VANCOUVER, BC, July 15, 2021 /CNW/ - B2Gold Corp.
(TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the
"Company") is pleased to announce its gold production and gold
revenue for the second quarter and first half of 2021. All dollar
figures are in United States
dollars unless otherwise indicated.
2021 Second Quarter and First Half Highlights
- Total gold production in the second quarter of 2021 of 211,612
ounces (including 14,232 ounces of attributable production from
Calibre Mining Corp. ("Calibre")), well above budget by 5% (10,269
ounces), and consolidated gold production of 197,380 ounces from
the Company's three operating mines, well above budget by 5% (9,787
ounces)
- Consolidated gold revenue in the second quarter of 2021 of
$363 million on sales of 200,071
ounces at an average price of $1,814
per ounce
- Fekola's mill throughput in the second quarter of 2021 was a
quarterly record of 2.29 million tonnes, 16% above budget and 47%
higher than the second quarter of 2020, following the successful
completion of the Fekola mill expansion in September 2020
- Total gold production in the first half of 2021 of 432,256
ounces (including 29,233 ounces of attributable production from
Calibre), well above budget by 7% (28,811 ounces), and consolidated
gold production of 403,023 ounces from the Company's three
operating mines, well above budget by 7% (27,078 ounces)
- Consolidated gold revenue in the first half of 2021 of
$725 million on sales of 402,401
ounces at an average price of $1,802
per ounce
- For full-year 2021, B2Gold remains well positioned for
continued strong operational and financial performance and is on
track to meet or exceed the upper end of its total gold production
forecast of between 970,000 - 1,030,000 ounces (including 50,000 –
60,000 attributable ounces projected from Calibre) with total
consolidated forecast cash operating costs of between $500 - $540 per
ounce (see "Non-IFRS Measures") and total consolidated
all-in sustaining costs ("AISC") (see "Non-IFRS Measures")
of between $870 - $910 per ounce
- Based on current assumptions, including a gold price of
$1,800 per ounce, the Company expects
to generate cashflows from operating activities of approximately
$630 million for the full-year 2021
(approximately $500 million of
cashflows from operating activities are expected to be generated in
the second half of 2021)
Gold Production
Total gold production in the second quarter of 2021 was
211,612 ounces (including 14,232 ounces of attributable
production from Calibre), well above budget by 5% (10,269
ounces), and consolidated gold production of 197,380 ounces
from the Company's three operating mines, well above budget by 5%
(9,787 ounces).
The Fekola Mine in Mali
continued its strong operational performance through the second
quarter of 2021, producing 113,611 ounces of gold, 3% (3,611
ounces) above budget, as the Fekola processing facilities continued
to outperform, following the successful completion of the Fekola
mill expansion in September 2020. In
the second quarter of 2021, Fekola's mill throughput was a
quarterly record of 2.29 million tonnes, 16% above budget and 47%
higher than the second quarter of 2020. The Masbate Mine in
the Philippines also continued its
strong operational performance with second quarter 2021 gold
production of 56,878 ounces, well above budget by 8% (4,390
ounces), as processed grade (8% above budget) and recoveries (10%
above budget) both exceeded budget which more than offset lower
than budgeted throughput (8% below budget). The Otjikoto Mine in
Namibia performed well during the
second quarter of 2021, producing 26,891 ounces of gold, well above
budget by 7% (1,786 ounces), mainly due to higher than budgeted
processed grade (5% above budget) as the grade of ore sourced from
the medium grade stockpile was slightly higher than anticipated
during the second quarter. As expected, compared to the second
quarter of 2020, total gold production was lower by 12% (29,981
ounces), due to planned significant waste stripping campaigns at
both the Fekola and Otjikoto mines which were largely completed in
the first half of 2021 (for Phase 5 and Phase 6 of the Fekola Pit,
and Phase 3 of the Wolfshag and Otjikoto pits). Gold production is
expected to significantly increase in the second half of 2021, when
mining at Fekola reaches the higher-grade zones of the Fekola Pit
and mining at Otjikoto reaches the higher-grade zone at the base of
the Wolfshag Pit.
