HUMMINGBIRD Resources kept gold production guidance for its 2018 financial year at between 105,000 to 115,000 ounces despite encountering lower output in the third quarter – a function of the rainy season in Mali where its Yanfolila mine is located.
Announcing its first six months of production at Yanfolila, Hummingbird said it had produced 51,304 oz of gold generating $66.6m in revenue. At all-in sustaining costs of $884/oz for the half year, a pretax profit of $3.5m was earned. The company has cash reserves of $46.2m.
“We are coming to the end of our first full rainy season as an operator in Mali and the team have experienced one of the heaviest rains seen in the region for a decade,” said Daniel Betts, CEO of Hummingbird Resources in a statement.
“This has presented new challenges which the team has worked tirelessly to overcome. Despite lower production figures anticipated in the current quarter I am happy that we remain on schedule to meet our annual production guidance,” he said.
