Vancouver-based mid-tier producer B2Gold Corp. (TSX:BTO) announced on January 21 that it achieved record gold production in 2013.
According to a B2Gold press release, the company produced 366,313 ounces of gold in 2013 – a 132% increase over 2012. Revenue from gold production was US$544.3 million, up US$285.2 million from 2012.
B2Gold also broke company records for quarterly gold production last year. In the fourth quarter of 2013, the company produced 105,577 ounces of gold, a 138% increase over the same period last year. Revenue from gold production was US$138 million, up US$67.3 million from Q4 in 2012.
“The main reason for the jump in production was the completion of the Masbate mine acquisition,” Clive Johnson, CEO of B2Gold told Business in Vancouver. “The deal closed around the start of last year and it was a producing mine.”
B2Gold is forecasting record production for 2014. Company wide production – which includes Limon, La Libertad and the Masbate mines, all three of B2Gold's producing mines – is expected between 395,000 and 420,000 ounces of gold.
Mine-by-mine 2014 forecast from B2Gold:
- Masbate (Philippines): 190,000 – 200,000 ounces;
- La Libertad (Nicaragua): 143,000 – 150,000 ounces; and
- Limon (Nicaragua): 62,000 – 70,000 ounces.
The company's 2014 production forecast does not include its Otjikoto development project currently under construction in Namibia. Production is scheduled to begin in Q4 2014. Otjikoto is expected to produce 141,000 ounces of gold per year for its first five years of production.
“The big increase for us will be 2015,” said Johnson. “Otjikoto is on pace to begin production in the last quarter of 2014 and will be producing up to 150,000 ounces of gold in 2015.”
B2Gold is currently exploring the area around the Otjikoto development for more gold.
Last summer, B2Gold made headlines after it raised US$259 million in debt financing, prompting industry watchers and analysts to speculate about the company's intentions to acquire other projects or struggling firms.
In October, B2Gold bought junior company Volta Resources for US$63 million. The acquisition gave B2Gold an 81% stake in Volta's Kiaka gold project in Burkina Faso.
B2Gold placed 19th on BIV's list of top-performing B.C. based mining stocks in 2013 and third on BIV's list of fastest growing companies.
