(Ecofin Agency) - The price of gold has been steadily rising, surpassing $2,400 per ounce in April 2024. However, not all gold producers are reaping the benefits equally, as seen in the performance of Mali's Yanfolila gold mine.

Hummingbird Resources, the British owner, reported a 38% year-on-year production decrease to 16,999 ounces in the first quarter of 2024. Revenues also fell by 25% to $37 million compared to the same period in 2023.

#NewsAlert: This morning we announced our Q1-2024 operational and trading update.

Find the full release here: https://t.co/iOVxINNcEV pic.twitter.com/aHXwN2DXg2

— Hummingbird Resources plc (@HUM_gold) April 25, 2024

Despite the higher gold selling price averaging $2,030 per ounce in Q1 2024 versus $1,878 per ounce a year earlier, the decline in volumes sold led to a 31% decrease in sales to 18,230 ounces compared to the first three months of 2023.

Hummingbird's output target for Yanfolila in 2024 stands between 75,000 and 85,000 ounces of gold. The company also operates the Kouroussa gold mine in Guinea. There, it produced 5,868 ounces in Q1 2024.