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Africa-focused gold miner Hummingbird increases half-year production by 44%, reiterates annual guidance

Kitco Media
By Vladimir Basov
Published
Updated
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(Kitco News) - Africa-focused gold miner Hummingbird Resources (AIM: HUM) announced today that its Yanfolila gold mine in Mali produced 23,885 oz of gold in Q2 2023, an increase of 19% on the previous year (Q2 2022: 20,013 oz).

The company’s total gold production at Yanfolila in H1 2023 amounted to 51,147 oz, up 44% compared to H1 2022 (35,561 oz).

All-in sustaining costs (AISC) were US$1,234 per oz in Q2 2023, a decrease of 34% on the previous period last year (Q2 2022: US$1,859), with an H1 2023 AISC of US$1,170 per oz, a decrease of 42% from US$2,019 in H1 2022.

The company also reported group adjusted EBITDA of US$15.5 million for Q2 2023 and US$33.1 million for H1 2023 - a material positive group turnaround compared to the negative group adjusted EBITDA of US$2.3 million for Q2 2022 and the negative group adjusted EBITDA of US$9.3 million in H1 2022. 

Importantly, according to a press release, ramp-up of the Kouroussa operation in Guinea is on track, with processing plant availability currently at 68%, the first gold pour recorded on 8 June 2023 and regular gold pours commencing in July.

“Gold ounces poured at Kouroussa are scheduled to increase during H2 2023. The operation is anticipated to reach steady state production in Q4 2023 and expected to produce circa 30,000 oz for H2 2023,” the company said.

Hummingbird noted that following a strong H1 2023, Yanfolila is well positioned to meet its FY 2023 production guidance of 80,000 - 90,000 oz at an AISC of under US$1,500 per oz.

The company said that updated group FY 2023 production outlook to be given in the Q3 2023 operating and trading update once Kouroussa is closer to steady state production.

Hummingbird 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 at commercial production. The company also has a controlling interest in the Dugbe gold project in Liberia that is being developed by joint venture partners, Pasofino Gold.

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Kitco Media

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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