Newmont beats quarterly profit estimates on higher gold production
The world's biggest gold miner benefited from robust production and easing costs.
Shares in Canada’s B2Gold Corp. (TSX:BTO), one of the world’s fastest growing mid-size bullion miners, were up more than 2% in mid-morning trading following the announcement of at-the-market offering of up to $100 million.
It will use net proceeds to fund exploration at its Fekola project in Mali, scheduled to begin production in 2017.
The Vancouver-based company, which owns four producing gold mines, said it would use net proceeds to fund exploration at its Fekola project in Mali, scheduled to begin production in 2017. B2Gold also plans to invest earnings in financing exploration and feasibility work at its Kiaka project, in Burkina Faso.
B2Gold’s stock has gained almost 229% so far this year. The firm has gone from zero to a $4.2 billion company since founded in 2007. In the period it has built two mines and acquired another two.
Earlier this month, B2Gold posted record production for the half-year to June of 135,242 ounces, 4% (or 5,697 ounces) above budget and 11% (or 13,676 ounces) greater than the same period in 2015.
The company expects to produce this year 510,000 to 550,000 ounces of gold, which is up 27% to date, marking it the best first-half performance for the precious metal since 1980.
