26th Oct 2018 08:58
LONDON (Alliance News) - Shares in Hummingbird Resources PLC fell Friday as it reported a softer third quarter, a day after axing its 2018 guidance due to safety issues halting production.
The stock was down 6.6% on Friday at a price of 17.99 pence each.
Hummingbird, which owns the Yanfolila gold mine in Mali, produced 22,206 ounces of gold in the three months to September 30, down from 33,101 ounces in the second quarter. There is no year-on-year comparable, as Yanfolila only started producing last December.
Gold sold was 20,029 ounces at an average price of USD1,217 an ounce, giving total sales of USD24.4 million. In the second quarter, it sold 38,726 ounces at USD1,307, for USD50.6 million.
Hummingbird said the softer quarter was expected due to the rainy season, which was "unusually" heavy in the region. Not only did it hinder mining and processing, but the only bridge to the site has been damaged by flooding.
Late Thursday, Hummingbird had to withdraw its 105,000 ounces to 115,000 ounces of gold 2018 guidance due to "stability issues" below the western wall of its Komana East pit at Yanfolila.
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