African gold producer Hummingbird Resources said Wednesday it would target higher gold production in the coming year after overcoming a 'challenging' quarter.
The company produced 91,620 ounces of gold in 2018, at the top end of the revised guidance of between 87,000 and 92,000 ounces. This comes despite output falling in the fourth quarter to 17,895 ounces from 22,206 ounces in the third.
But after a 'good' start to operations in 2019, with production in January on track to produce about 10,000 ounces, output for the coming year was expected to exceed that of last year.
The company guided output for 2019 in the range of 110-125,000 ounces at US$800-850 an ounce all -in sustaining costs.
'The Group has been through an operationally challenging quarter, but I am pleased to report that we have made significant headway on the ground in resolving the issues we faced, said Dan Betts, CEO of Hummingbird.'
'January's production figures are in line with 2019's production guidance and mine plan and we are making positive progress with the construction of a second ball mill, which is due for completion in Q3 2019. This will increase throughput and, along with our exploration campaign, the long-term value of Yanfolila.'
'Over the course of Q1 we look forward to receiving the remaining drilling results from the 2018 exploration campaign and working with the team to understand how to release the expected potential of these results in our Life of Mine planning.'
At 9:38am: (LON:HUM) Hummingbird Resources share price was 0p at 24.5p