B2Gold Fourth-Quarter Profit Rises
B2Gold Corp.(TSX: BTO; NYSE AMERICAN: BTG; NSX: B2G) reports a higher profit in the fourthquarter even when excluding the revenue from the new Fekola mine, for whichconstruction was completed in September. The company recorded net income of$34.5 million, or 3 cents per share, up from $8.1 million, or a penny, in theyear-ago period. Adjusted net income rose to $5.7 million, or a penny, from$2.5 million, or zero cents, in the fourth quarter of 2016. B2Gold explains forthat for 2017, proceeds from the sales of pre-commercial production from Fekola($100.9 million) and related production costs ($27.5 million) -- for a gain of$73.4 million -- were counted against mine construction costs and not recordedas part of net income. The company lists record quarterly consolidated goldproduction of 240,753 ounces, including 72,903 ounces of precommercial outputfrom Fekola, 71% more than the same period in 2016. For full-year 2017, B2Goldreports net income of $61.6 million, or 6 cents, up from $38.6 million, or 4cents, for 2016. Adjusted net income was $51.8 million, or a nickel, in 2017,compared to $99 million, or 11 cents, in 2016. B2Gold lists record productionfor the ninth year of 630,565 ounces of gold, exceeding the upper end of therevised guidance range of 580,000 to 625,000 ounces. With the planned firstfull year of production from Fekola, the company’s outlook for 2018 calls for asharp rise in output to between 910,000 and 950,000 ounces of gold.
By Allen Sykoraof Kitco News; asykora@kitco.com
Klondex Mines Reports Adjusted Profit In 4Q
Thursday March 15, 2018 08:55
KlondexMines Ltd. (TSX: KDX; NYSE American: KLDX) reports a net loss in the fourthquarter that the company attributes to changes in U.S. tax laws, but finishedwith an adjusted profit. The net loss was $7.7 million, or 4 cents per share, compared to a profit of$2.2 million, or 2 cents, in the year-ago period. The October-December bottomline was negatively impacted by $8.9 million for higher income-tax expenserelated to changes in tax laws, Klondex reports. Excluding this impact,company’s adjusted net income was $1.2 million, or a penny per share. Klondexsays it mined 55,893 gold-equivalent ounces (GEOs), with production of 47,619. For full-year 2017, the companyreports a net loss of $23.7 million, or 13 cents, comparedto a loss of $1.7 million, or a penny, in 2016. Excluding the impact of tax-lawchanges, the adjusted net loss for 2017 was $14.8 million, or 8 cents, Klondexsays. The company reports that it mined 222,233 GEOs, with production of 189,456GEOs, an increase of 17% from 161,289 produced during 2016. “Thecompany produced more ounces and generated more revenue during 2017 than anyyear in the organization’s history,” says Paul Huet, president and chiefexecutive officer. “However, we did not deliver on our stated objectives and weunderstand that is not acceptable. We have learned from the challenges in 2017and are moving forward....We are confident in our plans and are determined todeliver on our stated operating and cash-flow objectives for 2018.” The companyprojects output of between 186,000 and 202,000 GEOs during 2018 at an expectedproduction cash cost per GEO sold of $675 to $725. Higher levels of output areexpected during the second and third quarters due to the processing of tailings,Klondex says.
By Allen Sykoraof Kitco News; asykora@kitco.com
Asanko Reports 4Q Profit After Taxes
Thursday March 15, 2018 08:55
AsankoGold Inc. (TSX: AKG; NYSE American: AKG) reports a fourth-quarter loss due to taxexpenses but otherwise a profit. The net loss was listed at $7.1 million, a turnaround from a $4.7 millionthird-quarter profit, and included higher deferred income-tax expense of $10.1million. Excluding this and other special items, net income before taxes forwas $7.1 million. Gold output from the Asanko mine in the fourthquarter was 51,550 ounces. For full-year 2017, Asanko lists net income of $6.1 million, or 3 cents,a $19.3 million improvement from the 2016 bottom line. Goldproduction was 205,047 ounces in 2017, within the amended guidance range, thecompany reports. All-in sustaining costs were put at $1,007 an ounce, aboveguidance of $920 to 960 due to higher capitalized pre-stripping costsat Nkran, Asanko reports. “2017 was a challenging year and we learned some important lessons fromthe operational issues we faced,” says Peter Breese, president and chief executive officer. “Theintroduction of the new resource models at Nkran and Akwasiso, together with anumber of new mining and processing systems during [the second half of 2017],are producing the desired results.” For 2018, Asanko is targeting200,000 to 220,000 ounces of gold at AISC of $1,050 to 1,150,weighted in favor of the second half when ore yields from Nkran are expected toresume steady-state production levels. The company projects annual production for the 2019-2023 period of 253,000 ounces at AISC of $860 an ounce.
By Allen SykoraFor Kitco News
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asykora@kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.