Hummingbird Resources (LON:HUMR), the Africa-based gold miner, reported a 9% increase in the third quarter gold output to 18,399 ounces from its main Yanfolila mine in Mali. This was despite a 23% quarterly output reduction due to the region's wet season. The firm, however, maintained its annual production target of between 80,000 and 90,000 ounces.
The company also noted a significant 24% drop in All-In Sustaining Costs (AISC) to $1,651 per ounce. This progress comes as the Kouroussa mine in Guinea encountered ramp-up challenges. These included weather conditions, personnel training, and equipment commissioning.
In terms of financial performance, Hummingbird transitioned from a loss of $8.9 million the previous year to positive earnings of $1.2 million. This improvement was primarily driven by increased gold sales at higher prices.
Despite the challenges faced by the Kouroussa mine, Hummingbird Resources expects it to achieve full-year commercial production starting from 2024.
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