Mining

Mali: Hummingbird Resources Earned $37M from Yanfolia Gold Mine in Q1 2024

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.

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.

On the same topic
South Africa pushes faster oil, gas exploration despite legal challenges Environmental groups’ court actions delay projects by Shell,...
Nigeria considers increasing 75 MW electricity exports to Togo Talks focus on meeting rising demand and recent supply disruptions Expansion depends on...
Liz Westcott is confirmed as CEO after serving in an interim role since December The appointment comes as Woodside expands operations, including in...
Tanzania courts Chinese investors to rebuild a textile sector hit by a near 40% production decline since 2020. The number of operational textile...
Most Read
01

CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...

Strengthening the Business Climate in WAEMU Countries: CCR-UEMOA Reviews Its Midterm Record
02

Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...

Telecel Ghana plans 150% investment increase in MTN-dominated market
03

Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...

Togo Passes Law to Criminalize Counterfeiting of West African CFA Franc
04

This week, Africa is facing a mixed health situation. Namibia has declared an end to its mpox outbre...

Weekly Health Update | Namibia Ends Mpox Outbreak; Nigeria Faces Seasonal Lassa Fever Surge
05

Namibia and Russia agreed to expand cooperation across energy, mining, and agriculture. Both coun...

Namibia and Russia Expand Economic Cooperation Across Key Sectors
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.