B2Gold posts record production, revenue in Q1

The Masbate mine, which recently resumed operations, is expected to produce between 200,000-210,000 oz this year. Credit: B2Gold

B2Gold (TSX: BTO) has released its operational results for the first quarter of 2020, during which the Vancouver-based gold miner posted record gold production and revenue.

During the first quarter, the company saw its gold output reach a new record of 262,632 oz, including 12,000 oz of estimated attributable gold production from Calibre Mining.

The most notable contributor was the Fekola mine in Mali, which achieved a record quarterly production of 164,011 ounces, more than tripling its output from the same quarter last year.

Revenue from its three operating mines - Fekola, Masbate and Otjikoto - totalled $380 million, a 44% improvement over the same period last year.

On the back of promising first quarter results, B2Gold has maintained its 2020 production guidance of between 1,000,000 and 1,055,000 oz at cash operating costs of between $415-$455/oz. Based on the company's current life of mine plans, it expects to see average annual production of 950,000 oz for the five-year period from 2020 to 2024.

As for potential disruptions to its operations due to the ongoing global pandemic, the miner said it is continuing to focus on covid-19 response measures and has not experienced any incidents of the virus at its sites or corporate offices to date.

The company recently resumed operations at the Masbate mine in the Philippines following a one-week hiatus.