Today’s news is about a prospective gold mine in Mali, located 200 km south of Bamako, and the company behind it.
Hummingbird Resources placed 103,698,254 shares at 22 pence per share and a subscription offer for another 105 million shares at the same price to raise US$67 million. That money will go towards construction of the Yanfolia Gold Project.
This mine has an eight-year lifespan with around 6 million ounces of gold underground. First production is projected in 2017 with an initial output of 132,000 ounces.
“We are now in a position to commence full-scale construction in order to bring Yanfolila, one of the highest margin undeveloped gold projects in Africa, to production,” said Managing Director Dan Betts, in a statement. “This equity placement enables Hummingbird to move immediately into detailed engineering with a clear timeline to production. The Company will now have a strong balance sheet and is positioned to negotiate the best possible debt terms for our shareholders.”
We are happy to hear about their plan to start construction as we have all the earthmoving equipment they would need! If you click on that link word, it will take you to our 740B articulated dump trucks. They are perfect for all kind of earthmoving jobs. Can’t wait to see what happens for them in the future!
*All information for this story was taken from mining.com.