UK miner Hummingbird Resources has se-cured the mining licences for the Kouroussa gold project in Guinea from the country’s government.
The construction of the new mine is expected to begin within one year. Hummingbird Resources was granted a licence for a period of 15 years. Under the deal, the UK business will be required to pay Guinea's govern-ment a 5 percent royalty, a 1 percent contribution to the country's local development fund, as well as a 30 percent tax on profits, Hummingbird Resources said in a statement.
"I am delighted to confirm that we have been granted the mining licences by the Guinea Government for our Kouroussa Gold Project. This marks an important step for the Company as we move from being a single asset producing gold company, towards being a multi-asset producing gold company in multi-jurisdictions,” said Dan Betts, the chief executive of the UK miner.