For the first half of 2021, total gold production was 432,256
ounces (including 29,233 ounces of attributable production
from Calibre), well above budget by 7%
(28,811 ounces), and 15% (74,199 ounces) lower than the
first half of 2020 (for the reasons outlined above). Consolidated
gold production from the Company's three operating mines was
403,023 ounces in the first half of 2021.
For full-year 2021, the Company remains on track to meet or
exceed the upper end of its total gold production forecast range of
between 970,000 - 1,030,000 ounces (including 50,000 - 60,000
attributable ounces projected from Calibre) with total consolidated
cash operating costs forecast to be between $500 - $540 per
ounce and total consolidated AISC forecast to be between
$870 - $910 per ounce. The Company's 2021 production
guidance does not currently include the potential upside to
increase Fekola's gold production in 2021 from the nearby Cardinal
resource with production now expected to commence from Cardinal in
the third quarter of 2021 and the higher than budgeted processing
capacity realized to date at the expanded Fekola
mill.
For full-year 2021, as budgeted, the Company's consolidated gold
production from its three operating mines is expected to be
significantly weighted to the second half of 2021 due to the
planned higher waste stripping campaigns at both the Fekola and
Otjikoto mines which were largely completed in the first half of
2021. For the second half of 2021, consolidated gold production is
expected to significantly increase over the first half of 2021 to
between 555,000 – 585,000 ounces when mining reaches the
higher grade portion of Phase 5 of the Fekola Pit and Phase 3
of the Wolfshag Pit. Based mainly on the weighting of
production and timing of stripping, consolidated cash
operating costs are expected to be between $620 - $660 per
ounce in the first half of 2021, before significantly
improving to between $380 -
$420 per ounce during the second
half of 2021. In addition, consolidated AISC are expected to
be between $1,040 - $1,080 per ounce in the first half of 2021,
before significantly improving to between $745 - $785 per
ounce during the second half of 2021.
The Company is currently compiling its consolidated cash
operating costs and consolidated AISC results for the second
quarter and first half of 2021, which will be released along with
its second quarter and first half of 2021 financial results after
the North American markets close on Wednesday, August 4, 2021.
Gold Revenue
For the second quarter of 2021, consolidated gold revenue was
$363 million on sales of 200,071
ounces at an average price of $1,814
per ounce, compared to $442 million
on sales of 257,100 ounces at an average price of $1,719 per ounce in the second quarter of 2020.
The decrease in gold revenue of 18% ($79
million) was 22% attributable to the decrease in gold ounces
sold (mainly due to the lower gold production and timing of gold
shipments), partially offset by a 4% impact from the increase in
the average realized gold price.
For the first half of 2021, consolidated gold revenue was
$725 million on sales of 402,401
ounces at an average price of $1,802
per ounce compared to $822 million on
sales of 496,600 ounces at an average price of $1,656 per ounce in the first half of 2020. The
decrease in gold revenue of 12% ($97
million) was 19% attributable to the decrease in gold ounces
sold (mainly due to the lower gold production and timing of gold
shipments), partially offset by a 7% impact from the increase in
the average realized gold price.
