Hummingbird Resources PLC (LON:HUM) said it Yanfolila gold project in Mali is on time and on budget with 410 people on the ground during the construction phase.
Chief executive Dan Betts is confident of having the 1.2mln tonne-a-year operation ready to enter the initial mining phase during the third quarter, enabling the first gold pour by the end of the year.
So far 59% of the work schedule has been completed, with 99% of the detailed engineering and 91% of the process design now done.
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Looking at the specifics of this fast-track project, the ball mill is complete and due for delivery to site next month, while work on the carbon in leach tanks is expected to be finished then too.
Structural, mechanical, plate work and piping has been underway for over three months now, while the plant foundations are “largely complete”.
Earlier this month Hummingbird put in place the last piece of the funding jigsaw by securing a US$60mln debt facility with West Africa-focused lender, Coris Bank.
Investors have already contributed US$71mln to the construction. The mine itself, which is host to an estimated 1.8mln ounces of gold, is expected to churn out 132,000 ounces of the yellow metal in the first 12 months.