https://www.miningweekly.com
Flow|Gold|Mining|PROJECT|Resources|Flow|Operations
Flow|Gold|Mining|PROJECT|Resources|Flow|Operations
flow-company|gold|mining|project|resources|flow-industry-term|operations

Hummingbird pleased to have ended 2022 in a stronger position

6th February 2023

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Following restructuring of Aim-listed Hummingbird Resources’ contract mining operations in mid-2023, the company says it has finished the year in a substantially stronger position.

In particular, the Yanfolila mine, in Mali, produced its best quarterly production for several years for the three months ended December 31, 2022, at 28 264 oz of gold.

The output marked a 67% improvement on the 16 827 oz of gold produced in the third quarter of the year and helped the company meet its revised guidance for the year. The company also managed to materially improve the mine’s quarterly all-in sustaining cost (AISC) from $2 161/oz in the third quarter to $1 248/oz in the fourth quarter.

This contributed to improved group earnings before interest, taxes, depreciation and amortisation of $11-million in the fourth quarter, from 27 860 oz of gold sold at an average realised price of $1 726/oz.

The Yanfolila mine produced 80 653 oz for the 12 months ended December 31, 2022, at a full-year average AISC of $1 782/oz.

Hummingbird expects the mine to produce between 80 000 oz and 90 000 oz this year, with the incoming Kouroussa mine, in Guinea, expected to add a material uplift to the group’s production profile.

The Kouroussa mine remains on track for its first gold pour at the end of the second quarter and to ramp up to a 200 000 oz/y operation.

Meanwhile, the company is still evaluating its operations to best realise value from the Dugbe project, in Liberia, together with joint venture partner Pasofino Gold. The company has a controlling interest in the project through an earn-in agreement.

The latest feasibility results on Dugbe showcase 2.7-million ounces in reserves and strong economics, including a 3.5-year payback period once in production at a 14-year mine life and a low AISC profile.

CEO Dan Betts says Hummingbird will, in 2023, achieve its goal of becoming a multi-asset, multi-jurisdiction gold producer that is poised for improved cash flow generation and a stronger balance sheet.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 
Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
19th June 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:0.198 0.235s - 109pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: