Hummingbird completes debt drawdown to fund Yanfolila construction

JOHANNESBURG (miningweekly.com) – Aim-listed Hummingbird Resources has drawn down a further $35-million under a $60-million senior secured loan facility with Burkinabe Coris Bank to fund its Yanfolila gold mine, in Mali.

This follows the initial drawdown of $25-million in April.

The debt facility has a four-year term, carries a 9% interest rate, a 12-month capital repayment deferral and has no royalty or hedging.

Hummingbird's cash position now stands at $70-million.

"The drawdown allows Hummingbird to fully focus on the completion of construction and the subsequent commissioning phases of the project,” CEO Dan Betts said in a statement.
 
First gold pour is expected by the end of 2017 and Yanfolila is expected to produce about 132 000 oz of gold in its first year of full production.