Hummingbird Resources Share Discussion Threads

[borderterrier1] 18/4/2024 15:11

Hi TBTT But, long-term, IYO what will all this mean for Hummingbird shareholders? Can anyone predict that with any certainty? Maybe a change of ownership is what's needed here?

[tigerbythetail] 18/4/2024 14:38

Hi BT and Kinwah!
Cliff erosion is a good metaphor for Mali - and indeed for Niger and BF. To be honest, I'm surprised the moment of crisis has taken this long to arrive.
Mali's military rulers need money, not least to pay the army in their fight against the various rebel groupings, and they need the Russians' knowhow and tech (and merciless ruthlessness) to help in that fight. Taking over the gold mines is the quick and easy (and popular, and pretty much only) option for them to get the cash they need.
Wagner will run the mines for them, employing Russian specialists to do so. Same as in the CAR. They might well do a better job than Betts & Co.!
It should also be noted that Guinea is far from stable. And that the locals around Kouroussa don't like Hummingbird one bit. So that's a tinderbox as well.
All told, attacking Gaddafi's Libya wasn't such a great idea in retrospect. It's set off a disastrous chain of events for Western interests in the Sahel.
And, no, there is no appetite for intervention from the UN (or ECOWAS) here. Nigeria / ECOWAS backed out of invading Niger after the coup there, when they had every justification for taking action. If they didn't do it then, they won't do it now.
Western mines in Mali / Niger / BF are sitting ducks. Property rights grow out of a barrel of a gun there now.

[1knocker] 18/4/2024 13:43

I don't think anyone is looking to commit troops to peace keeping duties in Mali (or probably anywhere else) at present. Certainly not unless and until the Middle East cools down.

[jedi k] 18/4/2024 13:32

Gold may be a big winner if BOJ intervenesGold rose $346/oz in wake of last BOJ interventionGold had gained $458/oz by time USD index stopped falling in July 2023If BOJ sells USD it will undermine a safe asset while sparking volatilityThe need for an alternate safe asset may boost demand for goldSimilar rise this year would take gold tantalisingly close to $3000/oz#Those who think BOJ intervenes soon should sell dollars...

[borderterrier1] 18/4/2024 12:58

Kinwah. That concurs with what I have been told. Some talk of the UN becoming involved in the area.

[kinwah] 18/4/2024 10:41

Mali has been an increasing risk for some time. I liken it to having a house on a Norfolk cliff where the sea is encroaching. Eventually HUM will have to abandon the Yanfolila mine which is why they have pulled out all the stops to try and get Guinea up and running. Trouble is no-one knows the exact timing. I thought a couple of years ago when the French left Mali the whole country would become a war zone but Bamako and the small area around Yanfolila remained untouched. Yes Yanfolila at some point will have to be written off but it could still be years away.

[borderterrier1] 17/4/2024 23:22

Obviously Coris have known about Wagner for sometime and they hold all the aces. IMO the game is afoot!!

[sword77] 17/4/2024 22:38

@TigerByTheTail because the majority owner of Coris, owns already 42% of HUM. So we might get an additional capital raise as Idrissa Nassa doesn't want to look for a new management and a lengthy production stop.

[borderterrier1] 17/4/2024 21:12

LLb What's your take on the Wagner group taking over gold mines in Mali? Or do you choose to ignore it in the hope that it will go away?

[laurence llewelyn binliner] 17/4/2024 20:29

#Backmarker, good find..

ETASI services - drill and blast, excavation and haulage, our Q1 update towards month end is sure to have post period notes to add on how they are now ramping up their support efforts.. :o)

[zam1] 17/4/2024 17:32

At last they are doing something about it

[plat hunter] 17/4/2024 17:10

Do remember when all the clueless trolls said, "No other contractors will work with HUM now"


Lolz

[backmarker] 17/4/2024 16:36

https://www.miningmx.com/top-story/56621-hummingbird-appoints-other-mining-contractors-at-the-kouroussa-mine-as-dispute-with-corica-drags-on/

[temujiin] 17/4/2024 15:42

If they have direct control of third party Corica contractors then things may be looking up for HUM. I Would have thought HUM would have said if the Corica fleet was back working under their direct control.

[borderterrier1] 17/4/2024 14:51

From the get go, it appears that this has been complete B/S and deliberately misleading hype. I put a post on here about three weeks ago about DB pulling the Easter Bunny out of the hat, this shot up a staggering 28%, then down again in a day.
This is just a complete train wreck of a company and things don't look good now IMO.

[tigerbythetail] 17/4/2024 14:28

The biggest mystery to me is why Coris Bank don't declare HUM in default (because how can HUM not be in breach of some of their debt convenants by now?), and move in, take over the assets, strike a workable deal with Corica, and try to get as much money back for themselves from this car-crash.
I can just about imagine scenarios in which the equity here still has value. But, honestly, it's a stretch.

[laurence llewelyn binliner] 17/4/2024 14:16

#Temujiin, I noticed this too - 16.04.2024 - due to the ongoing suspension, a formal Step-In notice was issued by the Company, allowing the Company to take contractual control of operations at Kouroussa and issue direct instructions to Corica and its third-party contractors..

The 3rd party contractors part tells us Corica have subbed the job out in parts, which could explain why they could have got in a muddle and behind, depending on another party which is not their own, if the drill and blast teams, diggers or the haulage trucks stop, so does everything else....

There is more than meets the eye to this stoppage, could be it is the 3rd party who has walked off site because Corica have not paid them, and we have not paid Corica for not delivering to contract..?

[borderterrier1] 17/4/2024 14:14

Hi TBTT So, all a bit of a mystery at the moment. The silence is deafening from the Hum stalwarts on here. Unwavering partisan support even though the share price is where it is today. Baffling.

[zhockey] 17/4/2024 14:10

Isn’t that just their interpretation of the RNS?

[temujiin] 17/4/2024 13:47

May or may not be true, but says HUM directly controlling Coricas sub contractors. Can't see that being true for all of their fleet.

hxxps://www.thearmchairtrader.com/uk-shares/hummingbird-resources-pouring-gold-despite-guinean-contractor-standoff/

[laurence llewelyn binliner] 17/4/2024 09:58

31.01.2024 - The Companies near-term revenue protection scheme has been finalised with 60,000 oz protected across the first three quarters of FY-2024 through forward pricing and cost collars, with an average floor price of USD2,000 per oz and upside of up to USD2,150.

[lowtrawler] 17/4/2024 09:48

Until there is news about Coris and their additional support, it remains difficult to assess a fair price for HUM. Until the Corica situation is fully resolved and a reliable schedule put in place for commercial production, the support from Coris cannot be properly defined.

For all the good words in yesterday's announcement, the lack of resolution with Corica and inability to plan through to commercial production and beyond leaves shareholders in limbo.

[dickbush] 17/4/2024 09:38

Just consolidates what we already know except that it suggests only 30,000 oz hedged.