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Guinea: Commercial Production Could Begin Soon at Kouroussa Gold Mine

Friday, 17 May 2024 18:53
Guinea: Commercial Production Could Begin Soon at Kouroussa Gold Mine

(Ecofin Agency) - The Kouroussa gold mine should have produced its first gold in late March 2024, but production was postponed due to a commercial dispute. The dispute, opposing the mine’s British owner and its main subcontractor, should soon be settled.

British firm Hummingbird Resources announced on May 16, 2024, that it sealed a deal to resume operations at its Kouroussa gold mine in Guinea. The deal was sealed with Corica Mining Services, Hummingbird’s main subcontractor on the project. The new agreement should lead to a production surge at the mine at the beginning of Q3 2024. 

On March 17th, Corica suspended its activities, delaying commercial production at Kouroussa.  At the time, the firm had claimed Hummingbird owed it about $30 million. The British miner later secured a $10 million loan from its main shareholder. This should help Corica return to work.

“Corica's return to work will allow Hummingbird to increase the mining of the higher-grade material and accelerate our plans to reach our 200 Koz per annum production profile over the coming months, commented Dan Betts, CEO of Hummingbird.

Kouroussa can deliver an average of 100,000 ounces of gold per year over an initial lifespan of 7 years. Hummingbird aims to produce 200,000 ounces per year by adding the production from its Yanfolila mine in Mali.



Public Management

ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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