The debut of gold production at the Kouroussa gold mine, initially slated for late March 2024, faced a setback due to a commercial disagreement between the mine’s British proprietor and its primary subcontractor. Fortunately, indications suggest this dispute will soon be resolved.
Hummingbird Resources, the British company overseeing the mine, announced on May 16, 2024, that it had reached an agreement with Corica Mining Services, its principal subcontractor, to recommence operations at the Kouroussa site in Guinea. This agreement is anticipated to trigger a notable uptick in production at the mine starting in the third quarter of 2024.
Corica’s suspension of activities on March 17th disrupted commercial production at Kouroussa, citing an alleged outstanding payment of approximately $30 million owed by Hummingbird. To mitigate this, the British miner secured a $10 million loan from its primary shareholder, facilitating Corica’s return to work.
Dan Betts, CEO of Hummingbird, remarked, “Corica’s resumption of operations will enable Hummingbird to enhance extraction of higher-grade materials and expedite our progress towards achieving our targeted annual production of 200,000 ounces over the forthcoming months.”
Initially designed for a seven-year lifespan with an average yield of 100,000 ounces of gold annually, Kouroussa’s output is expected to be bolstered by combining production from Hummingbird’s Yanfolila mine in Mali, ultimately aiming for the ambitious production target of 200,000 ounces per year.
