B2Gold Corp. (TSX:BTO) (NYSE AMERICAN:BTG) (NSX:B2G) (“B2Gold” or
the “Company”) is pleased to announce its operational and financial
results for the first quarter of 2018. The Company previously
released its gold production and gold revenue for the first quarter
of 2018 (see news release dated 04/11/18). All dollar figures are
in United States dollars unless otherwise indicated.
2018 First Quarter
Highlights
- Record quarterly consolidated (commercial) gold production of
239,684 ounces, a significant increase of 81% (106,948 ounces) over
the same period last year and 7% (16,252 ounces) above budget, due
to the continued strong performances of the Fekola Mine in Mali,
the Masbate Mine in the Philippines and the Otjikoto Mine in
Namibia
- Record quarterly consolidated gold revenue of $344 million, a
significant increase of 135% ($198 million) over the same period
last year
- Fekola Mine continued to operate above plan since achieving
commercial production on November 30, 2017, producing 114,142
ounces of gold in the quarter, 11% (11,228 ounces) above
budget
- Consolidated cash operating costs (see “Non-IFRS Measures”) of
$481 per ounce, well below budget by $67 per ounce (12%) and $83
per ounce (15%) lower than the prior-year quarter
- Consolidated all-in sustaining costs (“AISC”) (see “Non-IFRS
Measures”) of $750 per ounce, significantly below budget by $147
per ounce (16%) and $139 per ounce (16%) lower than the prior-year
quarter
- Consolidated cash flows from operating activities of $147
million ($0.15 per share), significantly increasing by $107 million
(272%) from $40 million ($0.04 per share) in the prior-year
quarter
- Strong cash position of $168 million at quarter-end
- B2Gold is well on target to achieve transformational growth in
2018 and meet its annual guidance of between 910,000 and 950,000
ounces of gold production in 2018 at cash operating costs of
between $505 and $550 per ounce and AISC of between $780 and $830
per ounce
- B2Gold is projecting a dramatic increase in its annual
consolidated cash flows from operating activities, expected, over
the next three years, beginning in 2018, to average approximately
$0.5 billion per year
2018 First Quarter Operational
Results
With the Fekola Mine, the Company’s largest and
lowest cost mine, now in production, consolidated gold production
in the first quarter of 2018 was a quarterly record of 239,684
ounces, a significant increase of 81% (106,948 ounces) over the
same period last year and 7% (16,252 ounces) above budget. In its
first full-quarter of operations (after achieving commercial
production on November 30, 2017 within only 60 days from start-up),
the new Fekola Mine continued to operate above plan, producing
114,142 ounces of gold in the first quarter of 2018, 11% (11,228
ounces) above budget. The Masbate Mine and Otjikoto Mine also had a
solid start to the year with both mines exceeding their targeted
production levels for the quarter.
Consolidated cash operating costs in the quarter
were $481 per ounce, well below budget by $67 per ounce (12%) and
$83 per ounce (15%) lower than the prior-year quarter. The
favourable budget variance was attributable to the higher than
budgeted production at the Fekola, Otjikoto and Masbate mines
combined with lower than budgeted production costs at these mines.
Consolidated AISC in the first quarter were $750 per ounce,
significantly below budget by $147 per ounce (16%) and $139 per
ounce (16%) lower than the prior-year quarter, reflecting the lower
cash operating costs noted above and lower than planned capital
expenditures mainly at La Libertad Mine which are expected to be
incurred later in 2018.
B2Gold is well on target to achieve
transformational growth in 2018. For full-year 2018, with the
planned first full year of production from the Fekola Mine,
consolidated gold production is forecast to be between 910,000 and
950,000 ounces. This represents an increase in annual consolidated
gold production of approximately 300,000 ounces in 2018 from 2017.
For full-year 2018, the Company’s forecast consolidated cash
operating costs range is between $505 and $550 per ounce and AISC
are expected to decrease by approximately 6% from 2017 to between
$780 and $830 per ounce.
This increase in production levels combined with
low costs are projected to dramatically increase B2Gold’s
production, revenues, cash from operations and cash flow for many
years. Based on current assumptions (including a gold price
assumption of $1,300 per ounce), on average over the next three
years, beginning in 2018, the Company is projecting per annum gold
sales revenues of approximately $1.2 billion, cash flows from
operating activities of approximately $0.5 billion and a
significant increase in free cash flow (operating cash flows less
investing cash flows).
2018 First Quarter Financial
Results
Consolidated gold revenue in the first quarter
of 2018 was a quarterly record of $344 million on record sales of
259,837 ounces at an average price of $1,325 per ounce compared to
$146 million on sales of 119,937 ounces at an average price of
$1,219 per ounce in the first quarter of 2017. This significant
increase in revenue of 135% ($198 million) was attributable to the
new production from the Fekola Mine, as well as a 9% increase in
the average realized gold price and the timing of gold shipments
(including 27,450 ounces sold in the quarter which related to
Fekola’s December 31, 2017 bullion and in-circuit gold
inventories).
Consolidated gold revenue for the first quarter
of 2018 included $15 million relating to the delivery of gold into
the Company’s Prepaid Sales contracts (accounted for as deferred
revenue). During the quarter, 12,908 ounces of gold were delivered
under these contracts.
For the first quarter of 2018, consolidated cash
flows from operating activities increased by $107 million (272%) to
$147 million ($0.15 per share) from $40 million ($0.04 per share)
in the prior-year quarter. This significant increase was driven by
the record quarterly consolidated gold sales (as discussed above)
combined with lower per ounce production costs.
For the first quarter of 2018, the Company
generated net income of $57 million ($0.06 per share) compared to a
net loss of $5 million (negative $0.01 per share) in the first
quarter of 2017. Adjusted net income (see “Non-IFRS Measures”) for
the first quarter of 2018 was $57 million ($0.06 per share)
compared to adjusted net income of $19 million ($0.02 per share) in
the first quarter of 2017.
Liquidity and Capital
Resources
At March 31, 2018, the Company had cash and cash
equivalents of $168 million compared to cash and cash equivalents
of $147 million at December 31, 2017. The Company had a working
capital deficit at March 31, 2018 of $88 million compared to a
working capital deficit of $99 million at December 31, 2017. The
working capital deficit is a result of the classification of the
Company’s convertible senior subordinated notes to current
liabilities since they mature on October 1, 2018.
