ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

HUM Hummingbird Resources Plc

8.15
0.05 (0.62%)
Last Updated: 13:44:46
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hummingbird Resources Plc LSE:HUM London Ordinary Share GB00B60BWY28 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.05 0.62% 8.15 8.00 8.30 8.25 7.65 7.85 2,385,697 13:44:46
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Gold Ores 150.52M -34.28M -0.0569 -1.44 49.36M

Hummingbird Resources PLC Shareholder Agreement with the Government of Mali (8015V)

02/02/2017 7:00am

UK Regulatory


Hummingbird Resources (LSE:HUM)
Historical Stock Chart


From Mar 2019 to Mar 2024

Click Here for more Hummingbird Resources Charts.

TIDMHUM

RNS Number : 8015V

Hummingbird Resources PLC

02 February 2017

Ticker: HUM / Index: AIM / Sector: Mining

Hummingbird Resources plc ("Hummingbird" or "the Company")

Shareholder Agreement with the Government of Mali

Hummingbird Resources (AIM: HUM), is pleased to announce it has signed a shareholder agreement ("the Shareholder Agreement") with the Government of Mali ("the Government") in respect of Société des Mines de Komana SA ("SMK"), the mining company incorporated in Mali to hold the Komana Mining Permit, which contains the Yanfolila Gold Project ("Yanfolila", "the Project" or "the Permit"), which is 95% owned by Hummingbird.

Highlights:

-- Government to pay Hummingbird approximately US$11 million for an additional 10% stake in the Project

   --    Agreement concluded on Government's 10% free carried interest in Yanfolila 

-- Government to take, as anticipated, an overall 20% interest in Yanfolila showing commitment and support

Dan Betts, CEO of Hummingbird Resources, said: "The Government of Mali continues to be a committed and willing partner of Hummingbird as we work together to unlock the significant value of Yanfolila. I am delighted to see that the Government has exercised its option to increase its interest in the Project through the acquisition of an additional 10% of Société Des Mines De Komana for a consideration of US$11 million. I believe this is a clear signal of the Government's appreciation of the enormous value accretion potential of Yanfolila in the long term.

"We are grateful to the Government of Mali for their support and look forward to the months ahead as we work towards our objective of delivering our first gold pour by year end."

Professor Tiémoko Sangare, Minister of Mines in Mali, said: "Bringing a new Malian mine into production is a tremendous achievement for all concerned and is the culmination of many years of investment and commitment by Hummingbird. Yanfolila's transition into a producing asset over the next 12 months will crystallise the value of this important national asset and will make tangible contributions to Mali through the generation of revenue, creation of employment and other ancillary benefits."

Further Information:

The signing of the Shareholder Agreement confirms the terms of the Government of Mali's participation in SMK and enables the Company to proceed with the process of issuing the Government of Mali its 10% free carried shares, which are non dilutable and carry the right to a priority dividend. The Government of Mali has also confirmed that it is exercising its right to acquire an additional 10% of SMK for a consideration of CFA6,624,516,660 (approximately US$11 million). The first instalment of CFA600,000,000 (US$1 million) payable by the Government of Mali will be satisfied in settlement of an equivalent sum owed by SMK to the Malian Government in respect of historical costs and payment terms for the balance are expected to be agreed in due course. Once the consideration is paid in full, these additional shares will rank pari passu with all other shares (except the 10% free carried shares). Additionally, the Government of Mali has the right to appoint two directors to SMK.

The key terms of the fiscal regime for SMK also include:

   --    Royalty of 3% 

-- Tax rate of 30% (minimum tax of 1% of gross revenue) after deduction of depreciation, recovery of historic costs, carry forward losses

   --    Fuel duty exemption 
   --    VAT holiday until three years post commencement of production 

Please click on the following link to see recent pictures and videos of construction http://hummingbirdresources.co.uk/gallery/. This page will continue to be updated regularly.

**ENDS**

For further information, please visit www.hummingbirdresources.co.uk or contact:

 
 Daniel Betts          Hummingbird Resources    Tel: +44 (0) 20 
  Thomas Hill           plc                      3416 3560 
  Robert Monro 
--------------------  -----------------------  ---------------- 
 
 James Spinney         Strand Hanson Limited    Tel: +44 (0) 20 
  Ritchie Balmer        Nominated & Financial    7409 3494 
  James Bellman         Adviser 
--------------------  -----------------------  ---------------- 
 
 Jon Belliss           Beaufort Securities      Tel: +44 (0) 20 
                        Limited                  7382 8300 
                        Broker 
--------------------  -----------------------  ---------------- 
 
 Lottie Brocklehurst   St Brides Partners       Tel: +44 (0) 20 
  Susie Geliher         Ltd                      7236 1177 
                        Financial PR/IR 
--------------------  -----------------------  ---------------- 
 

About Hummingbird Resources Plc

Notes to Editors

Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company. The Company has two core gold projects: the near-term production Yanfolila Gold Project in Mali and the Dugbe Gold Project in Liberia. It is currently building Yanfolila targeting first production by end of 2017, which has a Probable Reserve of 709,800oz @ 3.14g/t and total Resources of 1.8Moz of gold and an additional 390,700oz of non-compliant exploration potential. The high-grade gold project has low operating costs of US$695/oz AISC with 132,000oz of first full year's production.

The 4.2Moz Dugbe Gold Project in Liberia provides Hummingbird with excellent development upside. An optimisation of the DFS is on-going whilst Yanfolila is brought to production in the near-term. Additionally, the Company has 4,000km(2) highly prospective exploration ground in Mali and Liberia and is constantly evaluating new quality assets.

This information is provided by RNS

The company news service from the London Stock Exchange

END

AGRDFLFBDLFLBBD

(END) Dow Jones Newswires

February 02, 2017 02:00 ET (07:00 GMT)

1 Year Hummingbird Resources Chart

1 Year Hummingbird Resources Chart

1 Month Hummingbird Resources Chart

1 Month Hummingbird Resources Chart

Your Recent History

Delayed Upgrade Clock

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

Support: +44 (0) 203 8794 460 | support@advfn.com