Hummingbird Resources, a mining company said on Tuesday that it had begun work on its Yanfolila Gold Project in Mali and will be producing its first gold by the end of the year.
Mali is Africa’s third largest gold producer which is responsible for producing about a quarter of government revenue.
Hummingbird shares have almost doubled this year after the AIM-listed company successfully raised $75 million in 2016 to begin mine construction.
In its first full year of production, Yanfolila will produce 132,000 ounces of gold and average production over the life of the mine will be 107,000 ounces per year.
Yanfolila is expected to be one of the highest margins, lowest cost gold projects in West Africa, Hummingbird said.