At March 31, 2018, the Company had drawn $275
million under its $500 million Revolving Credit Facility (“RCF”),
leaving an undrawn and available balance under the existing
facility of $225 million. Subsequent to March 31, 2018, the Company
repaid an additional net $25 million under the RCF leaving an
undrawn and available balance under the RCF of $250 million. With
the successful and earlier than anticipated ramp-up of the Fekola
Mine in 2017, the Company has begun to reduce its overall
consolidated debt levels, including making $75 million of
repayments on its RCF in the first quarter of 2018. The planned
repayment of debt in 2018 includes the anticipated repayment of the
Company’s $259 million convertible notes which mature on October 1,
2018, unless the notes are converted into shares prior to that date
(conversion price of $3.93 per share). The Company projects (based
on current assumptions, including a $1,300 per ounce gold price)
that it will have sufficient liquidity from 2018 operating cash
flows and existing credit facilities to repay the notes in full and
maintain a strong cash position.
Operations
Mine-by-mine gold production in the first
quarter of 2018 was as follows:
Mine |
Q1 2018Gold
Production(ounces) (1) |
2018 AnnualProduction
Guidance(ounces) (1) |
Fekola |
114,142 |
400,000 - 410,000 |
Masbate |
53,147 |
180,000 - 190,000 |
Otjikoto |
39,499 |
160,000 - 170,000 |
La Libertad |
19,367 |
115,000 - 120,000 |
El Limon |
13,529 |
55,000 - 60,000 |
|
|
|
B2Gold Consolidated |
239,684 |
910,000 - 950,000 |
- B2Gold’s Q1 2018 production results and 2018 annual production
guidance are presented on a 100% basis.
Mine-by-mine cash operating costs and AISC per
ounce in the first quarter of 2018 were as follows:
Mine |
Q1 2018Cash Operating
Costs($ per ounce) |
2018 AnnualCash Operating
CostsGuidance($ per
ounce) |
Q1 2018AISC($
per ounce) |
2018 Annual
AISCGuidance($ per
ounce) |
Fekola |
$268 |
$345 - $390 |
$486 |
$575 - $625 |
Masbate |
$542 |
$675 - $720 |
$751 |
$875 - $925 |
Otjikoto |
$569 |
$480 - $525 |
$758 |
$700 - $750 |
La Libertad |
$1,023 |
$745 - $790 |
$1,330 |
$1,050 - $1,100 |
El Limon |
$1,007 |
$700 - $750 |
$1,586 |
$1,135 - $1,185 |
|
|
|
|
|
B2Gold Consolidated |
$481 |
$505 - $550 |
$750 |
$780 - $830 |
Fekola Gold Mine - Mali
In its first full-quarter of operations (after
achieving commercial production on November 30, 2017 within only 60
days from start-up), the new Fekola Mine in Mali continued to
demonstrate strong sustained operational performance by running
above plan on mill feed grade, throughput and recoveries. This
resulted in the Fekola Mine producing 114,142 ounces of gold in the
first quarter of 2018, 11% (11,228 ounces) above budget. Mill feed
grade, throughput and recoveries were 2.84 grams per tonne (“g/t”)
(compared to budget of 2.76 g/t), 1,316,818 tonnes (compared to
budget of 1,249,474 tonnes) and 94.8% (compared to budget of
92.7%), respectively. Throughout the quarter, the operation
continued to improve with many construction personnel making the
transition to operations, together with training and skills
development in all departments. Currently there are approximately
1,848 employees on site, of which approximately 93% are Malian. The
Fekola Mine also continued its outstanding safety performance,
achieving 694 days without a Lost-Time-Injury by
quarter-end.
Fekola’s first quarter cash operating costs were
$268 per ounce, well below budget by $70 per ounce (21%). This was
mainly the result of higher than expected production combined with
lower than expected mining costs (as a larger percentage of the
waste tonnes mined consisted of soft material, not requiring
drilling and blasting, and lowering the operational and maintenance
costs of the mining equipment). Fekola’s AISC for the quarter were
$486 per ounce, also well below budget by $116 per ounce (19%),
reflecting the lower cash operating costs noted above.
Capital expenditures in the first quarter of
2018 totaled $21 million, mainly consisting of $7 million in
construction carryover for the completion of the powerhouse and
other projects, $2 million for Fadougou village relocation costs,
$6 million for pre-stripping of phases 3 and 4 of the Fekola Pit
and $4 million for the construction of stages 2 and 3 of the
tailings storage facility.
Fekola’s rapid and successful ramp-up has
surpassed the Company’s expectations. On September 25, 2017, the
Company announced that its in-house construction team had completed
construction of the Fekola mill on budget and commenced ore
processing at the Fekola Mine, more than three months ahead of the
original schedule. The first gold pour at the Fekola Mine was
achieved on October 7, 2017. On November 30, 2017, the Fekola Mine
achieved commercial production, one month ahead of the revised
schedule and four months ahead of the original schedule. Gold
production from the Fekola Mine in 2017 was 111,450 ounces
(including 79,243 ounces of pre-commercial production), more than
double the upper end of its original 2017 guidance range (of 55,000
ounces) due to its early start-up, high-quality construction and
faster than expected ramp-up.
For full-year 2018, the Fekola Mine is forecast
to produce between 400,000 and 410,000 ounces of gold at cash
operating costs of between $345 and $390 per ounce and AISC between
$575 and $625 per ounce.
The Fekola Shareholders’ Agreement and the Share
Purchase Agreement for the purchase of the additional 10% of Fekola
have been finalized and signed by the relevant Malian government
ministers and the Malian Council of Ministers. The agreements are
now subject only to ratification by the Mali National Assembly.
The Company expects that ratification of the
agreements will now be concluded during the National Assembly’s
session in June 2018. Upon such ratification, the Company will
transfer ownership of 20% of Fekola SA (the Company’s indirect
subsidiary which owns the mine) to the State of Mali (consisting of
a 10% free carried non-participating interest plus an additional
10% participating interest purchased by the State of Mali).
The Company recently announced (see news release
dated 04/18/2018) positive exploration drill results from the
Fekola North Extension zone. A total of approximately 10,000 metres
of diamond drilling have now been completed this year in the Fekola
North Extension zone. These drill results, combined with previous
results, continue to convert resources to reserves within the
resource pit boundary and further expand the Fekola North Extension
zone mineralization to now at least one kilometre north of the
Fekola reserve pit boundary. Along with previous results, these
drill results confirm the potential for the Fekola deposit to
increase in size significantly to the north, and indicate the
potential, with further drilling, for a larger open-pittable
resource and reserve. Drilling continues, and will be ongoing
through the rest of 2018, to further define the Fekola North
Extension zone and further infill drill the Fekola resource. The
Company will continue to release material drill results, as they
become available and expects to release an updated Fekola mineral
resource before year-end.
