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B2Gold hits record gold output in Q2, revenue jumps 21% YOY

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B2Gold hits record gold output in Q2, revenue jumps 21% YOY

B2GoldCorp. on July 13 posted record gold production of 135,242 ouncesfor the second quarter, representing an 11% increase on a yearly basis.

The increase in output was attributed to the continued strongperformance at the Masbate mine in the Philippines. Production at theOtjikoto minein Namibia, meanwhile, was in line with expectations.

Gold revenue for the quarter totaled US$164.8 million onrecord gold sales of 130,829 ounces at an average price of US$1,260 per ounce,compared to year-ago revenue of US$136.5 million on gold sales of 114,423ounces at an average price of US$1,193 per ounce.

The 21% year-on-year increase in revenue was mainly due to a14% increase in gold sales volume and a 6% improvement in realized gold prices.

For the half-year, B2Gold likewise produced a record 263,086ounces of gold, which was 11% higher year over year.

Meanwhile, consolidated gold revenue for the six monthsended June 30 was US$309.1 million on record sales of 251,728 ounces. Thiscompares to gold revenue of US$275.4 million in the first half of 2015 on salesof 229,222 ounces of gold.

For the full year, B2Gold expects consolidated gold production to be between510,000 ounces and 550,000 ounces at cash operating costs of between US$560 toUS$595 per ounce.

"Gold production for the year is scheduled to beweighted to the second half of the year, mainly due to higher forecast gradesat the Otjikoto, Libertad and Limon mines," the company said.