trending Market Intelligence /marketintelligence/en/news-insights/trending/DBHaRbtM2UEE8I7VulFueQ2 content esgSubNav
In This List

B2Gold's Q2'19 profit swells 82.2% YOY on record gold production


Insight Weekly: US inflation soars; real estate faces slowdown; megadeals drive tech M&A


World Exploration Trends 2022


Snapshot: Battery Metals Market Outlook


Gold Market Outlook

B2Gold's Q2'19 profit swells 82.2% YOY on record gold production

B2Gold Corp. said Aug. 6 that second-quarter net profit grew 82.2% to US$37.9 million, or 4 U.S. cents per share, from US$20.8 million, or 2 cents per share, a year earlier, as the company achieved record gold production of 246,020 ounces.

Adjusted net income for the period totaled US$52 million, up from US$46 million a year ago.

The Toronto-listed miner said production at the Fekola mine in Mali, the Masbate mine in the Philippines, the Otjikoto mine in Namibia and the La Libertad mine in Nicaragua exceeded targets during the quarter, and output from El Limon in Nicaragua was in line with budget.

Consolidated cash costs for B2Gold's operations totaled US$529 per ounce, 7% below budget. All-in sustaining costs were 4% below budget at US$914/oz sold.

Production from continuing operations, which exclude La Libertad and El Limon following the US$100 million sale of the two assets in July, totaled 208,890 ounces.

Gold revenues during the quarter totaled US$267.2 million, increasing 10.3% from US$242.3 million in the prior year. Consolidated gold sales in the period were 236,282 ounces.

Quarterly operating income totaled US$79.0 million, down 0.7% from US$79.6 million in the year-ago period.

For the first half, attributable net income fell to US$60.2 million, or 6 cents per share, from US$77.3 million, or 6 cents per share. Gold revenue totaled US$531.2 million, a decrease from US$540.5 million. Consolidated sales for the half totaled 468,358 ounces.

Gold output for the half totaled 476,879 ounces, in line with the year-ago period.