Corica Mining Services (Corica) - Suspension Of Mining Services For Hummingbird Resources PLC At Kouroussa Gold Mine -...
Date
3/20/2024 2:26:43 PM
(MENAFN- AETOSWire) (BUSINESS WIRE ) -- Corica has been engaged by Hummingbird Resources PLC ("Company") to perform mining services at Kouroussa Gold Mine in Guinea ("Kouroussa"). Mining operations commenced on or about 15 September 2022. The Company has subsequently failed to make payments to Corica for mining services performed and has also failed to provide a Company Deed of Guarantee, the provision of which is an express term of the Contract.
On 17 March 2024, by formal notice to the Company, Corica elected to suspend all works under contract at Kouroussa due to the Company's substantial breaches under the Contract, which pertain to:
non-payment of invoices totalling approximately USD $27 million for work completed, and
a failure by the Company to procure and provide a Deed of Company Guarantee.
Each of these substantial breaches of the Contract gives rise to a separate and express right for Corica to suspend work at Kouroussa.
Corica assures that this measure remains conditional and reversible. Corica has over two decades of history in contracting with major clients and is proud to have had zero litigation to this date.
Corica's recommencement of works is conditional on the Company, within 28 days of the date of the notice, making payment of monies owing to Corica and providing Corica with a Company Deed of Guarantee.
About Corica
Corica is the African-owned full-service mining services company operating to global standards. Corica employs more than 4,000 people in eight countries across Africa. The company has major contracts with international resources companies. The Corica method of contract mining is about more than machines; it's about bringing people together. Corica has the people, local relationships, fleet and the international standards needed to mine successfully in Africa. The company is committed to providing a better future for Africans.
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