In addition to Fekola, the 2018 Mali exploration
budget includes approximately $8 million for further drilling on
the Anaconda zones approximately 25 kilometres from Fekola. The
drill program is well underway and is returning positive additional
results from the near-surface saprolite zones and the
recently-discovered good gold grade bedrock zones, beneath the
saprolite (indicating the potential for large, Fekola-style
mineralized zones). Further results will be released later in the
year.
Masbate Gold Mine – The Philippines
The Masbate Mine in the Philippines continued
its strong operational performance into the first quarter of 2018,
producing 53,147 ounces of gold, 12% (5,854 ounces) above budget
and 1% (585 ounces) higher compared to the prior-year quarter. The
increase was mainly due to higher than expected oxide ore tonnage
from Vein 5 of the Colorado Pit which positively impacted
processing recoveries and throughput. Oxide ore represented 78% of
the processed tonnage for the quarter versus a budget of 50%. The
Masbate Mine also continued its outstanding safety performance,
achieving almost two and a half years (898 days) without a
Lost-Time-Injury by quarter-end.
For the quarter, mill throughput was 1,792,579
tonnes (compared to budget of 1,706,064 tonnes and 1,704,001 tonnes
in the first quarter of 2017) and gold recoveries averaged 78.5%
(compared to budget of 72.1% and 74.8% in the first quarter of
2017). The average grade processed was 1.17 g/t compared to budget
of 1.20 g/t and 1.28 g/t in the first quarter of 2017. As expected,
grades were higher in the prior-year quarter which was attributable
to the high-grade ore from the Main Vein Stage 1 Pit which is no
longer in production.
Masbate’s first quarter cash operating costs
were $542 per ounce, significantly below budget by $152 per ounce
(22%) and comparable with the prior-year quarter. Cash operating
costs were below budget due to higher production combined with
lower mining costs (with cost savings in drilling, blasting and
grade control) and lower stockpile and deferred stripping
adjustments (as compared to budget). Masbate’s AISC for the quarter
were $751 per ounce, significantly below budget by $139 per ounce
(16%) which reflects the lower cash operating costs noted above and
were also $57 per ounce (7%) lower compared with the first quarter
of 2017.
Capital expenditures in the first quarter of
2018 totaled $12 million which mainly consisted of Masbate
processing plant upgrades of $4 million, mobile equipment purchases
of $2 million and deferred stripping costs of $2 million.
For full-year 2018, the Masbate Mine is expected
to produce between 180,000 and 190,000 ounces of gold at cash
operating costs of between $675 and $720 per ounce and AISC of
between $875 and $925 per ounce.
A detailed capital cost estimate of $26 million
was recently completed by Lycopodium Ltd., working with the
Company’s engineering team, for the expansion of the Masbate
processing plant to 8 million tonnes per year ($23 million in 2018
and $3 million in 2019). The expansion which is being
conducted by B2Gold’s in-house team primarily consists of adding a
third ball mill and upgrading the existing crushing
circuit. The ball mill is currently on site, with preliminary
works planned to commence in the second quarter of 2018. No
addition to the mining fleet is required as the additional feed
will come from the lower-grade material that was in the original
mine plan but was scheduled to be stockpiled. When the expansion is
online (expected in early 2019), it is projected to keep Masbate’s
annual gold production near 200,000 ounces per year during the
mining phase, and is expected to keep gold production above 100,000
ounces per year when the low-grade stockpiles are processed at the
end of the open-pit mine life.
The Company has a successful track
record of adding reserves and resources at its operations
(and thereby extending mine life) through exploration. The Masbate
exploration budget for 2018 is approximately $5 million including
12,000 metres of diamond drilling. The drilling is divided into
brownfields drilling to upgrade resources within the mine licence
and on regional targets.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia also had a strong
start to the year, following a record year of gold production in
2017, with first quarter gold production of 39,499 ounces which was
above budget by 6% (2,174 ounces). Mill throughput, recoveries and
processed grade were all slightly above budget, as the mine
continues to incrementally optimize its operations. Compared to the
prior-year quarter, gold production was lower by 8% (3,275 ounces),
as planned, due to a negligible amount of Wolfshag ore being mined
in 2018 while Phase 2 of the Wolfshag Pit is being developed. Ore
production is planned to resume again from the Wolfshag Pit in 2019
when it is projected to provide higher grade open-pit mill feed.
The Otjikoto mill continued to operate well, processing 827,227
tonnes (Q1 2017 – 832,805 tonnes) in the quarter at an average
grade of 1.51 g/t (Q1 2017 – 1.62 g/t) with gold recoveries
averaging 98.7% (Q1 2017 - 98.6%).
For first quarter 2018, Otjikoto’s cash
operating costs were $569 per ounce, $57 per ounce (9%) below
budget, and AISC were $758 per ounce, $50 per ounce (6%) below
budget. These favourable budget variances mainly resulted from
higher than expected production combined with lower than expected
processing and site general costs. Compared to the prior-year
quarter, cash operating costs were higher (as planned) by $156 per
ounce, as the prior-year quarter had benefitted from higher
production, lower fuel costs and a weaker Namibian dollar. However,
compared to the prior-year quarter, AISC in the first quarter of
2018 were lower by $13 per ounce as a result of lower sustaining
capital expenditures (mainly for mobile equipment) which offset the
higher cash operating costs.
Capital expenditures in the first quarter of
2018 totaled $11 million, mainly consisting of $6 million for
pre-stripping, $3 million for installation of a solar power plant
and $1 million for mobile equipment rebuilds. Otjikoto’s solar
plant commenced full commissioning in early April 2018 and by
changing the power plant to an HFO solar hybrid plant is expected
to reduce Otjikoto’s HFO consumption by approximately 2.3 million
litres and reduce associated power generation fuel costs by
approximately 10% in 2018.
For full-year 2018, the Otjikoto Mine is
expected to produce between 160,000 and 170,000 ounces of gold,
primarily from the Otjikoto Pit, at cash operating costs of between
$480 and $525 per ounce and AISC of between $700 and $750 per
ounce.
Geotechnical, hydrogeological, and design
studies for Wolfshag have been completed, based on an updated
resource model, resulting in a larger open pit than previously
reported. Mining at Wolfshag commenced in late 2016 and Wolfshag
ore provided a significant component of the Otjikoto mill feed in
2017. Updated Wolfshag mineral reserves and resources were reported
in the Company’s recent Annual Information Form, dated March 23,
2018, with 372,000 ounces of Probable Mineral Reserves (4.29
million tonnes at an average grade of 2.70 g/t, on a 90%
attributable basis) remaining in the Wolfshag open pit as at
December 31, 2017. This updated reserve, based on the larger
Wolfshag open-pit design, includes an additional 132,000 ounces of
Probable Mineral Reserves (1.42 million tonnes at an average grade
of 2.88 g/t, on a 90% attributable basis) within Wolfshag Phase 4.