Operations
Mine-by-mine gold production in the second quarter of 2021
(including the Company's estimated 33% share of Calibre's
production) was as follows:
Mine
|
Q2
2021 Gold
Production (ounces)
|
First-Half 2021 Gold
Production (ounces)
|
First-Half
2021 Forecast Gold
Production (ounces)
|
Second-Half
2021 Forecast Gold
Production (ounces)
|
Full-year
2021 Forecast Gold
Production (ounces)
|
Fekola
|
113,611
|
238,699
|
220,000 -
230,000
|
310,000 -
330,000
|
530,000 -
560,000
|
Masbate
|
56,878
|
114,391
|
100,000 -
105,000
|
100,000 -
105,000
|
200,000 -
210,000
|
Otjikoto
|
26,891
|
49,933
|
45,000 -
50,000
|
145,000 -
150,000
|
190,000 -
200,000
|
B2Gold
Consolidated (1)
|
197,380
|
403,023
|
365,000 -
385,000
|
555,000 -
585,000
|
920,000 -
970,000
|
|
|
|
|
|
|
Equity
interest
in Calibre (2)
|
14,232
|
29,233
|
25,000 -
30,000
|
25,000 -
30,000
|
50,000 -
60,000
|
|
|
|
|
|
|
Total
|
211,612
|
432,256
|
390,000 -
415,000
|
580,000 -
615,000
|
970,000 -
1,030,000
|
|
|
(1)
|
"B2Gold
Consolidated" - gold production is presented on a 100% basis, as
B2Gold fully consolidates the results of its Fekola, Masbate and
Otjikoto mines in its consolidated financial statements (even
though it does not own 100% of these
operations).
|
(2)
|
"Equity interest
in Calibre" - represents the Company's approximate 33% indirect
share of the operations of Calibre's El Limon and La Libertad
mines. B2Gold applies the equity method of accounting for its 33%
ownership interest in Calibre.
|
Fekola Gold Mine – Mali
The Fekola Mine in Mali
continued its strong operational performance through the second
quarter of 2021, producing 113,611 ounces of gold, 3% (3,611
ounces) above budget, as the Fekola processing facilities continued
to outperform, following the successful completion of the Fekola
mill expansion in September 2020. In
the second quarter of 2021, Fekola's mill throughput was a
quarterly record of 2.29 million tonnes, 16% above budget and 47%
higher than the second quarter of 2020. The higher than budgeted
mill throughput was due to favourable ore fragmentation and
hardness, as well as optimization of the grinding circuit,
partially offset by mill feed grade which was 10% below budget in
the second quarter of 2021, as Fekola's low-grade stockpiles were
used to provide additional unbudgeted mill feed required as a
result of the higher than budgeted processed tonnes. As expected,
compared to the second quarter of 2020, gold production was lower
by 23% (33,813 ounces) as a result of the higher waste stripping
and lower mined ore grades in the current period, as Phases 5 and 6
of the Fekola Pit were developed during the first half of 2021.
For the second quarter of 2021, mill feed grade was 1.65 grams
per tonne ("g/t") compared to budget of 1.84 g/t and 3.11 g/t in
the second quarter of 2020; mill throughput was 2.29 million tonnes
compared to budget of 1.98 million tonnes and 1.56 million tonnes
in the second quarter of 2020; and gold recovery averaged 93.2%
compared to budget of 94.0% and 94.8% in the second quarter of
2020. Mined ore tonnage and grade continue to reconcile well with
the Fekola resource model, and ore production is expected to
significantly increase in the second half of 2021 when mining
reaches the higher-grade zones of the Fekola Pit.
For the first half of 2021, the Fekola Mine produced 238,699
ounces of gold, well above budget by 5% (11,699 ounces), and 23%
(72,736 ounces) lower than the first half of 2020 (for the reasons
outlined above).
The Fekola mill has the potential to sustain an annualized
throughput rate which is higher than the original assumed mill
expansion throughput rate of 7.5 million tonnes per annum ("Mtpa").
Mill processing trials conducted in the fourth quarter of 2020
demonstrated the potential to optimize the grind-throughput
capacity of the expanded facility and increase hard-rock throughput
and support the addition of saprolite ore tonnage in excess of the
hard-rock capacity. Based on the positive results noted to date
through to the second quarter of 2021, Fekola's annualized
throughput rate is now expected to average 8.3 Mtpa for 2021 and
average approximately 8.5 Mtpa (over the long-term), based on an
ore blend including fresh rock and saprolite. For 2021 budgeting
purposes, the Company assumed a throughput rate of 7.75 Mtpa.
