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Hummingbird continues ramp up at Yanfolila

AIM-listed Hummingbird Resources has continued to increase production at its Yanfolila gold mine in Mali, boosting cash on the company’s balance sheet by US$8 million in the third quarter.
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Hummingbird's operations in Mali

Staff reporter

Production at Yanfolila was up by 11% quarter on quarter and 37% year on year to 30,484oz of gold poured.

Hummingbird's strong performance was helped by a rise in gold prices. Average gold prices for Q3 were US$1,422/oz, up from US$1,311/oz in Q2 and US$1,217 in Q3 2018, the company said

"We are pleased to report that for the fourth quarter in a row production has increased and costs have decreased.  The Company continues to improve both from an operational and balance sheet perspective," Hummingbird CEO Dan Betts said in a statement.

"The commissioning and operational performance of the second ball mill was also pleasing to see over the quarter following its successful construction on time and budget.  We will begin to see the full benefits over the coming quarters as we are able to manage a higher throughput of fresh ore," Betts added.

The impressive numbers saw shares in Hummingbird open 6% higher on Monday morning, before falling slightly over the course of the morning.

The slight dip may have something to do with a forthcoming report by the BBC's Panorama TV programme, which the BBC says has forced Bett's father-in-law to resign from his job at fund manager Capital Group - an investor in Hummingbird.

Mark Denning allegedly used a separate fund based in Liechtenstein, called Morebath Fund Global Opportunities, to invest in some of the same companies as Capital. Fund managers are not supposed to invest in companies in which their employers have a stake. The Panorama programme airs on Monday at 20:30 UK time.