In addition, the Wolfshag mineral resource remains open down-plunge
and may be exploitable in the future by underground mining.
The Company’s total exploration budget for
Namibia in 2018 is approximately $5 million. Exploration in 2018
will include 17,000 metres of diamond drilling and 4,000 metres of
RAB drilling split between the Otjikoto Project and the Ondundu
joint venture.
La Libertad Gold Mine - Nicaragua
La Libertad Mine in Nicaragua produced 19,367
ounces of gold in the first quarter of 2018, 10% (2,128 ounces)
below budget and 32% (9,172 ounces) lower than the first quarter of
2017. Gold production at La Libertad has been affected by delays in
receiving mine permits for new mining areas. However, mine permits
are now in place for all open pit and underground operations with
the exception of the Jabali Antenna Pit. The San Diego mining
permit was received in February 2018 (later than expected) but the
new pit is now fully operational. Gold production at La Libertad
was slightly above budget for the month of March, as the mill
benefitted from increased sources and volume of open-pit ore with
the new San Juan and San Diego pits coming fully on-stream, and
through April 2018 the operation has continued to track to budgeted
monthly production.
Jabali Antenna Underground remains under
development with the planned ventilation raise now complete. Access
ramp development has advanced approximately two months ahead of
original schedule for 2018, as a result of an early start by the
underground mining contractor. The Company expects to begin
processing ore from Jabali Antenna Underground in July.
La Libertad’s cash operating costs in the
quarter were $1,023 per ounce, $89 per ounce (10%) above budget,
due to the lower than budgeted production discussed above. La
Libertad’s AISC were $1,330 per ounce, below budget by $419 per
ounce (24%), due to the timing of sustaining capital expenditures
(mainly for land acquisition and resettlement costs) which are now
forecast to occur later in the year. La Libertad’s per ounce cash
operating costs and AISC are budgeted to improve significantly in
the second half of the year along with higher forecast production.
Total capital expenditures in the first quarter
of 2018 were $5 million, mainly consisting of pre-stripping costs
of $2 million and underground development costs of $2 million.
For full-year 2018, La Libertad Mine is expected
to produce between 115,000 and 120,000 ounces of gold at cash
operating costs of between $745 and $790 per ounce and AISC of
between $1,050 and $1,100 per ounce. La Libertad’s production
forecast assumes that production will start from the Jabali Antenna
Pit in the third quarter of 2018 (dependent upon the successful
completion of resettlement activities and receipt of the remaining
mining permit). The Company continues to work with local residents,
the mayor, and senior government officials to advance the permit
status for the Jabali Antenna Pit, and contingency plans to
increase production from other current operations are in place to
meet guidance should permitting and resettlement of the Jabali
Antenna Pit be delayed.
Current plans at La Libertad include mining and
processing into 2020 with a combination of mineral reserves and
mineral resources. The Company has a successful track record of
converting its mineral resources to reserves, and exploration of
additional mineral targets continues. Mineral resources that are
not mineral reserves do not yet have demonstrated economic
viability.
La Libertad’s exploration budget for 2018 is
approximately $5 million for a total of 9,000 metres of planned
diamond drilling. The program is split between infill (near-mine)
drilling and drilling on several regional targets.
El Limon Gold Mine - Nicaragua
El Limon Mine in Nicaragua produced 13,529
ounces of gold in the first quarter of 2018, slightly below budget
(of 14,405 ounces) and 53% (4,668 ounces) higher than the first
quarter of 2017. During 2017, El Limon’s production was affected by
operational issues, including underground water pumping breakdowns,
which had delayed high-grade ore flow from Santa Pancha
Underground. Management and operational changes were made at El
Limon and mining operations returned to budgeted (normal)
production rates in the fourth quarter of 2017 with operational
improvements, including the successful rehabilitation of the Santa
Pancha 1 dewatering well. The mining permit for the new Mercedes
Pit was recently received in December 2017 and the pit is now fully
operational, accounting for over 30% of the mined ounces for the
quarter.
For first quarter 2018, El Limon’s cash
operating costs were $1,007 per ounce (compared to budget of $793
per ounce) and AISC were $1,586 per ounce (compared to budget of
$1,382 per ounce), both exceeding budget mainly due to the timing
of development costs for the new Mercedes Pit (which were
originally planned for December 2017, but which were delayed and
not incurred until early 2018). With that development now
completed, it is expected that El Limon’s cash operating costs and
AISC will improve for the remainder of the year.
Capital expenditures in the first quarter of
2018 totaled $6 million which mainly consisted of underground
development costs for Santa Pancha of $2 million and tailing
storage facility costs of $1 million.
For full-year 2018, El Limon is expected to
produce between 55,000 and 60,000 ounces of gold at cash operating
costs of between $700 and $750 per ounce and AISC of between $1,135
and $1,185 per ounce.
On February 23, 2018, the Company announced the
newly-discovered El Limon Central zone. Historical records had
indicated that parts of the Central zone had been mined underground
in past decades. However, the Company’s recent exploration success
at the Central zone demonstrated that underground mining was much
more limited than previously thought. As a result, on February 23,
2018, the Company announced a positive initial open-pit Inferred
Mineral Resource at El Limon Central zone of 5,130,000 tonnes at a
grade of 4.92 g/t of gold containing 812,000 ounces of gold (100%
basis) (see news release dated 2/23/18). The Central
zone, at its closest point, is approximately 150 metres from El
Limon mill facility, extending southeast and northwest, adjacent to
existing plant and administrative infrastructure. This large, good
grade, resource has the potential to decrease El Limon’s cash
operating costs per ounce and AISC per ounce, and significantly
increase its mine life and potentially lead to the expansion of the
existing processing facilities. The Company is currently conducting
additional metallurgical testing on El Limon Central ore samples
and a study to evaluate the potential to expand El Limon throughput
to significantly increase annual gold production. The study results
are expected by mid-2018.
El Limon central vein structure has been drill
tested along a 2.2-kilometre strike length so far, and remains open
to depth and along strike, and will be further drill tested during
2018. El Limon’s exploration budget for 2018 is approximately $7
million for a total of 25,000 metres of planned diamond drilling to
further infill at the Central zone and to further explore the
structure along strike where it remains open.
Development
Gramalote Development Project - Colombia
In 2017, the Company, in conjunction with its
joint venture partner, AngloGold Ashanti ("AGA”) advanced the
Gramalote Project to the pre-feasibility study stage. For 2018, the
Company and AGA have agreed a total work program budget of $18
million to continue to advance the Gramalote Project. However, the
Company has capped its contribution for 2018 at $5 million.
