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The first quarter of 2021 has been a strong one for B2Gold Corp. (TSX: BTO; NYSE: BTG; NSX: B2G) with gold production 9% over guidance at 220,644 oz. The company operates three gold mines – Fekola in Mali, Masbate in Philippines and Otjikoto in Namibia – where total production was also 9% over budget at 205,643 oz. The balance was attributable production from Calibre Mining (TSX: CXB).
Revenue for the quarter was $362 million on sales of 202,330 oz. of gold at an average realised price of $1,791 per ounce. All-in sustaining costs (AISC) per ounce sold were $932, or 14% below budget. That left net income attributable to shareholders of $92 million or $0.09 per share.
The Fekola mill expansion to 7.5 million tonnes per year was completed in September 2020, and it reached record throughput of almost 2.1 million tonnes during Q1 2021. That represents an increase of 19% over the throughput for the same quarter of 2020.
B2Gold gave full year guidance for 2021 of between 970,000 and 1.03 million oz. with total AISC of between $870 and $910 per ounce. Based on an average gold price of $1,800 an ounce this year, cash flows from operating activities should be about $630 million for this year.
(This article first appeared in the Canadian Mining Journal)
