Hummingbird, Kola consider combining Mali permits
JOHANNESBURG (miningweekly.com) – Aim-listed Hummingbird Resources has entered into a memorandum of understanding to combine certain of its noncore exploration permits in Mali with Africa-focused exploration company Kola Gold’s permits in Mali and Senegal.
The parties were working to establish a new company Cora Gold, in which Kola would hold a 57% stake and Hummingbird 43%, to hold a portfolio of ten highly prospective gold exploration properties in two significant gold areas – the Kenieba Window in Mali and Senegal and the Yanfolila gold belt in Mali.
Hummingbird’s Yanfolila gold project, which was expected to move into production in 2017, would not form part of the agreement with Kola.
“This transaction doubles our exploration exposure in Mali and provides us with an introduction to Senegal and exciting new mineralised ground in Mali where we are currently focused on bringing Yanfolila, one of Africa’s highest-margin undeveloped gold projects, to production next year.
“The potential upside for Hummingbird is significant but, importantly, it allows us to develop exploration potential for the company, while allowing us to remain absolutely focused on the development of the Yanfolila gold mine,” Hummingbird MD Dan Betts commented in a statement issued on Wednesday.
The amalgamation of the permits would only proceed if Cora Gold was able to raise at least $4-million from third parties and would also be subject to the signing of final documentation by September 30.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The Beneficiation Academy is a certified training institution that follows all compliance legislation and is accredited with various Sector...
VISIT SHOWROOM
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
