Birmingham gold mine firm expects first ‘pour’ by year end

Yanfolila gold mine

Birmingham-registered gold exploration business, Hummingbird Resources, has said its new gold mine project is about 60% complete and on target to open before the end of the year.

The Yanfolila mine in Mali is expected to yield 1.2 million tonnes per annum (mtpa) with the first mining expected in Q3 followed by the first gold pour by year-end.

Dan Betts, CEO of Hummingbird, said the first quarter of this year had seen an impressive amount of work completed on the project, with more than 400 people currently working on the mine and the first steelwork erected.

“With the overall project now c.60% complete, we are happy with how the Yanfolila construction is shaping up so far,” he said.

“We remain on time and budget to commence production by the end of the year.  The arrival of African Mining Services (AMS) to start work on the Tailings Storage Facility (TSF), and subsequently pre-production mining, are significant upcoming milestones as we continue to ramp up development towards production.”

He said the company was also progressing well with its relationship with Coris Bank International, which he said was a “supportive, long-term, constructive partner”.

Hummingbird this month entered into a US$60m debt facility with Coris Bank International, which has completed the funding package for Yanfolila and further strengthened its local content.

It has received first tranche of US$25m post quarter-end and may draw on the remainder over the next few months.

The exploration firm will also benefit from a deal with the Government of Mali, which will see it pay Hummingbird approximately US$11m for an additional 10% stake in Yanfolila.

“I look forward to the next quarter with great enthusiasm,” added Mr Betts.

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