24th Sep 2018 11:17
LONDON (Alliance News) - Hummingbird Resources Ltd said Monday it hopes to meet annual production guidance despite heavy rains hampering second-quarter output.
Hummingbird operates the Yanfolila gold mine in Mali, which reached commercial production at the start of April.
For the six months to June, Hummingbird's revenue was USD66.7 million, versus none a year prior, while it swung to an interim pretax profit of USD3.5 million from a USD2.6 million loss.
Hummingbird poured 51,304 ounces of gold in the period, with 50,667 ounces sold at an average price of USD1,312 per ounce.
The company has maintained its 2018 production guidance of 105,000 ounces to 115,000 ounces, though the third quarter will be lower than the second due to the wet season in Mali.
Chief Executive Dan Betts said: "Hummingbird's interim results show a period of mature progression for the group from developer to producer, with Yanfolila delivering solid results on forecast with high grades and strong recoveries coming through the plant.
"Financially the group is in a good position with strong earnings and on a corporate level our board has adapted successfully whilst attracting skills and talent appropriate for our operating status."
Shares were 4.7% lower on Monday at a price of 25.50 pence each.
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