Therefore if the full $18 million program is completed in 2018, the
Company expects that its ownership in Gramalote will be diluted
down to approximately 48.0%. Upon completion of the 2018 work
program and evaluation of the results, the Company will reassess
its options with respect to the future of the Gramalote
Project.
Outlook and Strategy
As outlined above, B2Gold had a highly
successful first quarter of 2018. The highlights were: the first
quarter of full-scale commercial production from our new, largest,
and lowest-cost gold mine, the Fekola Mine in Mali; the continued
strong performances of the Masbate and Otjikoto gold mines in the
Philippines and Namibia, respectively; strong financial results due
to the record quarterly gold production revenue, and dramatically
increased cash flows from operations to $147 million (a 272%
increase over the first quarter of 2017). Also in the quarter, the
Company continued to pursue growth by significantly advancing its
development and exploration projects.
In addition, during the first quarter of March
31, 2018, B2Gold reported that it had ended the quarter in a strong
cash position of $168 million and paid down the Company’s revolving
corporate debt facility by $75 million to leave an outstanding
balance of $275 million at quarter-end. Subsequent to the quarter,
the Company made further net repayments of $25 million on the
revolver. The Company also pursued studies and programs to expand
production from existing mines and continued to aggressively pursue
growth through the exploration and advancement of the Company’s
impressive portfolio of mineral properties.
Based on the successful first quarter results,
and current projections, including the first full year of
production from the Fekola Mine, B2Gold’s consolidated gold
production will increase by 300,000 ounces to between 910,000 and
950,000 ounces of consolidated gold production in 2018, with
projected AISC of between $780 to $830 per ounce. Based on a $1,300
gold price, the Company expects cash from mining operations to
increase from approximately $155 million in 2017 to an average of
close to $0.5 billion per year over the next three years, including
2018.
The Fekola Mine success is the latest in a
series of accretive acquisitions, construction and exploration
successes that have resulted in a steady rise in profitable
production over the last 11 years, from 2007, when B2Gold was
created as a junior exploration company with no gold production, to
the projected 2018 production of between 910,000 to 950,000 ounces
gold from the Company’s five gold mines in four countries.
This dramatic growth has been driven by a number
of key factors. Amongst them are: the Company’s disciplined
approach to acquisitions, based on detailed due diligence by
B2Gold’s experienced, technical, legal and financial teams; the
outstanding performance of our in-house construction team; B2Gold’s
highly-experienced exploration team that has realized significant
exploration success at the Company’s properties; and our dedicated
country and mine management teams and employees, who are supported
and empowered by our corporate executive and management teams.
This dramatic growth and the Company’s historic
and ongoing commitment to exploration and accretive development
acquisitions have resulted in the Company generating numerous
additional exciting growth opportunities from existing assets.
Looking ForwardFor the rest of 2018 and beyond,
B2Gold plans to: continue to optimize production from its existing
gold mines; strive to maintain its outstanding health and safety
records; continue its commitment to corporate social
responsibility; remain in a strong financial position while
reducing debt levels; and pursue further growth through the
exploration and development of our impressive pipeline of existing
properties and new exploration initiatives.
With some investors and therefore gold mining
companies' recent renewed interest in growth, B2Gold believes that
competition for the acquisition of development assets has returned
and will likely continue to increase. With our successful strategy
to date of contrarian opportunistic acquisitions that have been
successfully developed, while growth was largely out of favour,
B2Gold’s near-term strategy does not include competing for growth
opportunities through significant mergers or acquisitions of
development-stage companies or projects. Instead, B2Gold intends to
focus on organic growth, unlocking potential value through the
possible expansion of B2Gold’s existing mines, development of
opportunities at current projects and further brownfields and
grassroots exploration around the mines and existing properties. In
addition, B2Gold will continue its long-term commitment to
exploration as the cheapest source of growth by acquiring and
funding exploration opportunities directly and considering
potential exploration growth through joint-ventures with, and
investments in, junior companies with high-quality exploration
projects.
As part of this strategy to pursue organic
growth, the Company has budgeted a total of $53 million for
exploration in 2018. Brownfields exploration will make up
approximately 80% of this budget, focusing on drilling campaigns on
existing projects.
In conclusion, 2018 will be another
transformative, record-setting year of low-cost gold production for
B2Gold as the world’s new senior gold producer. With the Company’s
projected dramatic increase in gold production and cash flows from
operations in 2018, the strong production and financial results
from the first quarter, and commitment to the pursuit of continued
growth through the exploration and development of the Company's
existing pipeline of assets, B2Gold is looking forward to a
successful 2018, and beyond.
Qualified Persons
Peter D. Montano, P.E., the Project Director of
B2Gold, a qualified person under NI 43-101, has approved the
scientific and technical information related to operations matters
contained in this news release.
Tom Garagan, Senior Vice President of
Exploration of B2Gold, a qualified person under NI 43-101, has
approved the scientific and technical information regarding
exploration matters contained in this news release.
John Rajala, Vice President of Metallurgy of
B2Gold, a qualified person under NI 43-101, has approved the
scientific and technical information related to El Limon
development contained in this news release.
First Quarter 2018 Financial Results - Conference
Call/Webcast Details
B2Gold will release its first quarter 2018
results before the North American markets open on Thursday, May 10,
2018.
B2Gold executives will host a conference call to
discuss the results on Thursday, May 10, 2018,
at 10:00 am PDT / 1:00 pm EDT. You may
access the call by dialing the operator at +1 647-788-4919 (local
or international) or toll free at +1 877-291-4570 prior to the
scheduled start time or you may listen to the call via webcast by
clicking http://www.investorcalendar.com/event/27596. A
playback version of the call will be available for two weeks after
the call at +1 416-621-4642 (local or international) or toll free
at +1 800-585-8367 (passcode 7166938).
On Behalf of B2GOLD CORP.
“Clive T.
Johnson”President and Chief Executive
Officer
For more information on B2Gold please visit the
Company website at www.b2gold.com or contact:
Ian
MacLean
Katie BromleyVice President, Investor Relations
Manager, Investor Relations &
Public Relations604-681-8371
604-681-8371kbromley@b2gold.com
imaclean@b2gold.com
The Toronto Stock Exchange and the NYSE American
LLC neither approve nor disapprove the information contained in
this news release.
Production results and the Company’s guidance
presented in this news release reflect the total production at the
mines the Company operates on a 100% basis.
