B2Gold delivers strong first-half performance
Canadian miner B2Gold achieved strong consolidated gold production of 476 879 oz for the six months ended June 30, with solid performances from all its operations.
The company has, however, entered into an agreement to sell its El Limon and La Libertad mines, in Nicaragua, to Calibre Mining.
B2Gold expects the sale to be completed early in the fourth quarter and will hold a 31% interest in Calibre once the transaction has been concluded.
For the six months under review, B2Gold reported revenues from continuing operations of $531-million from the sale of 407 100 oz of gold and consolidated revenues of $612-million from the sale of 468 358 oz of gold, including sales from El Limon and La Libertad.
Meanwhile, B2Gold in March announced positive results from a preliminary economic assessment into the proposed expansion of the Fekola mine, in Mali, which included estimated increases in average yearly gold production of more than 550 000 oz/y between 2020 and 2024.
The expansion is aimed at increasing Fekola’s processing throughput by 1.5-million tonnes a year to 7.5-million tonnes a year from the assumed base rate of six-million tonnes a year.
Construction is scheduled to begin in October and will be completed by the end of July 2020.
B2Gold also remains on track to reach its yearly production target of between 935 000 oz and 975 000 oz of gold.
“Looking forward through the remainder of 2019 and beyond, B2Gold plans to continue to maximise cash flows and maintain a strong financial position by continuing the operational and financial performance from existing mines; continue to reduce overall debt levels; expand the Fekola mine throughput and annual gold production; pursue additional internal growth through further exploration, development and expansion of existing projects; and pursue greenfield exploration projects alone or in joint ventures,” the company said on Wednesday.
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