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23 Aug 2019 | 07:47

Hummingbird Resources swings to loss amid higher costs

Hummingbird Resources swung to half-yearly loss amid higher costs.

For the six months ended 30 June, the company reported a pre-tax loss of $5.88m, compared with a profit of $3.53m a year earlier and revenues inched higher to $67.15m from $66.61m a year earlier. But the uptick in revenues was more than offset by a rise in costs to $64.89m from £55.52m, driven mainly by higher production costs. The Yanfolila gold mine, Hummingbird's principal asset, showed continued improvement during the first six months of 2019, producing 51,273 ounces of gold, up quarter-on-quarter, but just lower than the 51,304 ounces reported last year. The company maintained its target to produce 110,000 to 125,000 ounces, with increased plant throughput in the second half of the year.

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