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(Alliance News) - Gold production and exploration firm Hummingbird Resources PLC on Monday said strong operational progress continued into the third quarter.
In the three months to September 30, production increased 11% to 30,484 ounces from 27,466 the quarter prior. The company said all in sustaining costs came in at USD849 per ounce in the quarter, down 15% from USD998 the quarter before.
The company has two core gold projects, the Yanfolila gold mine in Mali and the Dugbe gold project in Liberia.
The firm said it had cash of USD16 million at the end of the third quarter, double the USD8 million held at the end of June.
Hummingbird maintained its production guidance of between 110,000 and 125,000 ounces for the year, and said it is due to be debt free by the end of the first half of 2021.
"Q3 2019 is the wettest quarter of the year and we are particularly pleased with how the team has managed this period during the quarter, especially when compared to the corresponding period last year. We anticipate Q4 to be another good quarter and we are maintaining our production guidance of 110-125,000 ozs of gold production for 2019," said Chief Executive Dan Betts.
Shares in Hummingbird were up 1.7% at 25.675 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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