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that it won’t be able to reach commercial production at its Kouroussa gold mine in Guinea by the end of March, as its main contractor has not conducted any mining since mid-March.
Hummingbird said on Thursday had attempted to solve the ongoing situation by engaging in discussions with Corica, alternative and additional contractors, suppliers, and the company’s primary lender, Coris Bank International. Hummingbird took on a $55 million loan with Coris Bank in September, pledging to cut $122.8 million in debt over three years starting with a $77 million debt repayment by the end of this year. mainly through a share placement at an average price of 11.26 pence per share with shareholders, including 45% shareholder CIG, an investment bank.
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