Hummingbird Resources has secured mining licences from the Government of Guinea for the Kouroussa Gold Project.

The licences include a 15-year, renewable licence term; a 5% royalty payable to the federal government; a 1% contribution to a local development fund; and a 30% tax on profits.

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The firm should commence mine construction work within a year.

Hummingbird formally assumed ownership of the Kouroussa project from Cassidy Gold in September 2020.

The grant prompts the need for the firm to pay £10m in initial consideration to Cassidy Gold, raised through the issue of more than 35.2 million shares in Hummingbird at 28.4p a piece.

Guinea Minister of Mines Abdoulaye Magassouba said: “This project is part of the reinforcement of the industrial production of gold in Guinea and will have a significant economic impact in Kouroussa and in the country while contributing to the resilience of the mining sector.

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“We look forward to an ongoing strong relationship with the company and supporting the development and running of the operation going forward for the success of all stakeholders.”

Hummingbird Resources CEO Dan Betts said that the grant from the federal government marks an important step for the company as it moves towards being a multi-asset producing gold company in multi-jurisdictions.

The Kouroussa Gold Project is a high grade, open-pit development asset. It has underground potential.

With 100,000oz of annual gold production capacity, the project is expected to increase the company’s production profile to more than 200,000oz.

According to estimates, the project has a high-grade indicated and inferred mineral resource of 1.18 million ounces (Moz) of gold at >3g/t with material exploration upside potential.