Production planning for the nearby Cardinal inferred resource
area, located within 500 metres of the current Fekola resource pit,
is currently underway (the initial Inferred Mineral Resource
estimate for Cardinal is 640,000 ounces of gold in 13.0 million
tonnes of ore at 1.54 g/t gold). Grade control drilling at Cardinal
was completed in the second quarter of 2021, and a 10,000-tonne
bulk sample was mined and processed. Results indicate that the
Cardinal ore can be processed at Fekola. An Environmental and
Social Impact Assessment has been completed and submitted to the
Malian authorities. The Company is in the process of updating the
Fekola Mine Plan to include production from Cardinal which is
expected to commence in the third quarter of 2021.
For full-year 2021, the Fekola Mine remains on track to meet or
exceed the upper end of its forecast production range of between
530,000 - 560,000 ounces of gold at cash operating costs of
between $405 - $445 per ounce
and AISC of between $745 - $785
per ounce. Additional mining from the Cardinal area and the
higher than budgeted processing capacity experienced to date at the
Fekola mill (as discussed above), have the potential to increase
Fekola's budgeted 2021 and longer-term gold production. No
adjustment to Fekola's 2021 guidance range has currently been made
while the Company continues to evaluate the potential upside impact
of these factors for the balance of 2021.
As a result of the planned higher waste stripping completed and
lower mined ore grades realized in the first half of 2021 (as
Phase 5 and 6 of the Fekola Pit were being developed), production
is expected to be significantly weighted to the second half of 2021
(when mining reaches the higher grade portion of Phase
5 of the Fekola Pit). For the second half of 2021, Fekola's
gold production is expected to increase significantly to between
310,000 – 330,000 ounces. Based mainly on the weighting of
production and timing of waste stripping, Fekola's cash
operating costs are expected to be between $530 - $570 per
ounce in the first half of 2021, before significantly
improving to between $315 -
$355 per ounce during the second
half of 2021. In addition, Fekola's AISC are expected to be
between $850 - $890 per ounce in the first half of 2021,
before significantly improving to between $670 - $710 per
ounce during the second half of 2021.
Fekola Solar Plant
Following the temporary suspension of the solar plant
construction activities in April 2020
due to COVID-19 restrictions, and a fire in the solar storage yard
in January 2021, construction of the
Fekola solar plant is now complete. A small crew will remain
on site until mid-August 2021 to
ensure that all final commissioning tasks and warranty issues are
properly executed. With the solar plant now 100% online, it is
expected to reduce Fekola's HFO consumption by over 13 million
litres per year and lower carbon dioxide emissions by an estimated
39,000 tonnes per year. Solar production to date indicates
that the plant will exceed initial power production estimates.
Menankoto Permit and Bantako North Permit
The Company, through its Malian subsidiary Menankoto SARL
("Menankoto"), is currently involved in a dispute with the Malian
Government related to renewal of the Menankoto exploration permit
(the "Menankoto Permit") which forms part of the Anaconda Area and is located 20 km north of
the Fekola Mine licence area. The Company strongly believes that
Menankoto is entitled to a one-year renewal of the Menankoto Permit
under applicable law. After ongoing discussions with the Malian
Government were not ultimately successful in resolving the
situation, on June 24, 2021 the
Company announced that it had formally commenced arbitration
proceedings against the Republic of Mali. The arbitration has been commenced
pursuant to the arbitration clause set out in the Menankoto mining
convention (the "Convention") governed by the 2012 Malian Mining
Code ("2012 Mining Code"), on the basis that the Republic of
Mali breached its obligations
under the Convention and under the 2012 Mining Code. Based on the
terms of the Convention, the arbitration will be conducted by the
International Centre for Settlement of Investment Disputes in
Paris, France. In addition to
pursuing arbitration under the Convention, the Company may pursue,
as required, all other available legal
remedies.
