B2Gold reports record quarterly revenue

Mining operations at the Fekola mine site in Mali. Credit: B2Gold.

B2Gold (TSX: BTO; NYSE: BTG) reported consolidated gold revenue for the second quarter of the year at a record high of US$442 million, a 65% increase from the same period last year.

The mid-tier Canadian miner attributed the results to a 31% rise in the average realized gold price during the period, as well as to sales jumping by 26%.

The Vancouver-based company also saw overall production increase by 15% in the April to June period to 239,574 oz., compared to the same quarter in 2019 and not including discontinued operations.

The increase was driven largely by its Fekola mine in Mali, one of the world’s largest gold mines, where production climbed by 29% to 147,424 ounces. B2Gold attributed the output jump to the expansion of the Fekola mining fleet and the optimization of the pit designs and mine plan for 2020. The improvements have provided access to higher grade portions earlier than previously anticipated, the company said.

The company’s Otjikoto mine in Namibia also had a solid second quarter. It churned out 43,496 oz. gold, 16% more than what it produced in the same quarter last year.

The Masbate mine in the Philippines wasn’t significantly impacted by a reduced workforce as a result of Covid-19 restrictions, B2Gold said. The operation produced 48,654 oz. gold, as expected.

Including attributable ounces from Calibre Mining of 2,019 oz., B2Gold’s total gold production in the second quarter totalled 241,593 ounces.

Overall, the company continues to forecast annual production of at least 1 million oz. gold.

— This article first appeared in MINING.com. The Northern Miner and MINING.com are part of Glacier Resource Innovation Group.


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