(Kitco News) - Hummingbird Resources (AIM: HUM) reported Friday that its Q3 2022 gold production of 16,855 oz was down from the 20,013 oz recorded in Q2 2022.
According to a news release, this was below the company’s expectations and primarily due to the continued underperformance of the contract miner and its fleet resulting in lower than expected mining volumes and delays in accessing the anticipated higher-grade ore zones at the Komana East orebody.
Hummingbird added that all-in sustaining costs (AISC) of US$2,161 per oz in Q3 2022 increased compared to the previous quarter (Q2 2022: US$1,859 per oz) primarily due to a lower production rate quarter on quarter and ongoing inflationary pressures in particular fuel, spares, consumables and reagents.
The company also said that poor performance in Q3 and the delay in getting back into Komana East has resulted in the year end 2022 production guidance range being conservatively lowered to between 77,000 - 87,000 oz (previously 87,000 - 97,000 oz), while full year AISC guidance is adjusted to US$1,600 - US$1,800 per ounce (previously US$1,300 - US$1,450).
As for development projects, the company noted that during Q3 2022, construction at Kouroussa continued to advance in line with planned construction and budget schedules.
Hummingbird Resources currently has two core gold projects, the operational Yanfolila gold mine in Mali, and the Kouroussa gold mine in Guinea, which will more than double current gold production when production, scheduled for first gold pour end of Q2 2023.
Further, the company has a controlling interest in the Dugbe gold project in Liberia that is being developed by Pasofino Gold Limited through an earn-in agreement.
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