Latest news for Hummingbird Resources (OTC:HUMRF) Stock

Hummingbird Resources PLC along with its subsidiaries explores, evaluates, and develops mineral projects principally gold, focused in West Africa. The company operates in Liberia, Guinea, and Mali. Its project portfolio includes Yanfolila Gold Project in Mali and Dugbe Gold Project in Liberia.

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Barrick Gold Corp (NYSE: GOLD) reported lower than expected Q1 gold production and anticipates higher costs, faces geopolitical risks in Mali.

Barrick Misses Preliminary Gold Production Estimate, Management Unfazed By Risks In Key African Country

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West Africa Has Long Had A Wealth Of Gold Resources – Companies Are Now Looking To Regions Like Liberia For Their As-Yet Untapped Potential

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Barrick Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>), the world&#8217;s second-largest gold producer, reported preliminary gold production of 940,000 ounces for the first quarter of 2024. This figure fell short of analyst estimates and reflects a continuation of the company&#8217;s production challenges<a href="https://www.benzinga.com/news/earnings/24/02/37128210/barrick-golds-q4-earnings-shine-buyback-glitters-more"> experienced in 2023</a>.



At the moment, Barrick <a href="https://www.barrick.com/English/news/news-details/2024/barrick-on-track-to-achieve-2024-targets/default.aspx">anticipates</a> all-in-sustaining costs (AISC) to increase by 7%-9% compared to the previous quarter. However, the company expects gold production to rise throughout the year, with the Pueblo Viejo gold mine in the Dominican Republic expected to ramp up production from the second quarter onwards.



Preliminary copper production was lower than expected at 40,000 tonnes, primarily due to lower grades at Barrick&#8217;s Lumwana mine in Zambia. As a result, copper AISC is projected to rise by 14% to 16% from the previous quarter.



Now read: <a href="https://www.benzinga.com/m-a/24/04/38253150/gold-road-considers-major-stake-in-greenstone-investors-wary-of-potential-high-costs">Gold Road Considers Major Stake In Greenstone; Investors Wary Of Potential High Costs</a>



Beyond production concerns, Barrick faces heightened geopolitical risks in Mali, where it operates one of the world&#8217;s largest gold mines, Loulo-Gounkoto. This complex comprises two distinct mining concessions and boasts substantial gold reserves. It produced 683,000 ounces of gold in 2023 and remains on track to meet its production targets for the current year.



Per Africa Report, the complex is now at risk of a <a href="https://www.theafricareport.com/339532/in-mali-wagner-has-big-plans-for-gold-mines/">potential seizure</a> by the Malian military junta, which has aligned itself with Russia's Wagner Group. The junta, established through a 2021 coup, has been trying to strengthen state control over mining companies through industry audits and implementing a new mining code.



Barrick maintains that its operations in Mali are governed by the existing 1991 mining code, not the junta's recently implemented code. CEO Mark Bristow has visited Mali twice since January as part of an extensive review of African operations. He noted that almost $10 billion of the company's contributions to Mali's economy, constituting between 5 and 10 percent of the country's GDP, are governed by the existing 1991 mining code.



Barrick is not alone in facing uncertainty within the Malian mining sector. Other major mining companies with a presence in the country include IAMGold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IAG#NYSE">IAG</a>), B2Gold Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BTO#NYSE">BTO</a>), and Hummingbird Resources (OTCPK: HUMRF). The junta&#8217;s actions raise concerns about the future stability of the mining industry, particularly given the involvement of a Russian paramilitary organization.&nbsp;



The company will release its full first-quarter report on May 1, which may provide further insights.



Benzinga Mining is the bridge between mining companies and retail investors. Reach out to <a href="mailto:licensing@benzinga.com">licensing@benzinga.com</a> to get started!



Also read: <a href="https://www.benzinga.com/news/24/04/38248505/us-uk-clamp-down-on-russian-metals-trade-due-to-its-brutal-ward-against-ukraine">US, UK Clamp Down On Russian Metals Trade Due To &#8216;Its Brutal War Against Ukraine&#8217;</a>



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