Despite Otjikoto slope failure, B2Gold gold output on course for another record year
TORONTO (miningweekly.com) – Canadian gold producer B2Gold has exceeded its first-quarter production guidance by 8 966 oz of gold, for company-wide output of 127 844 oz of the yellow metal, an increase of 10% over the same period in 2015.
Despite a slope failure on the pit access ramp at the Otjikoto mine, in Namibia, on Tuesday, B2Gold did not expect the operation's full-year guidance to be affected.
B2Gold reported late on Wednesday that the rising output was mainly attributable to strong quarterly production from the company's Masbate mine, in the Philippines, and the La Libertad mine, in Nicaragua. The Otjikoto mine was in line with budget, while, El Limon, in Nicaragua, was slightly behind budget, mainly owing to the lower grade processed in the period.
The Vancouver-based miner stated that it expected another record year for gold production, ranging between 510 000 oz and 550 000 oz, while consolidated cash operating costs for the year were expected to range between $560/oz and $595/oz, lower when compared with $616/oz in 2015. Gold output for the year was expected to be weighted to the second half, the company advised.
B2Gold reported gold revenue for the first quarter of $144.3-million on gold sales of 120 899 oz, at an average price of $1 193/oz. This compared with gold revenue of $138.9-million for the first quarter of 2015 (or $162-million including $23.1-million of pre-commercial sales from the Otjikoto mine) on gold sales of 114 799 oz at an average price of $1 210/oz. The increase in revenue was mainly owing to increased output from the Masbate and La Libertad mines, compared with the same period of the previous year.
The company on Thursday traded at a 12-month high of C$2.61 apiece in Toronto, having gained 78% since the start of the year.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation