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Mining company Hummingbird Resources reported annual production that was line with guidance, though said it expected a drop in first quarter production of 2022.
While first quarter production was exepcted to be lower than in the subsequent quarters, the pace of output was expected to pick up pace, thereafter.
'Q1 2022 was forecast to be a lower production quarter versus the remaining quarters of 2022, with a ramp up from Q2 2022 expected, driven primarily by an additional five excavators becoming increasingly operational during Q1 Construction at Kouroussa is ramping up and is on schedule for first gold by the end of Q2 2023 - taking the Company to being a +200,000 oz gold producer,' the company said.
For fiscal 2022, gold production was forecast in a range of 87,000 to 97,000 ounces of gold, compared with production of 87,558 ounces seen in 2021.
In Q4, 18,181 ounces of gold were poured at Yanfolila in Q4 2021.
The all in sustaining cost was between US$1,300 to 1,450 per ounce of gold for the year.
'The feasibility study at Dugbe is coming together as per the schedule and we are expecting robust and attractive economics which will provide additional optionality for our portfolio of assets,' the company said.