For ten consecutive years, Canada’s B2Gold has booked record gold production and 2018 was no different, with the miner lifting output by 51% to 953 504 oz in what it describes as a “year of transformational growth”.
Production received a major boost from the new, large Fekola mine, in Mali, which achieved commercial production on November 30, 2017, and from record production at the Masbate mine, in the Philippines.
The Fekola mine continues to outperform and exceeded the upper limit of its already increased production guidance range of between 420 000 oz and 430 000 oz, with output of 439 068 oz in 2018.
The Masbate mine produced a record 216 498 oz and also exceeded the upper limit of its already increased production guidance range of between 200 000 oz and 210 000 oz.
The Otjikoto mine, in Namibia, produced 167 346 oz, above the mid-point of its guidance range of 160 000 oz to 170 000 oz.
B2Gold reports that the strong operational performances by Fekola, Masbate and Otjikoto have offset production shortfalls at the Libertad and El Limmon mines, located in Nicaragua, which were affected by political unrest. These mines represent about 14% of the company’s consolidated gold production.
B2Gold expects costs to be at the lower end of its guidance ranges, with consolidated operating costs anticipated to be between $505/oz and $550/oz and all-in sustaining costs to be between $780/oz and $830/oz.
The first full year of gold production from the Fekola mine and the continued out-performance of the Masbate mine have dramatically increased production and revenue. For the full year, the company is projecting cash flow from operations of about $450-million, compared with $155-million a year earlier.
B2Gold will release its financial statements after the North American markets close on March 12.