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B2Gold announces strong gold production & revenue for Q1 2019

Mining News - Published on Mon, 22 Apr 2019

Image Source: SteelGuru
B2Gold Corp announced its gold production and gold revenue for the Q1 2019. All dollar figures are in United States dollars unless otherwise indicated.

2019 Q1 Highlights
Consolidated gold production of 230,859 ounces, 6% (12,704 ounces) above budget
Consolidated gold revenue of $302 million on sales of 232,076 ounces (6% or 13,564 ounces above budget)
On March 26, 2019, the Company announced very positive results from the Expansion Study Preliminary Economic Assessment for the Fekola Mine, including significant estimated increases in average annual gold production to over 550,000 ounces per year during the five-year period 2020-2024, and is proceeding with an expansion project to increase Fekola's processing throughput by 1.5 million tonnes per annum to 7.5 Mtpa from the current base rate of 6 Mtpa; the Company will issue an updated Fekola Expansion Technical Report pursuant to the requirements of NI 43-101 by May 10, 2019
For full-year 2019, B2Gold remains well positioned for continued strong operational and financial performance with consolidated gold production forecast to be in the range of between 935,000 and 975,000 ounces with cash operating costs (see "Non-IFRS Measures") forecast to be between $520 and $560 per ounce and all-in sustaining costs ("AISC") (see "Non-IFRS Measures") forecast to be between $835 and $875 per ounce

Gold Production
Consolidated gold production in the first quarter of 2019 was 230,859 ounces, 6% (12,704 ounces) above budget. Gold production from the Company's Fekola, Masbate, Otjikoto and El Limon mines all exceeded their targeted production. The Fekola Mine in Mali and the Masbate Mine in the Philippines continued their very strong operational performances, with both well-above their budgeted production for the quarter. For the first quarter of 2019, the Fekola Mine produced 110,349 ounces of gold, well-above budget by 6% (6,724 ounces), and the Masbate Mine produced 57,481 ounces of gold, significantly above budget by 15% (7,490 ounces). Compared to the prior-year quarter, gold production was marginally lower by 8,825 ounces.

Given the gold production outperformance in the first quarter of 2019, mainly at Fekola and Masbate, B2Gold remains well positioned for continued strong operational and financial performance with consolidated gold production for full-year 2019 forecast to be in the range of between 935,000 and 975,000 ounces. For the first-half of 2019, consolidated gold production is forecast to be between 436,000 and 456,000 ounces of gold before significantly increasing to between 499,000 and 519,000 ounces in the second-half of 2019. Consolidated cash costs are projected to remain low in 2019 with cash operating costs forecast to be between $520 and $560 per ounce and AISC forecast to be between $835 and $875 per ounce. As previously released, consolidated gold production for full-year 2019 is expected to be weighted towards the second-half of 2019 (approximately 14% higher than the first-half), due to the planned development of open pits in the first-half of the year and subsequent ore production from those pits in the second-half.

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Posted By : Rabi Wangkhem on Mon, 22 Apr 2019
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