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(Alliance News) - Hummingbird Resources PLC on Friday said it expects annual production to be at the lower end of guidance after the gold producer suffered from a lack of mining contractor excavator equipment in its third quarter.
Shares in the company dropped 16% to 17.39 pence each in London on Friday morning.
The West Africa-focused company said gold poured fell 11% annually in the third quarter to 22,102 ounces. Quarter-on-quarter, it was 9.8% lower.
"Production was impacted by mining contractor excavator equipment availability in September. Mitigation measures are being implemented with our mining contractor to bring mining volumes back to contracted levels," Hummingbird said.
It now forecasts annual production at the lower end of its 100,000 to 110,000 ounces range.
"The company notes that, all other things being equal, meeting this forecast is based on the mitigation measures, as described above, being successfully implemented by our mining contractor, bringing mining volumes back to contracted levels," Hummingbird added.
In addition, Hummingbird said it has received assay results on 53 drill holes at its Kouroussa gold mine in Guinea. Results showed "significant high-grade potential", the company said.
"An updated company reserves statement will be released later this quarter and will include a maiden reserve estimate for the KK deposit at Kouroussa," Hummingbird added.
By Eric Cunha; ericcunha@alliancenews.com
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