Hummingbird Resources plc said that the Kouroussa gold mine had achieved commercial production below target due to “lower than expected” mill feed grade.
CONSTRAINTS
The Guinea project’s four-week trailing average production increased to approximately 1,900 oz, lower than the previously announced target of 2,000-2,500 oz per week.
The figure is not expected to ease the company’s financial situation. which could result it delisting and bought by it main creditor, compounded by current losses at the Yanfolila mine in southern Mali.
The company said that Kouroussa’s lower mill feed grade had resulted in a less high-grade ex-pit ore because of “ongoing mining capacity constraints”.
Hummingbird aims to improve mining performance, plant throughput and feed-grade to reach steady production in the coming months, targeting a projected average of 100,000 oz per year over an initial six years.
For full year 2024, the company expects between 45,000–50,000 oz of gold production and the all-in sustaining costs for the remainder of the year to be below US$1,500 per oz.