CONSTRUCTION of the Kouroussa gold project in Guinea would kick off this month, said developer Hummingbird Resources which in October raised $100m for the $115m, 120,000 to 140,000 ounce a year project.
“The mobilisation of equipment and personnel at Kouroussa marks another important step towards the company’s strategic goal of being a multi asset producer,” said Dan Betts, CEO of Hummingbird Resources. “A material amount of work has been done, assembling the team and infrastructure, so that construction can commence, and that capex budgets and timelines are delivered.”
The company said in December that essential construction equipment and personnel had “begun to arrive” on site ahead of first gold pour by the end of the second quarter in the firm’s 2023 financial year.
An initial advance of $40m from Coris Bank International as part of $100m funding package had been received by Hummingbird in order to enable construction to commence, it said.
Hummingbird also announced drilling results at its Yanfolila mine in Mali.
Betts said he was confident the mine could achieve its strategic goal of a ten year or more reserve mine life. The mine currently has a resources and reserves profile of 1.93 million and 705,800 oz respectively.
The company currently mines the 100,000 to 110,000 oz/year from Yanfolila at a guided all in sustaining cost (AISC) this year of $1,250 to 1,350/oz.