Notwithstanding the commencement of
arbitration proceedings, the Company is committed to
continuing its ongoing discussions with the Malian Government to
resolve the issue. Since the Company commenced its investment in
Mali, B2Gold has always enjoyed a
positive and mutually beneficial relationship with the Government
of Mali. Most recently, B2Gold
partnered with the Government of Mali to assist the people of Mali facing challenges created by the COVID-19
pandemic, as well as its impact on the mining sector. B2Gold
continues to explore additional ways in which it might help the
Government deal with the impact of the pandemic.
The operations at the Fekola Mine, which is situated on a
separate mining license 20 kilometres from the Menankoto Permit and
projected to produce 530,000 to 560,000 ounces of gold in 2021,
continue normally and have not been impacted by the dispute
relating to the Menankoto Permit. In addition, the Fekola Mine has
not included the Mineral Resources from the Anaconda area (comprised of the Menankoto
Permit and the Bantako North permit) in the current Fekola life of
mine plan. The Bantako North permit area contains a significant
portion of the Mamba deposit saprolite material, and preliminary
planning by the Company has demonstrated that a pit situated on the
Bantako North permit area could provide for saprolite material for
1.5 to 2 years to feed the Fekola mill commencing in 2022 subject
to obtaining all necessary permits and completion of a final mine
plan. This additional feed to the Fekola mill would benefit all
stakeholders, including the State of
Mali, B2Gold's 20% partner at the Fekola Mine.
The Company has conducted extensive exploration on the Menankoto
deposit part of the Anaconda Area
over the past seven years, with a considerable investment to date
of approximately $27 million. The
Company had planned a 2021 exploration budget for the Menankoto
deposit of $8.3 million, out of a
total Mali exploration budget of
$26.4 million. B2Gold is one of the
largest Canadian investors in Mali
and the Fekola Mine is a flagship investment in the country's
mining sector.
Masbate Gold Mine – the
Philippines
The Masbate Mine in the
Philippines also continued its strong operational
performance with second quarter 2021 gold production of 56,878
ounces, well above budget by 8% (4,390 ounces), as processed grade
(8% above budget) and recoveries (10% above budget) both exceeded
budget which more than offset lower than budgeted throughput (8%
below budget). Continuing the positive trend set in the first
quarter of 2021, Masbate's mill recoveries continued to outperform
the recovery model. To improve Masbate's gold recovery (and
production) forecasts, a series of unbudgeted metallurgical test
campaigns were performed in the second quarter of 2021, temporarily
reducing Masbate's throughput for the quarter. Processed grade was
above budget, as ore mined from both the Main Vein and Montana pits in the second quarter produced
higher tonnage and grade compared to the reserve model. In
addition, the metallurgical test campaigns completed also
contributed to the higher than budgeted processed grade in the
quarter (as one test campaign involved high grade ore from the Main
Vein Pit which was originally budgeted to have been blended through
the course of the full year). Gold production in the second quarter
of 2021 was higher by 17% (8,224 ounces), compared to the
second quarter of 2020, mainly due to higher mined ore grades, as a
result of mining through higher-grade zones of the Main Vein and
Montana pits in the second quarter
of 2021.
For the second quarter of 2021, mill feed grade was 1.17 g/t
compared to budget of 1.08 g/t and 0.94 g/t in the second quarter
of 2020; mill throughput was 1.86 million tonnes compared to budget
of 2.02 million tonnes and 1.99 million tonnes in the second
quarter of 2020; and gold recovery averaged 81.5% compared to
budget of 74.3% and 81.0% in the second quarter of 2020.
For the first half of 2021, the Masbate Mine produced 114,391
ounces of gold, well above budget by 11% (11,242 ounces), and 22%
(20,865 ounces) higher than the first half of 2020 (mainly due to
higher mined ore grades and higher recoveries as outlined
above).
