Hummingbird Resources has announced a review of its mine development activities at the Yanfolila Gold Project in Mali. The mining contractor hopes to extract its first gold from the mine by the end of 2017.
The mining company, which is traded on AIM, said that the construction of the Yanfolila mine is proceeding as anticipated. Each stage of the development is being completed on time and is within the budget allocated. The company also added that it had targeted the third quarter to begin mining activities and should be able to extract gold by the end of the year.
IMAGRI SARL started the structural and mechanical works along with piping and platework in January 2017. This contract is under the aegis of SENET. The mining contractor mentioned that the ball mill had been completed and will arrive at the Mali mine in May.
Hummingbird Resources has also finished signing a fuel supply contract with Zen Petroleum Mali. It informed stakeholders and investors that the foundation for the process plant was nearly complete, while the carbon-in leach tank construction will be completed in May.
Opportunities for Mining Contractors as Yanfolila Mine proceeds on schedule
Hummingbird Resources has already hired a general manager for the Yanfolila mine and also has an exploration plan in place to ensure that it can tap on the gold resources for a longer period of time.
The mining contractor will also be receiving close to $11 million from the government of Mali, increasing the government’s stake by another 10 per cent. The company has signed a debt facility contract worth $60 million with Coris Bank International Group, and this funding will strengthen its books and ensure that it has sufficient financial resources for the mine.
Hummingbird Resources CEO Dan Betts said that the company had a team of 410 personnel completing the development work, and this has ensured that nearly 60 per cent of the work has been completed. He said that he is happy that the project is on time and within budget and looks set to begin production by the end of 2017.