Hummingbird Targets $200 Million to Construct Liberia Gold Mine

Hummingbird

(Bloomberg) – Hummingbird Resources Plc, proprietor of gold exploration licenses in Liberia, is seeking about $200 million to construct a mine to start production in 2015.

The business, which is due to entire feasibility studies next year in the third quarter, heading towards financing choices encompassing taking a Middle Eastern or Chinese colleague, lifting liability or issuing equity, organizing Director Daniel Betts said in an interview in London.

Hummingbird last year increased its total gold resources to 3.7 million ounces after declaring it added 2.05 million ounces in eastern Liberia at the Tuzon pit. Betts, whose family enterprise in Birmingham, England, is refining gold till now since 250 years, targets a yearly output of 200,000 ounces of gold with a mine life of about 15 years.

Betts said “We proved robust resources and a money-making task, and this market has to be at the bottom,” also added “I’m really rather upbeat about the outlook of funding it in this market; while everyone additional is sitting on their hands doing not anything, we are motoring ahead doing our feasibility study.”

Furthermore, “We have to consign to the vegetation size in the next two months and start talking to debt providers in a grave way; we need to arrange the investment next year, and we will pour in gold in 2015.”