For full-year 2021, the Masbate Mine is expected to produce
between 200,000 - 210,000 ounces of gold at cash operating
costs of between $650 - $690 per ounce and AISC of
between $955 - $995 per ounce. Masbate's gold production
is scheduled to be relatively consistent throughout 2021.
Otjikoto Gold Mine – Namibia
The Otjikoto Mine in Namibia
performed well during the second quarter of 2021, producing 26,891
ounces of gold, well above budget by 7% (1,786 ounces), mainly due
to higher than budgeted processed grade (5% above budget) as the
grade of ore sourced from the medium grade stockpile was slightly
higher than anticipated during the second quarter. As expected,
compared to the second quarter of 2020, gold production was
significantly lower by 38% (16,605 ounces), as processed ore was
primarily sourced from existing stockpiles while significant waste
stripping operations continue at both the Wolfshag and Otjikoto
pits. Mined ore tonnage and grade continue to reconcile well with
Otjikoto's resource model, and ore production is forecast to
significantly increase in the second half of 2021 when mining
reaches the higher-grade zone at the base of the Wolfshag
Pit.
For the second quarter of 2021, mill feed grade was 0.99 g/t
compared to budget of 0.94 g/t and 1.58 g/t in the second quarter
of 2020; mill throughput was 0.86 million tonnes compared to budget
of 0.85 million tonnes and 0.87 million tonnes in the second
quarter of 2020; and gold recovery averaged 97.8% compared to
budget of 97.6% and 98.6% in the second quarter of 2020.
For the first half of 2021, the Otjikoto Mine produced 49,933
ounces of gold, well above budget by 9% (4,137 ounces), and 41%
(35,312 ounces) lower than the first half of 2020 (for the reasons
outlined above).
Development of the Wolfshag underground mine continues to
progress on schedule. In the fourth quarter of 2020, development of
the portal was completed, and development of the primary
underground ramp commenced. Development continued through the first
half of 2021, and stope ore production is expected to commence in
early 2022, in-line with original estimates. The initial
underground Mineral Reserve estimate for the down-plunge extension
of the Wolfshag orebody included 210,000 ounces of gold in 1.2
million tonnes of ore at 5.57 g/t gold.
For full-year 2021, the Otjikoto Mine in Namibia remains on track to produce between
190,000 - 200,000 ounces of gold, as high-grade ore is
scheduled to be sourced from Phase 3 of the Wolfshag Pit in the
second half of 2021. Otjikoto's cash operating costs are forecast
to be between $480 - $520 per
ounce and AISC to be between $830 - $870 per ounce.
Approximately 70% of the gold produced in 2021 is expected to be
mined from Phase 3 of the Wolfshag Pit, with material ore
production starting early in the third quarter of 2021 following
the waste stripping campaign. As a result of the timing of this
high-grade ore mining, Otjikoto's gold production is expected to
increase significantly in the second half of 2021 to between
145,000 – 150,000 ounces. Based mainly on the weighting of the
planned production and timing of higher waste stripping, Otjikoto's
cash operating costs are expected to be between $940 - $980 per
ounce in the first half of 2021, before significantly
improving to between $330 -
$370 per ounce during the second
half of 2021. In addition, Otjikoto's AISC are expected to be
between $1,600 - $1,640 per ounce in the first half of 2021,
before significantly improving to between $580 - $620 per
ounce during the second half of 2021.
On average, Otjikoto's higher 2021 gold production level of
between 190,000 – 200,000 ounces is expected to continue through to
2024, with production from Wolfshag underground expected to
commence in early 2022 to supplement ore from the Otjikoto Pit as
well as existing medium and low-grade stockpiles for approximately
three years based on current estimates.
Outlook
The Company is pleased with its second quarter and first
half 2021 production results as outlined in this news release.
Based on a strong first half of 2021, the Company remains on track
to meet or exceed the upper end of its total gold production
forecast range for 2021 of between 970,000 - 1,030,000 ounces
(including 50,000 - 60,000 attributable ounces projected from
Calibre) with total consolidated cash operating costs of between
$500 - $540 per ounce and total consolidated AISC of
between $870 - $910 per ounce.
