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Highlights
- Kouroussa Gold Mine: Struggles to meet production forecasts, with $11.2 million less revenue expected in December.
- Yanfolila Gold Mine: Continues to face losses and challenges with an aging mining fleet, overdue creditor payments, and pending negotiations with the Mali government.
- Production Guidance: Revised downward for 2024 to 95,000–100,000 oz at an AISC of $2,200/oz, down from the original estimate of 165,000–200,000 oz.
Hummingbird Resources plc (LSE:HUM) has provided an operational and financial update, detailing ongoing challenges at both of its gold mining operations—Kouroussa and Yanfolila.
Kouroussa Gold Mine
Since declaring commercial production on 25 November 2024, the Kouroussa mine has struggled to meet its production targets. As a result, the mine is expected to generate approximately $11.2 million less revenue from gold sales in December than initially planned. These underperformance issues have left the mine unable to generate sufficient cash flow to fund essential capital expenditures, including completing the final stages of the mine build, procuring critical spares, and making necessary sustaining investments.
Yanfolila Gold Mine
The Yanfolila mine has continued to experience financial losses, with the outlook remaining bleak. Even with significant investment needed to replace its aging mining fleet, extend the mine life through drilling, and address overdue creditor payments, the mine is expected to struggle to break even. In response to these challenges, Hummingbird and its Malian subsidiary, Société des Mines De Komana SA (SMK), have been engaged in discussions with the Government of Mali to resolve outstanding audit issues and clarify the application of the 2023 Mining Code. An agreement with the government is expected to be finalized soon, leading to additional payment obligations.
Reduced Production Guidance
Due to these operational challenges, Hummingbird Resources has revised its 2024 production guidance. The company now expects to produce between 95,000 and 100,000 ounces of gold, at an All-In Sustaining Cost (AISC) of approximately $2,200 per ounce. This is a significant decrease from the previous forecast of 165,000–200,000 ounces and represents a reduction of about 42% from the bottom end of the earlier guidance.
