Mining
Wednesday, September 13th, 2023 6:07 am EDT
Hummingbird Resources said the revised numbers are the result of a fall in reserves and resources at its Yanfolila mine in Mali, where estimates dropped 18% and 17% to 593,000 ounces and 1.71 million ounces, respectively.
The drop happened as the mine went through a transition following the curtailing of exploration activities in 2022 and operational depletion.
The company’s recently opened Kouroussa mine in Guinea, instead, saw both estimated reserves and resources jump by 4% and 2% to 676,000 ounces and 1.23 million ounces, respectively.
The company left estimates for its Dugbe mine in Liberia unchanged.
“We are confident that our asset base has material life-of-mine upside, with exploration plans being developed, in particular at Kouroussa, where we are targeting to increase reserves to one million ounces and a 10-plus year life-of-mine,” chief executive Dan Betts said.
A mineral resource that has been fully evaluated and is deemed commercially viable to mine is called a mineral reserve.
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