Canadian miner B2Gold had record-consolidated gold production of 242 040 oz in the third quarter – a 78% increase on the 106 412 oz produced in the third quarter of 2017.

Fekola mine, in Mali; Masbate mine, in the Philippines; and Otjikoto mine, in Namibia, were the strongest contributors to production.

Fekola produced 107 002 oz of gold in the quarter. Masbate produced 57 542 oz and its full-year production guidance has been revised higher to between 200 000 oz and 210 000 oz, from the 180 000 oz to 190 000 oz previously expected.

Masbate, Fekola and Otjikoto offset the lower production in the company’s La Libertad and El Limon mines, in Nicaragua, which were affected by national political unrest.

Subsequent to the reporting period-end, B2Gold was granted the mine permit for the Limon central pit, and is currently finalising a positive El Limon mine expansion study, which is expected to be released later this month.

Meanwhile, the company is completing a new mineral resource for the Fekola deposit, including a portion of the Fekola north extension, which is expected to be released later this year.

The company is also conducting engineering and other technical studies to ascertain the potential for expanding the current Fekola mine, with initial results expected to be released in the first quarter of 2019.

For full-year 2018, with the planned first full year of production from the Fekola mine, consolidated gold production is forecast to be at the upper end of the company's guidance range of between 920 000 oz and 960 000 oz.

This represents an increase in yearly consolidated gold production of about 300 000 oz, compared with 2017.

B2Gold’s forecast consolidated cash operating costs are expected to remain low for the 2018 full-year at between $505/oz and $550/oz and all-in sustaining costs are expected to decrease by about 6% from 2017 to between $780/oz and $830/oz.

“With the Fekola mine in production, the resulting increase in gold production levels, combined with low costs have dramatically increased B2Gold's production, revenues, cash from operations and free cash flows with ongoing benefits expected to continue for many years, based on current assumptions.

“If a gold price assumption of $1 200/oz is used for the balance of 2018 and for 2019 and 2020, the company expects to average cash flow from operations of about $400-million a year, over the next three years,” B2Gold stated.