B2Gold Reports Record Gold Output in 2018

SEATTLE (Scrap Monster): Canadian miner B2Goldreported record annual gold production in 2018. This is the tenth consecutive year the company has achieved year-on-year jump in gold production. The 2018 output surged higher by 51% over the previous year to touch 953,504 ounces, hitting the top end of the earlier guidance of between 920,000 and 960,000 ounces provided by the company. Also, the consolidated gold revenue increased dramatically by 92% over 2017 to total $1.2 billion.

According to company press release, the new Fekola Mine in Mali outperformed expectations in its first full-year of commercial production with a production exceeding the guidance. The Fekola Mine gold production totaled 439,068 ounces in 2018. The Masbate Gold Mine in the Philippines also recorded strong production growth, surpassing all expectations. The annual production hit a record of 216,498 ounces. In addition the Otjikoto Mine in Namibia produced 167,346 ounces of gold, which stood above the mid-point of its guidance range of 160,000-170,000 ounces.

The robust production from the above mines more than offset the production declines reported in La Libertad and El Limon mines in Nicaragua, mainly on account of stoppages due to political unrests in the country.

Going forward, B2Gold expects continued strong operational and financial performance in 2019. The consolidated gold production is forecast to range between 935,000 and 975,000 ounces. The company expects to generate approximately $360 million as cash flow from operations.