Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Hummingbird Resources (AIM: HUM) said on Thursday it is ready to restart mining at its Kouroussa gold mine in Guinea, following a fire in December affecting the operation’s main oil supplier.
During the operations halt, the company said it completed several initiatives to improve ramp-up performance, including grade control drilling and dewatering of the operation.
The Africa-focused miner said it plans to ramp up production as soon as it reopens Kouroussa, with the goal of reaching full commercial production before the end of March.
First gold at the mine was poured in June last year. At the time, Hummingbird said it expected to churn out an average of between 120,000 ounces and 140,000 ounces of gold annually for the first three years of commercial production. After that, Kouroussa would average 100,000 ounces of gold a year over an initial seven-year life.
Overall, the company expects to produce around 200,000 ounces of gold in fiscal year 2024.
Hummingbird Resources said detailed production and all-in-sustaining cost guidance for FY-2024 will be provided, as well as an operational and trading update at the end of January.
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Billy Dickson Pangale
Interested to join the Company, with a Profession of Heavy Equipment Mechanical Fitter
Lawrence Kojo Dennis
EPIDEXX is a supplier of mining Chemicals including Sodium cyanide, Hydrogen peroxide, activated carbon and flocculant and gold room reagents