Hummingbird Resources Share Discussion Threads

[philby1] 25/10/2018 16:33

I wonder what the cost of this remediation work will be?

[qs99] 25/10/2018 16:31

I wonder if this is an over reaction? Mining is still happening at Komana E & W pits and once bridge is up and operating, they can get the equipment in to do the remedial action. Will they end up producing 90,000 for the FY vs 105-115k for instance? in which case not a disaster, GP moving North? All comes down to length of time and cost of remedial action I suppose...?DYOR

[zeberdie] 25/10/2018 16:30

Never mind lads the management will still pick up their pay packets.

[casual47] 25/10/2018 16:29

The lack of transparency, the unfortunate associations with colourful people and bizarre decisions will not help in stemming a sell-off now.

A trusted and transparent BOD could probably have weathered news like this much better.

[ukgeorge] 25/10/2018 16:28

Hummingbird Resources (AIM:HUM) announces that, following an inspection of the Komana East pit at its Yanfolila mining operation, stability issues were identified which present an unacceptable risk to the continued safe mining below the western wall of the pit. As a result the decision has been taken to prohibit mining beneath these 'risk zones' until further notice and some remediation work will be required. This issue has been further compounded by the unusually heavy wet season which has resulted in a public bridge on the only access road to site being damaged by the floods. The bridge has been issued with a restrictive weight limit eliminating the option for the company to mobilise additional mining equipment to site to assist with any remediation work meaning some of the existing fleet will need to be utilised for the remediation work.

The production profile will be impacted whilst the remediation work is undertaken and the Company is advising that it is no longer possible to achieve guidance for the year which was previously forecast to be 105,000 to 115,000 oz. The impact is currently being assessed and the Company will give an update to guidance once the remediation plan has been developed. The mining of ore is still ongoing from both the Komana East and West pits.

As previously guided during Q3 both mining and processing rates were impacted by the wet season. The Company poured 22,206 oz of gold in the quarter taking the total annual production to 74,092 oz at the end of the quarter. A full Q3 update will be released to the market shortly.

[dianecarberry] 25/10/2018 16:28

Please line up to offer your apologies.

Huge downside still.

Fair value now about 8p

[polaris] 25/10/2018 16:28

RNS on necessary remedial work on pit wall. 22k oz for Q3 - will miss FY production figures. Its going to take a significant hit until further details emerge.

[ukgeorge] 25/10/2018 16:25

have these just crashed wtf

[qs99] 25/10/2018 16:23

well wasn't expecting it to hit my low this evening! Blimey,

[qs99] 25/10/2018 16:22

Sellers may take this to 16-17p IMO, hope not, but with production to Q3 at c.74k, cash on balance sheet, let's see where the MMs take it...£50-60m market cap? Where do people think this will level off?

[wassapper] 25/10/2018 16:20

I never went away NewBuyer - just don't bother posting much these days. I have held HUM for a long time now and I too have 100p in mind one day.

[qs99] 25/10/2018 16:20

Not great, not sure where the floor will be....but decent cash balance at Ints IMO, wonder what the capex will be to resolve.....managed to sell a load on the RNS, but still holding a load as well. DYOR

[dickie90] 25/10/2018 16:19

How on earth could you predict something like this! Just no need of an 'I told you so' pathetic person! This is a total unpredictable event! Jog on BT!

[wassapper] 25/10/2018 16:18

Hmm - just as I spoke! these things happen. These things get fixed.

[footloose2] 25/10/2018 16:18

out at 25.5p may get back in in a few days.
good luck

[borderterrier1] 25/10/2018 16:13

Footloose 2 and New_Liar I did tell you both, but you know better don't you?

[jimbowen30] 25/10/2018 16:10

Yep just saw it. I put the kiss of death on it! poor form releasing an RNS at this time of day

[waterloo01] 25/10/2018 16:03

don't you guys read RNS's?

[jimbowen30] 25/10/2018 16:00

wasapper,
Perhaps I was being too harsh! Have to continue delivering might be more appropriate. The resource upgrade is key imo

[borderterrier1] 25/10/2018 15:56

Footloose 2 Sincerely, I hope you are right. But we have all been here before, many times over the last year. Do you know what a damp squib is?

[footloose2] 25/10/2018 15:52

Full ask now being paid, another tick up soon.
Charts look good.
All clear for take off.

[new_buyer] 25/10/2018 15:46

Many years ago I invested blah blah blah blah blah etc etc etc