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B2Gold upbeat about 2015 prospects

22nd January 2015

By: Ilan Solomons

Creamer Media Staff Writer

  

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JOHANNESBURG (miningweekly.com) – Gold miner and exploration company B2Gold is projecting another “record year” of gold production, with output at its mines expected to rise to between 500 000 oz and 540 000 oz in 2015.

This would equate to a 35% increase on the 384 003 oz produced in 2014.

The company operated four mines – Otjikoto, in Namibia; Masbate, in the Philippines; and the La Libertad and Limon mines, in Nicaragua.

Record quarterly production of 62 972 oz of gold in the fourth quarter contributed to the Masbate mine’s overall output of 186 195 oz for 2014. La Libertad delivered 149 763 oz for the full year, while 48 045 oz of gold was produced at the Limon openpit and underground mine.

B2Gold had completed the construction of its Otjikoto mine ahead of schedule in December, with the mine having delivered 7 159 oz of pre-commercial gold production.

The company earned revenue of $486.6-million on the sale of 386 219 oz of gold at an average price of $1 260/oz in 2014.


For the year ahead, the gold miner expected its Masbate mine to produce between 170 000 oz and 180 000 oz of gold at a cash operating cost of between $740/oz and $775/oz.

La Libertad was projected to produce between 135 000 oz and 145 000 oz of gold at a cash operating cost of between $605/oz and $635/oz, while output from the Limon mine was targeted at between 55 000 oz and 65 000 oz at a cash operating cost of between $680/oz and $710/oz.

Consolidated cash operating costs were expected to be in the range of $630/oz to $660/oz in 2015.

B2Gold stated that the significant increase in its consolidated gold production and the reduction in consolidated cash operating costs per ounce reflected the positive impact of new production from its low-cost Otjikoto mine.

FEKOLA DEVELOPMENT
Meanwhile, following the company’s $570-million buy-out of ASX-listed gold developer Papillon Resources in October 2014, B2Gold plans to move a significant portion of its Otjikoto mine construction team to the newly acquired Fekola mine, in Mali.

The project had the potential to increase B2Gold’s overall output by about 300 000 oz/y and early construction activities were set to get under way in February.

Early works would include the construction of a new site access road, an on-site airstrip and the start of a construction camp.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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