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Hummingbird Resources receives mining licenses for Kouroussa Gold Project

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Global Mining Review,

Hummingbird Resources plc has announced that it has been granted the mining licences for the Kouroussa Gold Project by the Government of Guinea.

Key terms of the mining licences include:

  • 15 year renewable licence term.
  • Mine construction to start within 1 year.
  • 5% royalty payable to the Federal Government of Guinea.
  • 1% contribution to Local Development Fund.
  • 30% tax on profits.

The Government has the right to a 15% non-dilutable free carried interest in the share capital of Kouroussa Gold Mine SA (the wholly owned subsidiary of Hummingbird which owns the project), with the right to acquire a further 20% participating interest for cash.

The grant triggers the requirement to pay the initial consideration of £10.0 million to Cassidy Gold Corp, which will be satisfied by the issuing of shares in Hummingbird.

The company will further update the market in due course on the progress at the project and future plans.

Abdoulaye Magassouba, Minister of Mines, Guinea, commented:

“This project is part of the reinforcement of the industrial production of gold in Guinea and will have a significant economic impact in Kouroussa and in the country, while contributing to the resilience of the mining sector. We look forward to an ongoing strong relationship with the company and supporting the development and running of the operation going forward for the success of all stakeholders.”

Dan Betts, CEO of Hummingbird Resources, commented:

"I am delighted to confirm that we have been granted the mining licences by the Guinea Government for our Kouroussa Gold Project. This marks an important step for the company as we move from being a single asset producing gold company, towards being a multi-asset producing gold company in multi-jurisdictions.

“I would like to thank the Government of Guinea and the people of Kouroussa. We look forward to working with them, and all our stakeholders, in developing and running a world class gold mine that embodies industry leading environmental, social and governance standards that the country, local people, and the company can be proud of.

“Additionally, I would like to personally thank Saidou Idé, our Regional Director in Africa, and his team for their tireless efforts in working with the Government of Guinea to secure the mining licences for the project.

“We look forward to updating the market on our progress and plans for the project in the near future.”

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African mining news Gold mining news