27th May 2015 09:57
LONDON (Alliance News) - Hummingbird Resources PLC on Wednesday reported a narrowed pretax loss in 2014 due to lower costs, as it said it is working on progressing its Yanfolila gold project in Mali and the Dugbe 1 project in Liberia.
Hummingbird's pretax loss for the year was USD3.4 million, compared to a USD4.5 million loss a year earlier, due to lower share-based payments and other administrative expenses. The company generates no revenue.
During the year, the company completed the acquisition of Yanfolila from Gold Fields Ltd and initial earthworks on the site are now underway, with production due to start in the first half of 2016. At Dugbe 1, the company said it has signed a collaboration deal with International Finance Corp and Aldwych International to conduct a hydro-electric power pre-feasibility study.
Shares in Hummingbird were up 1.0% to 35.60 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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