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.
Operator explores renewable energy partnership with Italy’s Ascot Energy Move aims to stabilize p...
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
First investor town hall since 2021 signals renewed engagement with markets Authorities hi...
Arise IIP plans to invest more than $3 billion in Kenya over five years The company wi...
Efforts to reinforce health systems are gaining pace across Africa, with this week’s developments fo...
India’s UPL plans a $1 billion bioethanol project in South Africa Facility would produce 1.3 billion liters annually using sugarcane and...
Move aims to boost housing finance and expand affordable housing supply Bank to support real estate sector amid 800,000-unit housing deficit The...
Côte d’Ivoire ratifies tax agreement with Qatar to avoid double taxation Deal strengthens trade ties and improves tax transparency, cooperation Move...
Togo launches irrigation project with 400 boreholes under ProMIFA Initiative includes training, digital tools, and community management systems Aims...
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...