B2Gold's (TSX: BTO NSX: B2G) stock was up over 2% Wednesday afternoon after reporting strong results on both its gold production and gold sales for the first quarter of 2019.
Consolidated gold production was 230,859 ounces, 6% (12,704) ounces above target. Gold production from B2Gold's Fekola, Masbate, Otjikoto and El Limon mines all exceeded their targeted production, the company reported.
The Fekola Mine in Mali and the Masbate Mine in the Philippines both achieved above targeted production for the quarter.
For the first quarter of 2019, the Fekola Mine produced 110,349 ounces of gold, above budget by 6% (6,724 ounces), and the Masbate Mine produced 57,481 ounces of gold, above target by 15% (7,490 ounces). Compared to the prior-year quarter, gold production was slightly lower, by 8,825 ounces.
Consolidated gold revenue dropped in the first quarter of 2019 from the same quarter last year. Revenue was $302 million on sales of 232,076 ounces at an average price of $1,300 per ounce compared to $344 million on sales of 259,837 ounces at an average price of $1,325 per ounce in the first quarter of 2018.
Gold sales of 232,076 ounces in the first quarter of 2019 were 6% (13,564 ounces) above budget. Compared to the prior-year quarter, the decrease in revenue related mainly to the timing of gold shipments.
At market close Wednesday, B2Gold's shares were up 2.25%, trading at C$3.63 on the TSX. The company has a C$3.64B market capitalization.