Under the agreement, Hummingbird will invest more than US$100 million over a 25- year period, while at the same time creating at least 200 jobs for qualified Liberians.

At the signing ceremony held at the National Investment Commission (NIC) in Monrovia, the Chairperson of the Inter-Ministerial Concession Committee (IMCC), Etmonia David Tarpeh, said the signing will restore investors’ confidence in doing business with Liberia.

Tarpeh said although Liberia had been literally ostracized as a result of the Ebola virus, there have always been people who have trust and confidence in the nation and that the signing ceremony validates Hummingbird’s trust in the country.

Tarpeh, who is Chair of NIC, hoped that the coming of Hummingbird will serve as a gateway to the investment climate in Liberia.

Under the agreement Hummingbird is expected to begin implementation after the MDA is ratified by the National Legislature and published in handbills.

Following the ratification of the agreement, Hummingbird will pay a signature fee of US$1.5 million to government and thereafter an addendum of US$1.5 million will be paid on the granting of the mining license.

An annual contribution will be paid to the government social fund for the concerned community in the sum of US$100,000 per years one and two, US$150,000 for years three and four, US$200,000 for the fifth to tenth years and US$250,000 for year 11 through the end of the term of the agreement, among others, will be committed by Hummingbird.

Hummingbird Resources is a West African gold explorer and developer founded in 2005.
LINA WSG/TSS/PTK