14th Apr 2016 08:46
LONDON (Alliance News) - West Africa-focused gold miner Hummingbird Resources PLC on Thursday said its pretax loss widened in 2015 as it continued to make progress on the Yanfolila gold project in Mali.
Hummingbird's pretax loss for the year to the end of December was USD4.6 million, compared to USD3.4 million a year earlier, tracking a rise in administrative costs as work continued on bringing Yanfolila into production. The company does not produce any revenue.
Hummingbird said the optimisation study for the Yanfolila project, completed in 2015, extended the life of mine expectations and improved the economics of the project. First gold pour at the site has been targeted for 2017.
The group also made progress on the Dugbe gold project in Liberia in the year, including signing a hydro-electric collaboration agreement and a mineral development agreement with the Government of Liberia.
Hummingbird shares were down 1.0% to 24.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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