B2Gold reports solid first-quarter performance
Canada-based B2Gold on Thursday reported solid performances from its three operating mines, with each exceeding its budgeted production for the first quarter of 2022.
The miner produced 196 472 oz from its three operating mines, which is 4% above target. Including attributable production from Calibre Mining, total output was 209 365 oz.
Production was lower than the first quarter of 2021, which B2Gold said was expected. The company also noted that output would be significantly weighted to the second half of 2022, owing to the timing of higher grade ore mining.
For the full year, production would be between 900 000 oz and 1.05-million ounces, including attributable production from Calibre, at a cash operating cost of $620/oz to $660/oz and an all-in sustaining cost of $1 010/oz to $1 040/oz.
B2Gold also affirmed that its Fekola mine, in Mali, continued to operate at full capacity and that it would meet its production guidance for the year, despite the ongoing sanctions announced by the Economic Community of West African States on January 9. Several borders with Mali have been closed.
The company’s other two operating mines are Otjikoto, in Namibia, and Masbate, in the Philippines.
For the first quarter, consolidated gold revenue was $366-million on sales of 195 100 oz at an average realised price of $1 874/oz. Revenue increased by a slight 1% year-on-year. An increase in the average realised gold price offset the impact from the decrease in gold ounces sold (mainly owing to the lower gold production).
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