In another iron ore development, Hummingbird Resources (UK) has contracted a mining company, Petmin, as part of its development of an iron ore prospect at Mount Ginka in Nimba county. Petmin is a multi-commodity mining and processing company based in South Africa, while Hummingbird was established in 2005 in order to explore mainly gold mining opportunities in Liberia. Hummingbird is the largest holder of mineral exploration licences in the eastern part of the country, which cover approximately 9,000 sq km and include predominantly gold deposits as well as its iron ore interests. The company raised £25m (US$16m) in December 2010 through a listing on the AIM stock exchange. The US$2m contract agreement with Petmin includes an initial US$500,000 for the conduct of an aeromagnetic survey, to take place shortly, which will give Petmin a 15% stake in the venture. The remaining US$1.5m is to be invested following the successful conclusion of the first phase, upon which Petmin will hold 50% of the project.