MONROVIA, Montserrado – A US$120 million investment deal for Sinoe is expected to be signed between the government of Liberia and Hummingbird Resources Plc, a gold exploration company.
George Wisner, Executive Director of the National Investment Commission, made the announcement at a Ministry of Information press conference on Tuesday. He said that the investment agreement will officially take place in Greenville, Sinoe on July 9.
Wisner said as the prices of rubber, iron ore, and other major export commodities are extremely low on the global market, the Hummingbird investment is a significant boost to the nation’s economy.
He said the NIC negotiated with the mining company for the corporate headquarters of Hummingbird to be built in Sinoe to ensure concrete investment and development in the area. Wisner said Hummingbird will provide many social benefits to the people of Sinoe including the establishment of a special fund to be managed by the government of Liberia and the community.
“The company has embarked on the construction of a 75-mile road from the mining area to Greenville,” Wisner said. “The company will also provide housing facilities for employees in the county, provide medical facilities for the employees as well and offer free primary and secondary education for residents of the mining area apart from the annual social contribution.”
According to the company website, Hummingbird was founded in late 2005 and is a West African gold explorer and developer. Operating in Liberia and Mali, Hummingbird is listed on AIM, the London Stock Exchange’s international market for smaller companies.
Featured image courtesy of jbdodane