienced-gm-at-yanfolila-173592.html
<![CDATA[News - Old Hummingbird gold assets move into Aim-traded Glenwick ]]> http://www.proactiveinvestors.co.uk/companies/news/172705/old-hummingbird-gold-assets-move-into-aim-traded-glenwick-172705.html The plan to amalgamate and monetise the non-core assets of Hummingbird Resources PLC (LON:HUM) with those of privately-held Kola Gold took a big step forward this week as Aim-traded investment vehicle Glenwick PLC (LON:GWIK) formally notified the stock exchange of plans to acquire the new vehicle which holds the assets, Cora Gold.

Under the terms of the deal, Glenwick will offer 91% of its enlarged share capital to acquire 100% of Cora Gold. Glenwick has already raised £130,000 to support the transaction from Paternoster Resources PLC (LON:PRS).

Paternoster shares were unchanged at 0.2p per share as it announced its new 10.6% holding in the enlarged issued capital of Glenwick.

But Cora’s 10 gold exploration licenses in Mali and Senegal won’t be its only asset. It also holds £1.1 mln of pre-IPO convertible loan notes in i3 Energy Limited, an oil and gas company with assets in the North Sea that plans to list shortly.

Well-known mining small-cap expert Amanda van Dyke sits on the boards of both Paternoster and Glenwick, and also manages funds at Peterhouse, which acts as broker to Glenwick.

Shares in Hummingbird rose 1.5% to 25.38p on the news.

 

 

 

 

 

 

]]>
Mon, 06 Feb 2017 11:37:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172705/old-hummingbird-gold-assets-move-into-aim-traded-glenwick-172705.html
<![CDATA[News - Hummingbird Resources receives US$11mln investment from Mali government ]]> http://www.proactiveinvestors.co.uk/companies/news/172544/hummingbird-resources-receives-us11mln-investment-from-mali-government-172544.html Hummingbird Resources Ltd (LON:HUM) said the government of Mali has made an US$11mln investment in the local subsidiary that controls its Yanfolila gold project.

It has exercised an option to take 10% of Société Des Mines De Komana as well as having an ‘non-dilutable’ free carried interest in the same number of shares.

"I believe this is a clear signal of the government's appreciation of the enormous value accretion potential of Yanfolila in the long term,” said chief executive Dan Betts.

Mine construction began last autumn with the first gold expected to be poured by the end of the year.

Production this year

The operation is set to churn out 132,000 ounces of the yellow metal in the first 12 months.

Yanfolila remains one of the best projects among the UK-listed junior mining sector, according to resource-focused ‘house’ RFC Ambrian.

In a definitive study in February, total resources at Yanfolila were defined at 1.8mln ounces of gold with an additional 390,700 ounces of exploration potential.

The plan is to mine five open pits in succession, starting with Komana East and Komana West and then progressing to Guirin West, Sanioumale East and Sanioumale West.

There’s also the high grade Gonka resource that would be worked initially as an open pit before going underground.

Dugbe do

The company’s other major asset is the Dugbe project in Liberia. Weighing in at 4.2mln ounces, it is the country’s largest gold deposit.

Recently, a study suggested the cost of mining the deposit could drop significantly from an all-in sustaining US$900 an ounce with the addition of a hydro-electric facility to generate the power for the processing facility.

]]>
Thu, 02 Feb 2017 07:32:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/172544/hummingbird-resources-receives-us11mln-investment-from-mali-government-172544.html
<![CDATA[News - Hummingbird Resources’ Yanfolila construction is on track for 2017 gold pour ]]> http://www.proactiveinvestors.co.uk/companies/news/171868/hummingbird-resources-yanfolila-construction-is-on-track-for-2017-gold-pour-171868.html As Hummingbird Resources Ltd’s (LON:HUM) mine construction work continues at Yanfolila, in Mali, the company secured key contractors.

In a statement this morning it told investors that it has awarded a structural, mechanical, plate work and piping (SMPP) contract to IMAGRI-SARL.

