HUMMINGBIRD Resources is expecting to raise $40m (£25.3m) when it floats its gold mining business on the AIM market on Friday.
Explorations have been underway in eastern Liberia where the company is now the largest holder of gold mining licences. Hummingbird is planning to raise money for the next stage of exploration where the company hopes to discover further significant gold resources.
A strong management team is headed by chairman Ian Cockerill, former CEO of Gold Fields, the world’s fourth largest gold company. The gold resources have been estimated at potentially over £1bn. The move comes following seven years of research in the Liberian wilderness by Daniel Betts, the company’s managing director. Hummingbird Resources was founded in 2005 and took advantage of the tense political situation in Liberia which caused other companies to avoid the country.
Brokers Liberum Capital say that the group has “huge future potential.”