Birmingham gold mining firm completes second phase of $60m drawdown
Birmingham-registered gold mining firm Hummingbird Resources has secured the final drawdown of a $60m secured loan facility to enable it to fund the ongoing development of its operations in Africa.
The debt facility, supplied by Coris Bank International, is being used specifically to fund the ongoing construction of the Yanfolila Gold Mine in Mali.
The mine remains on budget and is scheduled for first gold pour by the end of 2017.
The final drawdown of $35m follows the initial loan of $25m, which was completed in April.
Hummingbird said the latest debt facility meant its cash position now stood at approximately $70m.
Dan Betts, CEO of Hummingbird Resources, said: “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.
“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. This allows us to fully focus on the completion of construction and the subsequent commissioning phases of the project.
“Construction is on budget and on schedule to deliver our first gold pour by the end of the year and I look forward to providing an operational update regarding the milestones completed on site in our Q2 report in the coming weeks.”
Coris Bank International was founded in 2008, in Burkina Faso, and mainly finances West African focussed businesses. With a balance sheet of circa $1.5bn, it is currently the first bank in Burkina Faso and is present in six West African countries including Cote d’Ivoire, Mali, Togo, Senegal and Benin.