This news release includes certain
“forward-looking information” and “forward-looking statements”
(collectively “forward-looking statements”) within the meaning of
applicable Canadian and United States securities legislation,
including projections, guidance, forecasts, estimates and other
statements regarding future financial and operational performance,
events, production, mine life, revenue, including an assumed gold
price of $1,300, cash flows, costs, including projected cash
operating costs and AISC and expected decrease of forecast
consolidated cash operating costs and AISC in 2018, capital
expenditures, budgets, throughput, ore processing, cash flows and
growth; production estimates and guidance, including the Company’s
projected increase of gold production to between 910,000 and
950,000 ounces in 2018, reflecting production growth of
approximately 300,000 ounces from 2017; project-specific
projections of gold production and costs; the increased production
and low costs increasing the Company’s production revenues, cash
from operations and cash flow for many years; and statements
regarding anticipated exploration, drilling, development,
construction, production, permitting and other activities and
achievements of the Company, including but not limited to: the
Company achieving transformational growth in 2018, the Company’s
projected per annum average gold sales revenues of approximately
$1.2 billion, cash flow from operations of approximately $0.5
billion and a significant increase in free cash flow over the next
three years starting in 2018, the planned repayment of the
Company’s debt in 2018, including anticipated repayment of the
Company’s $259 million convertible notes, the Company projecting
that it will have sufficient liquidity from 2018 operating cash
flow and existing credit facilities to repay the notes in full and
maintain a strong cash position, the Fekola Shareholders’ Agreement
and Share Purchase Agreement being ratified during the Mali
National Assembly session in June 2018, the Fekola North Extension
zone drill results continuing to convert resources to reserves, the
release of an updated Fekola mineral resource in the third quarter
of 2018, further results of the Anaconda drill program being
released later in the year, the expansion of the Masbate processing
plant and its preliminary works commencing in the second quarter of
2018, such expansion coming online in early 2019, the projected
effects of such expansion on Masbate’s annual production, the
expected reduction of the Otjikoto HFO consumption and associated
power generation fuel costs as a result of changing the Otjikoto
power plant to an HFO solar hybrid plan, production at the Jabali
Antenna Pit starting in the third quarter of 2018, the timing of
current plans at La Libertad, including capital expenditures
expected to be incurred later in 2018, the newly discovered El
Limon Central zone and its potential to decrease El Limon’s cash
operating costs per ounce and AISC per ounce and significantly
increase its mine life and potentially lead to mill expansion, the
results of the study of the potential to expand El Limon throughput
to significantly increase production being available by mid-2018,
the Company’s plans regarding: (i) optimizing production from its
gold mines, (ii) maintaining its health and safety records, (iii)
commitment to Corporate Social Responsibility, (iv) remaining in a
strong financial position while reducing debt levels, and (v)
pursuing further growth through the exploration and development of
its pipeline of existing properties and new exploration initiative,
and the Company continuing to acquire and explore grass roots
exploration opportunities and potential growth through
joint-ventures and investment in junior companies with high-quality
exploration project. Estimates of mineral resources and reserves
are also forward-looking statements because they constitute
projections regarding the amount of minerals that may be
encountered in the future and/or the anticipated economics of
production, should a production decision be made. All statements in
this news release that address events or developments that we
expect to occur in the future are forward-looking statements.
Forward-looking statements are statements that are not historical
facts and are generally, although not always, identified by words
such as “expect”, “plan”, “anticipate”, “project”, “target”,
“potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend”
or “believe” and similar expressions or their negative
connotations, or that events or conditions “will”, “would”, “may”,
“could”, “should” or “might” occur. All such forward-looking
statements are based on the opinions and estimates of management as
of the date such statements are made.
Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
B2Gold’s control, including risks associated with the volatility of
metal prices and the Company’s common shares; risks and dangers
inherent in exploration, development and mining activities;
uncertainty of reserve and resource estimates; risk of not
achieving production, cost or other estimates; risk that actual
production, development plans and costs differ materially from the
estimates in the Company’s feasibility studies; the ability to
obtain and maintain any necessary permits, consents or
authorizations required for mining activities; uncertainty about
the outcome of negotiations with the Government of Mali; risks
related to environmental regulations or hazards and compliance with
complex regulations associated with mining activities; the ability
to replace mineral reserves and identify acquisition opportunities;
unknown liabilities of companies acquired by B2Gold; ability to
successfully integrate new acquisitions; fluctuations in exchange
rates; availability of financing; risks related to financing and
debt, including potential restrictions imposed on the Company’s
operations as a result thereof and the ability to generate
sufficient cash flows; risks related to operations in foreign and
developing countries and compliance with foreign laws, including
those associated with operations Mali, Namibia, the Philippine,
Nicaragua and Burkina Faso and including risks related to changes
in foreign laws and changing policies related to mining and local
ownership requirements; risks related to remote operations and the
availability of adequate infrastructure, fluctuations in price and
availability of energy and other inputs necessary for mining
operations; shortages or cost increases in necessary equipment,
supplies and labour; regulatory, political and country risks
including local instability or acts of terrorism and the effects
thereof; risks related to reliance upon contractors, third parties
and joint venture partners; risks related to lack of sole
decision-making authority related to Filminera Resources
Corporation, which owns the Masbate Project; challenges to title or
surface rights; dependence on key personnel and ability to attract
and retain skilled personnel; the risk of an uninsurable or
uninsured loss; adverse climate and weather conditions; litigation
risk; competition with other mining companies; changes in tax laws;
community support for the Company’s operations including risks
related to strikes and the halting of such operations from time to
time; risks related to conflict with small scale miners; risks
related to failures of information systems or information security
threats; the final outcome of the audit by the DENR in relation to
the Masbate Project; ability to maintain adequate internal control
over financial reporting as required by law, including Section 404
of the Sarbanes-Oxley Act; risks related to compliance with
anti-corruption laws; as well as other factors identified and as
described in more detail under the heading “Risk Factors” in
B2Gold’s most recent Annual Information Form, the Company’s current
Form 40-F Annual Report and B2Gold’s other filings with Canadian
securities regulators and the U.S. Securities and Exchange
Commission (the “SEC”), which may be viewed at www.sedar.com and
www.sec.gov, respectively (the “Websites”). The list is not
exhaustive of the factors that may affect the Company’s
forward-looking statements. There can be no assurance that such
statements will prove to be accurate, and actual results,
performance or achievements could differ materially from those
expressed in, or implied by, these forward-looking statements.
