B2Gold Reports 1Q Adjusted Profit; Output Above Budget
B2Gold Corp. (TSX: BTO; NYSE MKT: BTG; NSX: B2G) reports a small uptick in adjusted first-quarter net income, with gold output ahead of expectations. Adjusted earnings were $19.4 million, or 2 cents per share, compared to $18.9 million, also 2 cents, in the prior-year quarter. The company generated a net loss of $4.6 million, or a penny per share, compared to net income of $6.7 million, or 1 cent, in the same quarter last year. Consolidated gold production of 132,736 ounces was 6% (7,955 ounces) above budget and 4% (4,892 ounces) higher than the same period in 2016. Consolidated all-in sustaining costs of $889 per ounce were $262 per ounce, or 23%, below budget. B2Gold says it is on track to meet its 2017 annual guidance of between 545,000 to 595,000 ounces of gold production. Fekola mine construction remains three months ahead of schedule for an anticipated Oct. 1 production start, with the project also on budget. In 2018, with the planned first full-year of production from Fekola, the company projects consolidated gold production will increase significantly to between 900,000 and 950,000 ounces.