14th Jan 2020 10:41
(Alliance News) - Hummingbird Resources Ltd on Tuesday said it has managed to meet its annual guidance despite significant challenges during the early part of 2019.
In late 2018 and early 2019, Hummingbird faced issues such as an unstable pit wall and heavy rains damaging local infrastructure, which hampered production.
The London-based firm on Tuesday reported 2019 output at 115,649 ounces of gold, having guided for between 110,000 ounces and 125,000 ounces. Hummingbird has now achieved four consecutive quarterly increases in production, it noted.
The company mines from the Yanfolila gold mine in Mali. In 2018, production was 91,620 ounces of gold, meaning a 26% rise year-on-year in 2019.
"I am pleased to report another quarter of improved operational performance with both production increasing and all-in sustaining costs decreasing for the fourth consecutive quarter, resulting in the company achieving mid guidance for full-year production," said Chief Executive Dan Betts.
"After the well documented challenges earlier in the year this is a considerable achievement and I am extremely proud of the team for the way they have delivered on the production plan, ending the year on a high."
Hummingbird said guidance for 2020 will be announced later this month, alongside an updated mining plan which will take into account new open pit reserves.
"We are positive in our outlook for 2020 and look forward to releasing our 2020 guidance with an updated rolling mine plan incorporating the new open pit reserves. We will also add further detail on our plan to develop the considerable opportunities within the Yanfolila licenses via targeted exploration and developing underground studies," Chief Executive Dan Betts said.
Hummingbird hopes to be in a net cash position by the second half of 2020, and debt free by the middle of 2021.
Shares were 1.1% lower on Tuesday morning in London at 22.00 pence each.
By George Collard; [email protected]
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