Additionally it noted that a tower crane and pre-rolled CIL tanks have now been delivered to site, holes for dewatering are now being drilled and overall the construction operation is  on track.

The company anticipates completion in the fourth quarter of this year, ahead of Yanfolila’s first gold pour before year end.

“We are making great progress on the ground and as a result we remain on schedule to deliver our first gold by the end of the year,” said chief executive Dan Betts.

Today’s announcement comes ahead of an analysts visit to the Yanfolila site next week.

]]>
Thu, 19 Jan 2017 08:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171868/hummingbird-resources-yanfolila-construction-is-on-track-for-2017-gold-pour-171868.html
<![CDATA[News - Hummingbird confirms date of first gold production at Yanfolila ]]> http://www.proactiveinvestors.co.uk/companies/news/171452/hummingbird-confirms-date-of-first-gold-production-at-yanfolila-171452.html Hummingbird Resources Ltd (LON:HUM) investors won’t have to wait too much longer now after the company confirmed that first gold production at its Yanfolila project is expected by the end of this year.

The explorer said in its quarterly review that the “defining moment” of the past few months was the start of construction at the Malian project.

Hummingbird reckons the mine will churn out around 132,000oz of the yellow metal in the first 12 months, with a life of mine average of around 107,000oz.

Yanfolila is estimated to be host to 2.2mlnoz of gold, with the plant processing around 1.24mln tonnes per year of ore.

All in sustaining cash costs (AISC) are expected to come in around US$700/oz, leaving a tidy profit given the circa US$1,190/oz gold price.

Hummingbird shares closed slightly lower on Tuesday at 22.1p.

]]>
Wed, 11 Jan 2017 07:46:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171452/hummingbird-confirms-date-of-first-gold-production-at-yanfolila-171452.html
<![CDATA[News - Hummingbird appoints mining contractor for Yanfolila project ]]> http://www.proactiveinvestors.co.uk/companies/news/171004/hummingbird-appoints-mining-contractor-for-yanfolila-project-171004.html Hummingbird Resources PLC (LON:HUM) has reached another milestone - appointing a mining contractor for its Yanfolila gold project in Mali where first gold is expected in 2017.

The group has hired African Mining Services (AMS), which is a subsidiary of ASX listed Ausdrill Limited.

Dan Betts, Hummingbird's chief executive, said the deal represented the single largest contract the company will award. 

"AMS has an excellent reputation for high quality work with an exemplary health and safety record. The team also boasts over 25 years' experience operating in West Africa."

Ron Sayers, managing director of Ausdrill, added: "We look forward to working with Hummingbird to achieve its goal of developing the Yanfolila Gold Project, and running it as an efficient, low cost, high grade open pit mining operation. 

"Ausdrill's 25 years' experience working in the West African gold sector means we have the track record and know-how to ensure the delivery of a safe and profitable mining operation."

Earlier this month, the firm secured US$55mln of debt funding required to complete Yanfolila.

The money is being provided in two tranches by Tarsus Mining Finance Fund, which specialises in bankrolling such development projects.

A total of US$45mln will come in the form of a senior secured facility paying a 9% coupon from draw-down and 7.75% after the work is complete.

There’ also a US$10mln overrun facility with an interest rate of 11% on funds borrowed.

Taurus has agreed to increase a bridge loan facility, currently for US$15mln, to US$25mln, which will remain in place until early April.

The mine is expected to churn out 132,000 ounces of the yellow metal in the first 12 months and construction began in October.

]]>
Thu, 29 Dec 2016 07:35:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/171004/hummingbird-appoints-mining-contractor-for-yanfolila-project-171004.html
<![CDATA[Media files - Hummingbird Resources boss Dan Betts talks new funding and gold mine development ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/6582/hummingbird-resources-boss-dan-betts-talks-new-funding-and-gold-mine-development-6582.html Thu, 08 Dec 2016 14:18:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/6582/hummingbird-resources-boss-dan-betts-talks-new-funding-and-gold-mine-development-6582.html