24th May 2018 13:18
LONDON (Alliance News) - Gold producer Hummingbird Resources PLC said Thursday its loss for 2017 narrowed year-on-year as the company sold two of its subsidiaries.
The company reported pretax loss of USD5.3 million for 2017 versus USD8.4 million in 2016, as it gained USD1.9 million from the disposal of its subsidiaries to Cora Gold.
The company did not record any revenue in either financial periods.
Last September, Hummingbird disposed of subsidiaries Sankarani Resources SARL and Hummingbird Exploration Mali SARL, which held non-core exploration permits, in exchange for a 50% share in Cora Gold Ltd, which is currently in the process of completing an initial public offering on AIM.
In 2017, the company successfully built the Yanfolia gold mine in Mali both on budget and time.
Shares in Hummingbird Resources were trading 1.0% higher at 32.56 pence each.
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