29th Nov 2018 13:47
LONDON (Alliance News) - Hummingbird Resources PLC on Thursday reduced its estimated for full-year production at the Yanfolila gold mine as a result of the "extended wet season".
The company is now guiding for gold production in 2018 to be between 87,000 and 92,000 ounces, lower from a previously expected 105,000 to 115,000 ounces.
For the full financial year, gold production is expected to be between 110,000 and 125,000 ounces.
Chief Executive Officer Dan Betts said: "Whilst the last month has been challenging for Hummingbird, I am pleased at the professionalism with which the team have worked to quantify the scale and nature of the issues and to execute a remediation plan, which is already well under way.
"We believe we have a strong remediation plan to rectify the issues we have faced at Yanfolila and look forward to meeting our revised guidance."
At the end of October, the company suspended mining operations at the western side of the Komana East pit for safety reasons, following the observation of a crack near the pit wall at the end of a significantly heavier than normal wet season.
Hummingbird shares were trading down 1.5% at 17.86 pence.
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