B2Gold hits record gold output in 2018 thanks to new Mali mine
Mid-tier Canadian miner B2Gold (TSX:BTO)(NYSE: BTG) on Wednesday reported record gold production in 2018 of 953,504 ounces, a figure the company says was near the top end of the revised guidance of between 920,000 and 960,000 ounces.
This is the 10th consecutive year the Vancouver-based miner achieves record annual production, with output this time climbing 51%, thanks to the contribution of its 80%-owned Fekola mine in southwestern Mali.
Full-year consolidated gold revenue totalled $1.2 billion, a 92% increase over 2017, marking a new company record.
In its first full year of commercial production, Fekola exceeded expectations, as it produced 439,068 ounces, while B2Gold expected a maximum of 430,000 ounces.
The company’s Masbate mine in the Philippines also topped guidance, achieving record yearly gold production of 216,498 ounces.
B2Gold’s other African asset, the Otjikoto in Namibia, produced 167,346 ounces, reaching the mid-point of its production guidance range.
For 2019, the miner forecasts gold production of between 935,000 and 975,000 ounces at all-in sustaining costs estimated at between $835 and $875 per ounce.
The company noted it planned a year of aggressive exploration, with a budget of approximately $43 million, from which almost half will be spent in Mali, Burkina Faso and Ghana.