Hummingbird Resources reports that in Q4 16 it started construction of the Yanfolila gold mine, in Mali. The US$70 million mine is expected to begin production at the end of 2017 and is projected to produce an average of 107koz/y of gold at a low AISC of US$700/oz.
In October 2016, the first concrete was poured and long-lead time items were ordered. Hummingbird has appointed African Mining Services, a subsidiary of ASX-listed Ausdrill Limited, as mining contractor at Yanfolila.
Funded through to first cash flow
The company has secured a US$45 million loan (with a US$10 million cost overrun facility) with Taurus Funds and is funded through to first cashflow.
Hummingbird Resources reports mine construction at Yanfolila underway: AIM: HUM