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B2Gold declares first dividend, reports record gold production for third quarter

06 November 2019

 

X- and NYSE-listed B2Gold on Wednesday announced a maiden dividend of $0.01 a share for the third quarter and said that it expected to declare future dividends quarterly at the same level, which on a yearly basis would amount to $0.04 a share.Turning towards the company’s third-quarter, ended September 30, it reported record quarterly consolidated gold production of 258 200 oz of gold, which is 15 807 oz, or 7%, higher than what was produced in the third quarter of 2018.

 

For the year-to-date period of nine months, the consolidated gold production of 735 079 oz was 45 705 oz, or 7%, above budget and 13 262 oz, or 2%, higher year-on-year.B2Gold achieved consolidated gold revenues from continuing operations of $311-million on the sale of 208 900 oz of gold for the third quarter.

 

Consolidated cash operating costs from continuing operations of $443/oz produced, were 10% below budget.Consolidated all-in sustaining costs (AISC) from continuing operations of $755/oz sold, were 1% below budget.Post quarter period, B2Gold and Calibre completed an agreement for B2Gold to restructure its interests in, and for Calibre to acquire, the El Limon and La Libertad gold mines for $100-million.

 

Thus far for the nine-month period, B2Gold has repaid $100-million on the outstanding balance of the company’s revolving credit facility, with a further $100-million expected to be repaid in the fourth quarter, which B2Gold said would leave an estimated available balance on the facility of $200-million as at December 31.For the full-year, B2Gold expects its consolidated gold production to come in towards the midpoint of its previously stated guidance range of between 935 000 oz and 975 000 oz, with cash operating costs forecast to be at or below the lower end of the company's $520/oz and $560/oz guidance range and AISC to be within the company's $835/oz and $875/oz guidance range.

 

Additionally, the new large-scale off-grid Fekola solar plant project was approved by the B2Gold board of directors, and is scheduled for completion in August 2020. The project is expected to provide significant operating cost reductions, and is estimated to reduce Fekola's processing costs by about 7%.Based on B2Gold's current projections, production at the Fekola mine in 2020 is projected to be about 600 000 oz of gold, primarily owing to the addition of a larger mining fleet and the optimisation of the mining sequence in early 2020, prior to completion of the mill expansion.Following completion of the mill expansion, production from the Fekola mine is projected to average 550 000 oz of gold over the next five years based on current assumptions.

 

Source: https://www.miningweekly.com/ar