Corica Mining Services ("Corica") - Suspension of Mining Services for Hummingbird Resources PLC at Kouroussa Gold Mine
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.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240320318420/en/
Contact information
Media enquiries - Camarco
Gordon Poole / Elfie Kent
corica@camarco.co.uk
+44 (0)20 3757 4980
About Business Wire
Business Wire(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
General Mills Advances Accelerate Strategy and Expands Pet Food Portfolio with Acquisition of Edgard & Cooper30.4.2024 13:00:00 CEST | Press release
General Mills (NYSE: GIS) today announced it has completed the acquisition of Edgard & Cooper, one of Europe’s leading independent premium pet food brands. With this transaction, the company further advances its Accelerate strategy, including the prioritization of its core markets, global platforms and local gem brands to drive sustainable, profitable growth and top-tier shareholder returns over the long term. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240429809015/en/ General Mills today announced it has completed the acquisition of Edgard & Cooper, one of Europe’s leading independent premium pet food brands. Established in 2016, Edgard & Cooper is one of the fastest-growing and most-recognized independent pet food companies in Europe, with estimated 2023 retail sales of more than €100 million across 13 markets. With this transaction, General Mills further advances its Accelerate strategy, including the prioritization o
Sustainability Regulation Propelling Transformation in Corporate Reporting, According to New Survey by Workiva30.4.2024 12:00:00 CEST | Press release
The majority (81%) of companies not subject to the European Union’s Corporate Sustainability Reporting Directive (CSRD) intend to partially or fully align their sustainability disclosures with its requirements, according to an independent survey commissioned by Workiva Inc. (NYSE:WK). The third annual 2024 ESG Practitioner Survey polled more than 2,000 people involved in corporate reporting, including finance and accounting, sustainability, risk, and internal audit professionals across North America, Europe, and Asia. “The adoption of the CSRD was a pivotal moment, marking the first major regulation calling for integrated financial and sustainability disclosures with third-party assurance. Now, as companies around the world gear up for their first mandated CSRD reports in 2025, we’re seeing CSRD’s impact extend far beyond those subject to the regulation,” said Paul Volpe, Senior Vice President of Growth Solutions at Workiva. “The CSRD has initiated a global shift toward assured integra
Horizon3.ai Unveils Rapid Response Service for Cyber Resilience30.4.2024 12:00:00 CEST | Press release
Horizon3.ai, a pioneer in autonomous security solutions, today announced the launch of its Rapid Response service, now part of the NodeZero™ platform. This one-of-a-kind capability marks a significant advancement in autonomous penetration testing solutions by addressing a critical gap in measuring the real-world impact of exploitable vulnerabilities within the software many organizations have come to rely on. Now, organizations can gain a clear understanding of their ‘likelihood of exploitability’ for the most critical vulnerabilities being announced. As organizations continue to contend with both zero-day and N-day vulnerabilities, the window of time between the public disclosure of a vulnerability and threat actors exploiting them in the wild is steadily shrinking. Knowing this predicament, organizations spend vast amounts of time, money, and resources patching the software they use after hearing of a vendor vulnerability announcement. Yet, how often are organizations expending consi
Sovos Introduces Indirect Tax Suite to Meet Complexities of Global Compliance30.4.2024 12:00:00 CEST | Press release
Sovos, the always-on compliance company, introduces its Indirect Tax Suite, a comprehensive, integrated solution to modernize how companies meet global indirect tax obligations. Part of the Sovos Compliance Cloud, the Indirect Tax Suite empowers enterprises to manage all of their indirect tax obligations with governments, buyers, suppliers and consumers. “Companies operating across multiple markets – or looking to enter new markets – face three distinct challenges in meeting their indirect tax obligations: variations in tax rates and rules; reporting cadences that can range from months later to real-time; and vastly different documenting and storage requirements for transaction data. Keeping up with all of this is a tremendous drain on resources, especially when using multiple, disconnected point systems for different obligations or in different countries,” said Kevin Akeroyd, CEO, Sovos. “With the Sovos Indirect Tax Suite, companies can rely on the only comprehensive, global, always-o
Forrester Announces Full Conference Agenda For CX Summit EMEA 202430.4.2024 10:00:00 CEST | Press release
Forrester (Nasdaq: FORR) today announced the full conference agenda for its CX Summit EMEA event being held in London and digitally on June 24-26, 2024. Today, customers expect more personalised services that reflect their unique preferences and behaviours. With the advances in AI, companies now have an opportunity to integrate generative AI (genAI) tools with human capabilities to deliver more intuitive and responsive customer experiences (CX) that foster loyalty and satisfaction. However, the socioeconomic and cultural differences in Europe, combined with new AI regulations, pose a challenge, requiring a deep understanding of how to effectively integrate human and AI experiences, while managing the new and complex regulatory landscape. Featuring immersive experiences, keynote presentations, case studies, and dedicated breakout sessions, CX Summit EMEA will offer the latest research and frameworks to help CX, digital, and B2C marketing leaders understand how AI will transform customer