Hummingbird sees bright future at Yanfolila
JOHANNESBURG (miningweekly.com) – Following grade control and infill drilling, as well as various other technical studies at its 1.8-million-ounce Yanfolila gold project, in Mali, Aim-listed Hummingbird Resources believes it can further improve figures highlighted in an earlier optimisation study.
The study showed the project had robust economics for an increased one-million-ton-a-year low-cost, high-grade gold project, producing 100 000 oz of gold in the first year and 79 000 oz/y over a six-and-a-half-year mine life. At a $1 250/oz gold price, this outlined a net profit value of $72.4-million, internal rate of return of 35.1% and low all-in-sustaining costs of $733/oz of gold.
“Our internal examination of the improved geotechnical parameters and production schedule, when included in the current financial model, indicates meaningful improvements to the economics of the project,” Hummingbird said in a statement on Tuesday.
The company would now finalise its final drawdown with West African gold exploration and mining company Taurus Gold for $75-million to start full-scale construction ahead of its targeted first gold pour in 2016.
Meanwhile, Hummingbird reported that it had also made significant progress at its 4.2-million-ounce Dugbe project, in Liberia, including the signing of a collaboration agreement with two highly regarded partners, IFC InfraVentures and Aldwych International, to potentially develop a hydroelectricity plant within 10 km of Dugbe.
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