Mali: Hummingbird Resources Earned $37M from Yanfolia Gold Mine in Q1 2024
Thursday, 25 April 2024 18:52
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.
— Hummingbird Resources plc (@HUM_gold) April 25, 2024
Find the full release here: https://t.co/iOVxINNcEV pic.twitter.com/aHXwN2DXg2
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.
Live News
-
Ethiopia unveils teleSign e-signature system to streamline government services
21:26
-
Somalia rolls out certified cybersecurity program for government ICT staff
21:16
-
Pests and Flooding Hit Cameroon’s Cotton Sector, Driving Annual Losses Above CFA10 Billion
20:50
-
Cameroon Raises CFA144 Billion in Bond Sale as Short-Term Funding Pressures Persist
20:35
-
U.S. Signals Growing Interest in Cameroon’s Critical Minerals but Flags Investment Risks
20:32
-
Oil Explorer Eco Atlantic Taps Industry Veteran Keith Hill to Lead Board
20:30
-
Nigeria Secures $500 Million World Bank Funding to Strengthen Agricultural Value Chains
19:58
-
MTN Brings in Former Orange CEO Stéphane Richard to Strengthen Strategy
19:38
-
Namibia’s Mopane Field Sees 57% Jump in Estimated Hydrocarbon Resources
18:41
-
At Cape Town summit, Horus Capital pushes Africa’s infrastructure debate towards project delivery
18:30
Novo Nordisk cuts Wegovy prices in South Africa amid competition Move targets rival Eli Lil...
WAEMU posts 3.31 trillion CFA francs trade surplus in Q4 Exports surge 50.4%, led by gold, ...
The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as...
Operator explores renewable energy partnership with Italy’s Ascot Energy Move aims to stabilize p...
First investor town hall since 2021 signals renewed engagement with markets Authorities hi...
$500 million IDA credit to support small farmers and agribusiness Project targets key crops including rice, maize, cassava, and soy Initiative aims...
Stéphane Richard joins MTN board as independent non-executive director Appointment signals focus on governance and long-term strategy Move comes as...
Net profit jumps 117% to $183 million, driven by subsidiaries Lower credit risk and controlled costs boost earnings Bank strengthens balance...
African banking revenue surpasses $100 billion, with strong profitability Growth driven more by favorable conditions than operational...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...