Biden officials issue permit for Perpetua’s Idaho antimony-gold mine
The move is aimed at offsetting China's near-total market control of a metal used widely across the defense and energy sectors.
Nioko Resources’ £13.8 million ($17.1m) takeover of Hummingbird Resources (AIM: HUM) has moved close to completion, as the bidder announced its all-cash offer will be declared unconditional upon submission.
Nioko, which currently holds approximately 41.81% of Hummingbird’s share capital, first revealed its intention to acquire the struggling miner in December. Hummingbird has confirmed that it expects the offer, including full terms and acceptance procedures, to be published on or before January 13.
The bid will remain open for at least 21 days after publication, with payments to accepting shareholders to be processed within 14 days of acceptance.
Following the takeover, Nioko will hold 71.8% of Hummingbird’s expanded share capital, thanks to a $30 million debt-to-equity conversion agreed upon in a November subscription deal.
Nioko has also announced plans to delist Hummingbird from AIM, a sub-market of the London Stock Exchange for smaller, high-risk companies. The delisting will occur once Nioko secures at least 75% of the company’s voting shares, after which Hummingbird will be re-registered as a private limited company.
Hummingbird’s difficulties stem from ongoing operational challenges at its Yanfolila gold mine in Mali and delays in ramping up production at the Kouroussa mine in Guinea, which recently achieved commercial operations. These issues have placed significant strain on the miner’s balance sheet, making it challenging to meet short-term debt obligations to creditors such as CIG and Coris Bank.
Earlier this year, Hummingbird also announced plans to sell its 53%-owned subsidiary Pasofino Gold (TSX-V: VEIN), and has since reached a preliminary agreement with a potential buyer.
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