Accordingly, no assurance can be given that any events anticipated
by the forward-looking statements will transpire or occur, or if
any of them do, what benefits or liabilities B2Gold will derive
therefrom. The Company’s forward-looking statements reflect current
expectations regarding future events and operating performance and
speak only as of the date hereof and the Company does not assume
any obligation to update forward-looking statements if
circumstances or management’s beliefs, expectations or opinions
should change other than as required by applicable law. The
Company’s forward-looking statements are based on the applicable
assumptions and factors management considers reasonable as of the
date hereof, based on the information available to management at
such time. These assumptions and factors include, but are not
limited to, assumptions and factors related to the Company’s
ability to carry on current and future operations, including
development and exploration activities; the timing, extent,
duration and economic viability of such operations, including any
mineral resources or reserves identified thereby; the accuracy and
reliability of estimates, projections, forecasts, studies and
assessments; the Company’s ability to meet or achieve estimates,
projections and forecasts; the availability and cost of inputs; the
price and market for outputs, including gold; the timely receipt of
necessary approvals or permits; the ability to meet current and
future obligations; the ability to obtain timely financing on
reasonable terms when required; the current and future social,
economic and political conditions; and other assumptions and
factors generally associated with the mining industry. For the
reasons set forth above, undue reliance should not be placed on
forward-looking statements.
Non-IFRS Measures This news
release includes certain terms or performance measures commonly
used in the mining industry that are not defined under
International Financial Reporting Standards (“IFRS”), including
“cash operating costs”,“all-in sustaining costs” (or “AISC”), and
“adjusted net income”. Non-IFRS measures do not have any
standardized meaning prescribed under IFRS, and therefore they may
not be comparable to similar measures employed by other companies.
The data presented is intended to provide additional information
and should not be considered in isolation or as a substitute for
measures of performance prepared in accordance with IFRS and should
be read in conjunction with B2Gold’s consolidated financial
statements. Readers should refer to B2Gold’s management discussion
and analysis, available on the Websites, under the heading
“Non-IFRS Measures” for a more detailed discussion of how B2Gold
calculates certain such measures and reconciliation of certain
measures to IFRS terms.
Cautionary Note to United States
InvestorsThe disclosure in this news release was prepared
in accordance with Canadian National Instrument 43-101 (“NI
43-101”), which differs significantly from the requirements of the
SEC set out in Industry Guide 7. Accordingly, such disclosure may
not be comparable to similar information made public by companies
that report in accordance with U.S. standards. In particular, this
news release may refer to “mineral resources” or “inferred mineral
resources”. While these categories of mineralization are recognized
and required by Canadian securities laws, they are not recognized
by the SEC and are not normally permitted to be disclosed in SEC
filings by U.S. companies. U.S. investors are cautioned not to
assume that any part of a “mineral resource” or “inferred mineral
resource” will ever be converted into a “reserve.” In addition,
“reserves” reported by the Company under Canadian standards may not
qualify as reserves under SEC standards. Under SEC standards,
mineralization may not be classified as a “reserve” unless the
mineralization can be economically and legally extracted or
produced at the time the “reserve” determination is made.
Accordingly, information contained or referenced in this news
release containing descriptions of the Company’s mineral deposits
may not be compatible to similar information made public by U.S.
companies subject to the reporting and disclosure requirements of
U.S. federal securities laws, rules and regulations. “Inferred
mineral resources” have a great amount of uncertainty as to their
existence and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Historical results or feasibility models presented herein
are not guarantees or expectations of future performance.
B2GOLD CORP.CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF OPERATIONSFOR THE THREE
MONTHS ENDED MARCH 31(Expressed in thousands of United
States dollars, except per share amounts)(Unaudited)
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
Gold
revenue |
|
$ |
344,288 |
|
|
$ |
146,256 |
|
|
|
|
|
|
Cost of
sales |
|
|
|
|
Production
costs |
|
(122,298 |
) |
|
(67,047 |
) |
Depreciation and depletion |
|
(81,248 |
) |
|
(36,381 |
) |
Royalties
and production taxes |
|
(21,162 |
) |
|
(5,762 |
) |
Total cost of
sales |
|
(224,708 |
) |
|
(109,190 |
) |
|
|
|
|
|
Gross
profit |
|
119,580 |
|
|
37,066 |
|
|
|
|
|
|
General and
administrative |
|
(12,018 |
) |
|
(7,381 |
) |
Share-based
payments |
|
(3,994 |
) |
|
(1,601 |
) |
Impairment of
long-lived assets |
|
(18,186 |
) |
|
— |
|
Write-down of mineral
property interests |
|
— |
|
|
(1,439 |
) |
Provision for
non-recoverable input taxes |
|
(556 |
) |
|
(578 |
) |
Foreign exchange
(losses) gains |
|
(367 |
) |
|
319 |
|
Other |
|
(961 |
) |
|
(959 |
) |
Operating
income |
|
83,498 |
|
|
25,427 |
|
|
|
|
|
|
Unrealized gain (loss)
on fair value of convertible notes |
|
11,214 |
|
|
(14,456 |
) |
Community
relations |
|
(1,343 |
) |
|
(1,580 |
) |
Interest and financing
expense |
|
(8,305 |
) |
|
(2,133 |
) |
Realized gains (losses)