The Company's ongoing strategy is to continue to maximize
profitable production from its mines, further advance its pipeline
of development and exploration projects, evaluate opportunities and
continue to pay a substantial dividend.
Second Quarter 2021 Financial Results – Conference
Call/Webcast Details
B2Gold will release its second quarter 2021 financial
results after the North American markets close on Wednesday, August 4, 2021.
B2Gold executives will host a conference call to discuss the
results on Thursday, August 5, 2021,
at 10:00 am PDT/1:00 pm EDT. You may access the call by dialing
the operator at +1 (778) 383-7413 (Vancouver), +1 (416) 764-8659 (Toronto) or +1 (888) 664-6392 (toll free)
prior to the scheduled start time or you may listen to the call via
webcast by clicking here. A playback version will be available for
two weeks after the call at +1 (416) 764-8677 (local or
international) or +1 (888) 390-0541 (toll free) (passcode 215816
#).
About B2Gold Corp.
B2Gold is a low-cost international senior gold producer
headquartered in Vancouver,
Canada. Founded in 2007, today, B2Gold has operating gold
mines in Mali, Namibia and the
Philippines and numerous exploration and development
projects in various countries including Mali, Colombia, Burkina
Faso, Finland and
Uzbekistan. B2Gold forecasts total
consolidated gold production of between 970,000 and 1,030,000
ounces in 2021.
Qualified Persons
Bill Lytle, Senior Vice President
of Operations, a qualified person under NI 43-101, has approved the
scientific and technical information related to operations matters
contained in this news release.
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 Bromley
|
Vice President,
Investor Relations
|
Manager,
Investor Relations & Public Relations
|
+1
604-681-8371
|
+1
604-681-8371
|
imaclean@b2gold.com
|
kbromley@b2gold.com
|
The Toronto Stock Exchange and NYSE American LLC neither
approve nor disapprove the information contained in this news
release.
Production results and production guidance presented in this
news release reflect total production at the mines B2Gold operates
on a 100% project basis. Please see our Annual Information Form
dated March 30, 2021 for a discussion
of our ownership interest in the mines B2Gold operates.
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; outlook; guidance;
forecasts; estimates; and other statements regarding future or
estimated financial and operational performance, gold production
and sales, revenues and cash flows, and capital costs (sustaining
and non-sustaining) and operating costs, including projected cash
operating costs and AISC, and budgets on a consolidated and mine by
mine basis; the impact of the COVID-19 pandemic on B2Gold's
operations, including any restrictions or suspensions with respect
to our operations and the effect of any such restrictions or
suspensions on our financial and operational results; the ability
of the Company to successfully maintain our operations if they are
temporarily suspended, and to restart or ramp-up these operations
efficiently and economically, the impact of COVID-19 on the
Company's workforce, suppliers and other essential resources and
what effect those impacts, if they occur, would have on our
business, our planned capital and exploration expenditures; future
or estimated mine life, metal price assumptions, ore grades or
sources, gold recovery rates, stripping ratios, throughput, ore
processing; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation: B2Gold
generating operating cashflows of approximately $630 million in 2021; remaining well positioned
for continued strong operational and financial performance for
2021; projected gold production, cash operating costs and AISC on a
consolidated and mine by mine basis in 2021, including production
being weighted heavily to the second half of 2021; total
consolidated gold production of between 970,000 and 1,030,000
ounces in 2021 with cash operating costs of between $500 and $540 per
ounce and AISC of between $870 and
$910 per ounce; the Fekola mill being
expected to run at an annualized throughput rate of 8.0 Mtpa;
the Bantako North permit area providing saprolite material for
1.5 to 2 years to feed the Fekola mill commencing in 2022 subject
to obtaining all necessary permits and completion of a final mine
plan; the Cardinal zone bulk sampling expected to begin in the
second quarter of 2021 and being added to the Fekola environmental
and mining permits; the development of the Wolfshag underground
mine at Otjikoto, including the results of such development and the
costs and timing thereof; stope ore production at the Wolfshag
underground mine at Otjikoto commencing in early 2022; Otjikoto's
higher gold production level of between 190,000 – 200,000 ounces
being expected to continue through to 2024; the potential payment
