https://www.miningweekly.com

Construction progresses at Hummingbird’s Yanfolila gold project

Yanfolila gold project, Mali

Yanfolila gold project, Mali

27th September 2017

By: Mia Breytenbach

Creamer Media Deputy Editor: Features

     

Font size: - +

JOHANNESBURG (miningweekly.com) –  The ball mill shell has been successfully installed at Aim-listed Hummingbird Resources’ flagship Yanfolila project, in Mali, which remains on schedule and on budget for the first gold pour by the end of this year.

The installation is a significant milestone in progressing the project to production, with the ball mill having arrived on site in May, the company reported in its unaudited interim results for the six months ended June 30, on Wednesday.

Operational highlights, following the period under review, include the start of preproduction mining by contractor African Mining Services, last month. With operations to ramp up over the next three months, Hummingbird expects more than three-million tonnes to have been moved by the end of November.

The Yanfolila gold project has a probable reserve of 709 800 oz at 3.14 g/t and total resources of 1.8-million ounces of gold. The project also has an additional 390 700 oz of noncompliant exploration potential.

The high-grade gold project has low operating costs at an all-in sustaining cost of $695/oz. Yanfolila is expected to produce 132 000 oz in the first full year of operations.

Hummingbird has also increased its ownership in the project to 80% from 75%, after it acquired a further 5% interest and a 1% royalty from La Petite Mine d'Or for $1-million, respectively, during the period under review.

Hummingbird will pay La Petite Mine d'Or $2-million in shares, which are to be issued by March 31, 2018.

Further, the government of Mali is expected to pay Hummingbird $11-million for an additional 10% stake in Yanfolila. This will increase the government’s shareholding in the project to 20%.

Meanwhile, Hummingbird has fully drawn down the $60-million debt facility, which the company entered into with West Africa-based Coris Bank International Group in April.

Hummingbird had a cash balance of about $60-million as at September 1.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (12/04/2024)
12th April 2024 By: Martin Creamer
Magazine round up | 12 April 2024
Magazine round up | 12 April 2024
12th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.147 0.184s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: