Hummingbird Resources PLC - gold producer with operations in Mali, Guinea and Liberia - Says continued to engage with Ivory Coast-based Corica Mining Services, which had suspended mining activities on March 17, citing contractual disputes. Back then, Corica cited claims regarding unpaid invoices to Hummingbird totaling about USD27 million for work completed at Kouroussa mine in Guinea, which Hummingbird rejected. Hummingbird on Tuesday said it issued a step-in notice which allows it to take management control and issue instructions to Corica. Meanwhile, the discussions about Kouroussa, which Hummingbird calls constructive, have the aim to ramp up operations under the existing mining contract between the two companies. Hummingbird says it is progressing with the restart and ramp up of mining activities at the mine. Further, it notes that operations at the mine have continued with the processing plant operating at the expected levels with mining via an existing support mining fleet.
Current stock price: 7.10 pence per share, 1.4% higher on Wednesday afternoon in London
12-month change: down 42%
By Tom Budszus, Alliance News slot editor
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Hummingbird (HUM)