of future dividends, including the timing and amount of any such
dividends, and the expectation that quarterly dividends will be
maintained at the same level; and B2Gold's attributable share at El
Limon and La Libertad. 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 or related to: the
duration and extent of the COVID-19 pandemic, the effectiveness of
preventative measures and contingency plans put in place by the
Company to respond to the COVID-19 pandemic, including, but not
limited to, social distancing, a non-essential travel ban, business
continuity plans, and efforts to mitigate supply chain disruptions;
escalation of travel restrictions on people or products and
reductions in the ability of the Company to transport and refine
doré; the volatility of metal prices and B2Gold's common shares;
changes in tax laws; the dangers inherent in exploration,
development and mining activities; the uncertainty of reserve and
resource estimates; not achieving production, cost or other
estimates; actual production, development plans and costs differing
materially from the estimates in B2Gold's feasibility and other
studies; the ability to obtain and maintain any necessary permits,
consents or authorizations required for mining activities;
environmental regulations or hazards and compliance with complex
regulations associated with mining activities; climate change and
climate change regulations; the ability to replace mineral reserves
and identify acquisition opportunities; the unknown liabilities of
companies acquired by B2Gold; the ability to successfully integrate
new acquisitions; fluctuations in exchange rates; the availability
of financing; financing and debt activities, including potential
restrictions imposed on B2Gold's operations as a result thereof and
the ability to generate sufficient cash flows; operations in
foreign and developing countries and the compliance with foreign
laws, including those associated with operations in Mali, Namibia, the
Philippines, Colombia and
Burkina Faso and including risks
related to changes in foreign laws and changing policies related to
mining and local ownership requirements or resource nationalization
generally, including in response to the COVID-19 outbreak; 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; the reliance upon contractors, third parties
and joint venture partners; the lack of sole decision-making
authority related to Filminera Resources Corporation, which owns
the Masbate Project; challenges to title or surface rights; the
dependence on key personnel and the 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; community support for
B2Gold's operations, including risks related to strikes and the
halting of such operations from time to time; conflicts with small
scale miners; failures of information systems or information
security threats; the ability to maintain adequate internal
controls over financial reporting as required by law, including
Section 404 of the Sarbanes-Oxley Act; compliance with
anti-corruption laws, and sanctions or other similar measures;
social media and B2Gold's reputation; risks affecting Calibre
having an impact on the value of the Company's investment in
Calibre, and potential dilution of our equity interest in Calibre;
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, B2Gold'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 B2Gold's forward-looking statements.
B2Gold'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 B2Gold's
ability to carry on current and future operations, including: the
duration and effects of COVID-19 on our operations and workforce;
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; B2Gold's ability to meet or achieve estimates,
projections and forecasts; the availability and cost of inputs; the
price and market for outputs, including gold; foreign exchange
rates; taxation levels; 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.
B2Gold's forward-looking statements are based on the opinions
and estimates of management and reflect their current expectations
regarding future events and operating performance and speak only as
of the date hereof. B2Gold 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. There can be no assurance that
forward-looking 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. 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" and
"all-in sustaining costs" (or "AISC"). 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 of such measures and a reconciliation of
certain measures to IFRS terms.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/b2gold-corp-reports-continued-strong-total-gold-production-for-q2-2021-of-211-612-oz-5-above-budget-on-track-to-meet-or-exceed-the-upper-end-of-its-annual-guidance-range-of-970-000-to-1-030-000-oz-301335376.html
SOURCE B2Gold Corp.