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Hummingbird Resources prepares to open Malian gold mine
Multi-asset gold company Hummingbird Resources saw production begin on budget and on schedule at its Yanfolila Gold Mine in Mali during its fourth trading quarter, setting the firm up for a promising 2018.
In the twelve months to 31 December 2017, Hummingbird commissioned the 1.24m tonne per annum carbon-in-leach (CIL) processing plant at Yanfolila, of which it issued a target of 130,000 ounces of gold at a grade of 3 grams per tonne (g/t) from the first year of production.
Ramp up to commercial production remained on plan after the period end, with plant throughput reaching 65% during the last two weeks of December, as Malian President Ibrahim Boubacar Keita was set to officially open the mine on 14 February.
Dan Betts, chief executive of Hummingbird, said, "The last quarter of 2017 saw Hummingbird become the newest African gold producer, delivering the Yanfolila Gold Mine on time and budget. The team on the ground at Yanfolila operated 24/7 over the Christmas period and the ramp up is going well and on track to reach commercial production as planned."
Hummingbird had a net cash position of $40m at year end.
As of 1120 GMT, shares had inched forward 2.05% to 38.17p.