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) announced on Tuesday that the Kouroussa gold mine in Guinea processing plant has reached the practical completion stage, and has entered the commissioning phase towards achieving the first gold pour this quarter.
Kouroussa is a high grade, over 4 grams per tonne (“g/t”), open pit operation, and is the company’s second operating gold asset in West Africa.
The project is situated in the Siguiri Basin, which currently has a high grade resources base of 1.2Moz at 3.02 g/t and reserves of 647koz at 4.15 g/t.
Kouroussa is forecast to produce an average of 100,000 ounces of gold per annum over an initial seven year LOM.
“Operational readiness and the transition to daily operations is a key part of this phase as we look not just to first gold, but to ramping up production to nameplate capacity, moving the company to being a +200,000-ounce, multi-asset, multi-jurisdiction gold producer,” said Dan Betts, CEO of Hummingbird.
Hummingbird shares traded at 0.18¢ in London on Tuesday, valuing the company at $110 million.
