Hummingbird, Cora Gold assess impact of ECOWAS sanctions on Mali (updated)
10/01/2022 14:44
(Adds Cora Gold response, context, details)
JOHANNESBURG, Jan 10 (Reuters) - Hummingbird Resources
HUMR.L is "evaluating the immediate risks" to its supply chain
from economic sanctions imposed on Mali by the Economic
Community of West African States (ECOWAS), the junior gold miner
said on Monday.
The 15-state regional bloc said it would also shut borders
and sever diplomatic ties in response to Mali's delay in holding
elections following a 2020 military coup. urn:newsml:reuters.com:*:nL1N2TP0CA
Mali is one of Africa's biggest gold producers with
companies like Barrick Gold ABX.TO , B2Gold BTO.TO and
Resolute RSG.AX operating large mines in the country and many
smaller companies exploring for gold there.
A spokesperson for Cora Gold CORAC.L , which has said it
plans to start building its Sanankoro gold mine in Mali this
year, said the board was monitoring the situation and operations
in Mali are continuing as normal.
Barrick Gold, B2Gold, and Resolute did not immediately reply
to requests for comment on the possible impact of the sanctions.
Hummingbird owns the Yanfolila gold mine, which was expected
to produce under 100,000 ounces last year. Its shares were down
5%.
"Whilst all plans will be made to minimise the potential
impact it is too early to say how these sanctions may
potentially affect our business," the miner said in a statement,
adding that it would provide further updates when appropriate.
(Reporting by Helen Reid; editing by Jason Neely and Emelia
Sithole-Matarise)
((Helen.Reid@thomsonreuters.com; +27 66 156 5214;))