https://www.engineeringnews.co.za

Hummingbird secures $75m financing for Yanfolila development

11th August 2014

By: Leandi Kolver

Creamer Media Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Gold exploration and development company Hummingbird Resources has reached an agreement with Taurus Mining Finance Fund for a $75-million, two-phase debt facility that would enable the company to fund the construction of its Yanfolila project, in Mali.

"We acquired the Yanfolila project to provide us with a fast, simple and low-cost route to production.  Securing this financing package so quickly demonstrates the quality of this deal and opens the path to first gold production by the end of next year,” Hummingbird CEO Dan Betts said.

Taurus would provide Hummingbird with an initial $10-million bridging facility with an 18-month term, to cover front-end engineering and design, detailed engineering, drilling, associated optimisation studies and long-lead capital equipment.

On completion of the Yanfolila plant design and associated optimisation studies and satisfaction of certain conditions precedent, Taurus would then provide Hummingbird with $75-million under a five-year facility for the purpose of refinancing the bridging facility and financing the project development costs.

Repayment of the facility would start two years after drawdown.

Betts added that the cost of the debt was competitive, and that he was pleased that Hummingbird had secured a nondilutive means to finance the path to production.

“This is a major step towards first gold pour and positive cash flow,” he said.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

AirNox Pty Ltd
AirNox Pty Ltd

AirNox (Pty) Ltd is a level 1 BBBEE manufacturer of complete AdBlue® solutions for operators of SCR diesel engines and AUS40 across South Africa...

VISIT SHOWROOM 
ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.05 1.212s - 140pq - 2rq
Subscribe Now