on derivative instruments |
|
923 |
|
|
(448 |
) |
Unrealized gains
(losses) on derivative instruments |
|
2,105 |
|
|
(5,337 |
) |
Write-down of long-term
investments |
|
— |
|
|
(883 |
) |
Other |
|
(133 |
) |
|
(189 |
) |
Income before
taxes |
|
87,959 |
|
|
401 |
|
|
|
|
|
|
Current income tax,
withholding and other taxes expense |
|
(39,479 |
) |
|
(4,760 |
) |
Deferred income tax
recovery (expense) |
|
8,948 |
|
|
(198 |
) |
Net income
(loss) for the period |
|
$ |
57,428 |
|
|
$ |
(4,557 |
) |
|
|
|
|
|
Attributable
to: |
|
|
|
|
Shareholders of the Company |
|
$ |
56,482 |
|
|
$ |
(5,499 |
) |
Non-controlling interests |
|
946 |
|
|
942 |
|
Net income
(loss) for the period |
|
$ |
57,428 |
|
|
$ |
(4,557 |
) |
|
|
|
|
|
Earnings (loss)
per share (attributable to shareholders of the
Company) |
|
|
|
|
Basic |
|
$ |
0.06 |
|
|
$ |
(0.01 |
) |
Diluted |
|
$ |
0.04 |
|
|
$ |
(0.01 |
) |
|
|
|
|
|
Weighted
average number of common shares
outstanding (in thousands) |
|
|
|
|
Basic |
|
982,160 |
|
|
970,440 |
|
Diluted |
|
1,063,532 |
|
|
970,440 |
|
|
|
|
|
|
|
|
B2GOLD CORP.CONDENSED INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE THREE
MONTHS ENDED MARCH 31(Expressed in thousands of United
States dollars)(Unaudited)
|
|
2018 |
|
|
2017 |
|
Operating
activities |
|
|
|
|
Net
income (loss) for the period |
|
$ |
57,428 |
|
|
$ |
(4,557 |
) |
Non-cash
charges, net |
|
74,717 |
|
|
47,376 |
|
Changes
in non-cash working capital |
|
13,810 |
|
|
(16,961 |
) |
Proceeds
from prepaid sales |
|
— |
|
|
15,000 |
|
Changes
in long-term value added tax receivables |
|
1,321 |
|
|
(1,259 |
) |
Cash provided by operating activities |
|
147,276 |
|
|
39,599 |
|
|
|
|
|
|
Financing
activities |
|
|
|
|
Repayment
of credit facility |
|
(75,000 |
) |
|
— |
|
Fekola
equipment loan facility, drawdowns net of transaction costs |
|
20,859 |
|
|
26,126 |
|
Repayment
of Otjikoto equipment loan facility |
|
(2,580 |
) |
|
(2,269 |
) |
Masbate
equipment loan facility, drawdowns net of transaction costs |
|
4,435 |
|
|
— |
|
Repayments of Masbate equipment loan facility |
|
(437 |
) |
|
— |
|
Repayment
of Nicaraguan equipment loans |
|
(425 |
) |
|
(307 |
) |
Interest
and commitment fees paid |
|
(6,887 |
) |
|
(2,503 |
) |
Common
shares issued for cash on exercise of stock options |
|
4,875 |
|
|
17,968 |
|
Restricted cash movement |
|
(1,418 |
) |
|
(4,286 |
) |
Cash (used) provided by financing activities |
|
(56,578 |
) |
|
34,729 |
|
|
|
|
|
|
Investing
activities |
|
|
|
|
Expenditures on mining interests: |
|
|
|
|
Fekola
Mine, development and sustaining capital |
|
(21,087 |
) |
|
(67,810 |
) |
Otjikoto
Mine, development and sustaining capital |
|
(11,376 |
) |
|
(12,552 |
) |
Masbate
Mine, development and sustaining capital |
|
(11,837 |
) |
|
(14,954 |
) |
Libertad
Mine, development and sustaining capital |
|
(4,615 |
) |
|
(3,592 |
) |
Limon
Mine, development and sustaining capital |
|
(5,980 |
) |
|
(3,331 |
) |
Gramalote
Project, prefeasibility and exploration |
|
(2,436 |
) |
|
(2,585 |
) |
Other
exploration and development |
|
(13,653 |
) |
|
(11,013 |
) |
Other |
|
(15 |
) |
|
(26 |
) |
Cash used by investing activities |
|
(70,999 |
) |
|
(115,863 |
) |
|
|
|
|
|
Increase
(decrease) in cash and cash equivalents |
|
19,699 |
|
|
(41,535 |
) |
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
749 |
|
|
95 |
|
Cash and cash
equivalents, beginning of period |
|
147,468 |
|
|
144,671 |
|
Cash and cash
equivalents, end of period |
|
$ |
167,916 |
|
|
$ |
103,231 |
|
|
|
|
|
|
B2GOLD CORP.CONDENSED INTERIM
CONSOLIDATED BALANCE SHEETS(Expressed in thousands of
United States dollars)(Unaudited)
|
|
As at March
31,2018 |
|
|
As at December 31,2017 |
|
Assets |
|
|
|
|
Current |
|
|
|
|
Cash and
cash equivalents |
|
$ |
167,916 |
|
|
$ |
147,468 |
|
Accounts
receivable, prepaids and other |
|
21,311 |
|
|
20,603 |
|
Value-added and other tax receivables |
|
20,565 |
|
|
21,335 |
|
Inventories |
|
214,709 |
|
|
206,445 |
|
|
|
424,501 |
|
|
395,851 |
|
|
|
|
|
|
Assets held for
sale |
|
10,855 |
|
|
— |
|
|
|
|
|
|
|
|
Long-term
investments |
|
6,796 |
|
|
9,744 |
|
Value-added tax
receivables |
|
21,768 |
|
|
22,318 |
|
Mining
interests |
|
|
|
|
Owned by
subsidiaries |
|
2,076,862 |
|
|
2,124,133 |
|
Investments in joint ventures |
|
67,644 |
|
|
65,830 |
|
Other
assets |
|
42,646 |
|
|
39,848 |
|
Deferred income
taxes |
|
|
36,559 |
|
|
|
27,433 |
|
|
|
$ |
2,687,631 |
|
|
$ |
2,685,157 |
|
Liabilities |
|
|
|
|
Current |
|
|
|
|
Accounts
payable and accrued liabilities |
|
$ |
80,902 |
|
|
$ |
95,092 |
|
Current
income and other taxes payable |
|
62,168 |
|
|
26,448 |
|
Current
portion of derivative instruments at fair value |
|
2,380 |
|
|
4,952 |
|
Current
portion of long-term debt |
|
299,070 |
|
|
302,630 |
|
Current
portion of prepaid sales |
|
63,000 |
|
|
60,000 |
|
Current
portion of mine restoration provisions |
|
1,819 |
|
|
1,819 |
|
Other
current liabilities |
|
3,381 |
|
|
3,603 |
|
|
|
512,720 |
|
|
494,544 |
|
Long-term
debt |
|
343,464 |
|
|
399,551 |
|
Prepaid
sales |
|
12,000 |
|
|
30,000 |
|
Mine
restoration provisions |
|
93,553 |
|
|
96,627 |
|
Deferred income
taxes |
|
81,696 |
|
|
81,518 |
|
Employee
benefits obligation |
|
12,596 |
|
|
14,708 |
|
Other long-term
liabilities |
|
1,687 |
|
|
1,816 |
|
|
|
1,057,716 |
|
|
1,118,764 |
|
Equity |
|
|
|
|
Shareholders’
equity |
|
|
|
|
Share
capital |
|
|
|
|
Issued:
983,236,277 common shares (Dec 31, 2017 – 980,932,908) |
|
2,203,759 |
|
|
2,197,267 |
|
Contributed surplus |
|
62,451 |
|
|
60,039 |
|
Accumulated other comprehensive loss |
|
(142,788 |
) |
|
(94,294 |
) |
Deficit |
|
(508,948 |
) |
|
(610,908 |
) |
|
|
1,614,474 |
|
|
1,552,104 |
|
Non-controlling
interests |
|
15,441 |
|
|
14,289 |
|
|
|
1,629,915 |
|
|
1,566,393 |
|
|
|
$ |
2,687,631 |
|
|
$ |
2,685,157 |
|
|
|
|
|
|
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