Hummingbird Resources plc / Ticker:
HUM / Index: AIM / Sector: Mining
20 March
2024
Hummingbird Resources
plc
("Hummingbird", the
"Group", or the "Company")
Response to Corica Mining Statement
Hummingbird (AIM: HUM) issues a
response to the recent public statement made by Corica Mining
Services ("Corica") regarding the suspension of mining services at
Hummingbird's Kouroussa Gold Mine in Guinea.
The Company categorically disagrees
with the highly misleading statements made by Corica and completely
rejects its portrayal of the situation, citing both recent and
historical performance at the Kouroussa Gold Mine by
Corica.
Specifically, the Company disputes
the accuracy of the balance quantum of monies due and the
requirement for payment as presented by Corica under the terms of
the mining contract.
Since the inception of the contract
in September 2022, Corica has consistently underperformed against
established contractual performance targets, failing to meet the
mining contract volumes principally due to delays in mobilising
mining equipment, commissioning the equipment, as well as
recruitment and training.
In July 2023, Hummingbird notified
Corica of a breach of contract due to the underperformance of the
operation as noted above, granting the Company the right, as per
the contract terms, to withhold all payments until the breaches are
rectified and the operational deficit volumes are
addressed.
Hummingbird has endeavoured to work with Corica
in good faith since July 2023 to rectify the material breaches,
providing interim payments and bringing in other contractors to
support Corica who continue to fall behind their contractual
obligations.
The Company is seeking to engage with Corica
and in discussions other stakeholders, including additional mining
contractors, to find a resolution to the current issues and to
fully restart the operations at Kouroussa as soon as
possible.
The Company will provide further updates on
strategy and next steps as and when appropriate.
**ENDS**
Notes to Editors:
Hummingbird Resources
plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction
gold producing Company, member of the World Gold
Council and founding member of Single Mine Origin (www.singlemineorigin.com).
The Company currently has two core gold projects, the
operational Yanfolila Gold Mine in Mali, and
the Kouroussa Gold Mine in Guinea, which will more
than double current gold production once at commercial production.
Further, the Company has a controlling interest in the Dugbe
Gold Project in Liberia that is being developed by
joint venture partners, Pasofino Gold Limited. The final
feasibility results on Dugbe showcase 2.76Moz in Reserves and
strong economics such as a 3.5-year capex payback period once in
production, and a 14-year life of mine at a low AISC profile. Our
vision is to continue to grow our asset base, producing profitable
ounces, while central to all we do being our Environmental, Social
& Governance ("ESG") policies and practices.
For further information, please
visit hummingbirdresources.co.uk or
contact:
Daniel Betts,
CEO
Thomas Hill,
FD
Edward Montgomery,
CD
|
Hummingbird Resources
plc
|
Tel: +44 (0) 20 7409
6660
IR@hummingbirdresources.co.uk
|
James
Spinney
Ritchie
Balmer
|
Strand Hanson
Limited
Nominated
Adviser
|
Tel: +44
(0) 20 7409 3494
|
James
Asensio
Ana
Ercegovic
|
Canaccord Genuity
Limited
Broker
|
Tel: +44 (0) 20 7523
8000
|
Bobby Morse
Oonagh
Reidy
George Pope
|
Buchanan
Financial
PR/IR
|
Tel: +44 (0) 20
7466 5000
Email: HUM@buchanan.uk.com
|