2nd Aug 2019 09:43
(Alliance News) - Hummingbird Resources PLC said Friday its gold production and sales increased over the second quarter of 2019, leading to a maintained production guidance for the year.
The African gold producer said that, in the three months to the end of June, 27,466 ounces of gold was poured from the Yanfolila gold mine in Mali, down 17% from 33,101 ounces the same period a year before, but up from 23,807 in the first quarter of 2019.
During the second quarter, Hummingbird sold a total of 27,701 ounces of gold, at an average price of USD1,311 per ounce.
This is compared to sales of 38,726 ounces at USD1,307 per ounce a year before, and 23,333 ounces at USD1,296 per ounce the immediately prior quarter.
By the end of the period, Hummingbird had completed the construction of the second ball mill at Yanfolila ahead of schedule and under budget, the company noted, and it continues to progress its commissioning, which will increase plant throughput capacity by 20%.
Looking ahead, Hummingbird maintained its 2019 production guidance in the range of 110,000 to 125,000 ounces of gold, and is targeting annual production of 130,000 ounces from 2020 onwards.
"The company is pleased to report a steadily improving operational performance in the second quarter. The issues previously communicated which adversely affected production in the first quarter have largely been addressed and this has translated into an improved production profile," said Chief Executive Officer Dan Betts.
"In the last few weeks, post quarter end, we have seen the second ball mill being commissioned. The mill is currently ramping up and has already experienced periods operating at design throughput. This will materially increase our ability to process more ore against the original design parameters as we move down the pits into predominantly fresh and harder material," Betts added.
Shares in Hummingbird Resources were up 2.8% at 22.10 pence on Friday.
Related Shares:
Hummingbird Resources