 | B2Gold Corp - BTO.t operates the Libertad Mine and the Limon Mine in Nicaragua, the Masbate Mine in the Philippines and the Otjikoto Mine in Namibia. The company produced 493,265 ounces Au in 2015 and forecasts between 500,000 to 510,000 Au for 2016 at all in ASIC of between $895 and $925. |  |
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"B2Gold Corp. (TSX:BTO)(NYSE MKT:BTG)(NAMIBIAN:B2G) ("B2Gold" or the "Company") is pleased to announce its operational and financial results for the first quarter of 2016. The Company previously released its gold production and revenue results for the first quarter of 2016 (see news release dated 04/27/2016). All dollar figures are in United States dollars unless otherwise indicated.2016 First Quarter Highlights
Consolidated gold production in the first quarter of 2016 was 127,844 ounces. This exceeded budget by 8,966 ounces and was 10% greater than the same period of the previous year (consolidated gold production in the first quarter of 2015 was 115,859 ounces, including 18,815 ounces of pre-commercial production from the Otjikoto mine). The increase in gold production was primarily attributable to strong quarterly production from the Company's Masbate mine in the Philippines and La Libertad mine in Nicaragua. The Otjikoto mine in Namibia was in line with budget while El Limon mine in Nicaragua was slightly behind budget, mainly due to the lower grade processed in the first quarter of 2016.
In the first quarter of 2016, consolidated cash operating costs were a record low of $499 per ounce, $97 per ounce less than budget and $202 per ounce lower than the equivalent period in 2015. The favourable variance reflects lower fuel costs at all sites, a weaker Namibian dollar than budgeted at the Otjikoto mine and better realized gold grades and recoveries than budgeted at the Masbate and La Libertad mines. Consolidated cash operating costs in the first quarter of 2016 were lower than the first quarter of 2015 for similar reasons and also benefitted from having the Otjikoto mine operate at full capacity for a full quarter in 2016.
Consolidated all-in sustaining costs in the first quarter of 2016 were $874 per ounce compared to budget of $1,105 per ounce and $1,091 per ounce in the first quarter of 2015, with reductions driven by the same factors impacting the reduction in cash operating costs per ounce as well as lower than budgeted capital expenditures at several mine sites during the quarter due to the timing of equipment and land purchases.
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- Consolidated gold production of 127,844 ounces; 10% greater than the same period in 2015 and 8,966 ounces better than budget
- Consolidated gold revenue of $144.3 million on gold sales of 120,899 ounces at an average price of $1,193 per ounce
- Record low consolidated cash operating costs of $499 per ounce of gold, $202 per ounce (29%) lower compared with the first quarter of 2015
- Consolidated all-in sustaining costs of $874 per ounce, $217 per ounce (20%) lower compared with the first quarter of 2015
- Consolidated cash flow from operating activities of $171.6 million ($0.19 per share), including $120 million proceeds from Prepaid Sales transactions
- Strong cash position of $109.1 million at quarter-end
- On track to meet 2016 consolidated gold production guidance of between 510,000 to 550,000 ounces at cash operating costs of between $560 to $595 per ounce and all-in sustaining costs of between $895 to $925 per ounce
- Completed a series of prepaid gold sales transactions totalling $120 million (the "Prepaid Sales")
- Signed commitment letter to enter into a Euro equivalent $80.9 million Equipment Facility with Caterpillar Financial SARL for the Fekola project
- Construction of the Fekola mine is well underway, on schedule and on budget, and is expected to commence production in late 2017
- Received 2015 Award for Social Responsibility in Nicaragua
Consolidated gold production in the first quarter of 2016 was 127,844 ounces. This exceeded budget by 8,966 ounces and was 10% greater than the same period of the previous year (consolidated gold production in the first quarter of 2015 was 115,859 ounces, including 18,815 ounces of pre-commercial production from the Otjikoto mine). The increase in gold production was primarily attributable to strong quarterly production from the Company's Masbate mine in the Philippines and La Libertad mine in Nicaragua. The Otjikoto mine in Namibia was in line with budget while El Limon mine in Nicaragua was slightly behind budget, mainly due to the lower grade processed in the first quarter of 2016.
In the first quarter of 2016, consolidated cash operating costs were a record low of $499 per ounce, $97 per ounce less than budget and $202 per ounce lower than the equivalent period in 2015. The favourable variance reflects lower fuel costs at all sites, a weaker Namibian dollar than budgeted at the Otjikoto mine and better realized gold grades and recoveries than budgeted at the Masbate and La Libertad mines. Consolidated cash operating costs in the first quarter of 2016 were lower than the first quarter of 2015 for similar reasons and also benefitted from having the Otjikoto mine operate at full capacity for a full quarter in 2016.
Consolidated all-in sustaining costs in the first quarter of 2016 were $874 per ounce compared to budget of $1,105 per ounce and $1,091 per ounce in the first quarter of 2015, with reductions driven by the same factors impacting the reduction in cash operating costs per ounce as well as lower than budgeted capital expenditures at several mine sites during the quarter due to the timing of equipment and land purchases.
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