Hummingbird’s Yanfolila on track for first gold pour by year-end
JOHANNESBURG (miningweekly.com) – Construction at Hummingbird Resources’ Mali-based Yanfolila mine is progressing on schedule and within budget, with several aspects of development, including process design and detailed engineering, now complete.
Updating shareholders on developments at the mine during the three months ended June 30, the company on Tuesday said construction was 56% complete, with 73% of the estimated capital expenditure spend committed, as it continued to target first gold pour by the end of this year.
At a gold price of $1 250/oz, the company anticipates, based on the final project study, free cash flows of around $70-million in the mine’s first full year of production.
Hummingbird acquired a further 5% interest in Yanfolila during the quarter, as well as the 1% royalty from La Petite Mine d’Or for a total consideration of $2-million to be paid in shares on March 31, 2018.
“The construction of the Yanfolila gold project continues at pace. We currently have over 700 people on site and the construction team has recently completed 500 000 lost-time incident-free hours, which is a significant achievement,” CEO Dan Betts said.
Meanwhile, construction of the carbon-in-leach tanks at Yanfolila is now complete, allowing other work fronts to progress rapidly.
The ball mill arrived on site, on time, in preparation for its installation. This was the longest lead item for the project and its arrival materially derisked the construction timeline.
Construction of the crushing circuit is ongoing with parts of the conveyor system starting to arrive on site. Preassembly of the conveyor sections has started and their installation is expected to start imminently.
A significant portion of the rest of the plant and equipment is now on site and installation of this equipment has started.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...
VISIT SHOWROOM
Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
