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B2Gold Profitable In 1Q On Record Output

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B2Gold Corp. (TSX: BTO; NYSE AMERICAN: BTG; NSX: B2G) reports a first-quarter profit as production and revenues hit record levels, thanks to output from the company’s newest mine. Net income totaled $57 million, or 6 cents per share, a turnaround from a net loss of $5 million, or a penny, in the first quarter of 2017. Adjusted net income was also $57 million, or 6 cents, compared to adjusted net income of $19 million, or 2 cents, a year ago. With the Fekola Mine now in production, consolidated gold output in the January-March period was a quarterly record of 239,684 ounces. This was an increase of 81%, or 106,948 ounces, over the same period last year. In its first full quarter of operations since achieving commercial production on Nov. 30, Fekola produced 114,142 ounces of gold, 11% (11,228 ounces) above budget, B2Gold says. Against this backdrop, the company recorded record quarterly consolidated gold revenue of $344 million, an increase of $198 million over the same period last year. Consolidated all-in sustaining costs were $750 per ounce, below budget by $147 per ounce. This was also $139 per ounce lower than in the prior-year quarter. “B2Gold is well on target to achieve transformational growth in 2018 and meet its annual guidance of between 910,000 and 950,000 ounces of gold production in 2018 at cash operating costs of between $505 and $550 per ounce and AISC of between $780 and $830 per ounce,” the company says.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Raymond Threlkeld Named President, CEO Of New Gold

Thursday May 10, 2018 09:38

New Gold Inc. (TSX, NYSE American: NGD) announces the appointment of Raymond Threlkeld as new president and chief executive officer. He succeeds Hannes Portmann, who has left the company to pursue other opportunities but will continue as a member of the board of directors. Threlkeld has been a board member since 2009 and was the company's interim chief operating officer from December 2016 to September 2017. Previously, he was president and CEO of Rainy River Resources Ltd. through 2013, when it was acquired by New Gold. From 2006 to 2009, he was president and CEO of Western Goldfields Inc. when it merged with New Gold.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Pan American Silver: Blockades At Huaron Mine End

Thursday May 10, 2018 09:38

Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAAS) reports that community road blockades at the Huaron mine have ended, with mine operations expected to return to normal within the next two days. Operations were suspended on April 24 due to blockades instituted by members of the nearby Huayllay community, Pan American says. “With oversight from the Social Affairs General Office of the Peruvian Ministry of Energy and Mines, an agreement was reached with representatives of the Huayllay community to end the roadblocks,” the company says.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Franco Nevada Posts Record Financial Results In 1Q

Thursday May 10, 2018 09:38

Gold royalty and streaming company Franco Nevada (TSX, NYSE: FNV) reports a number of record results for the first quarter, including net income of $64.6 million (35 cents a share) and $173.1 in revenue.  Adjusted net income was a record $63.9 million, or 34 cents a share. The company sold 115,671 gold-equivalent ounces. The quarterly dividend was increased to 24 cents per share from 23 cents. “Franco-Nevada’s diversified portfolio continues to deliver with record quarterly revenue and net income being realized in the first quarter,” comments David Harquail, chief executive officer. “Over the next year, we expect further growth with higher production from Tasiast, Subika, Candelaria and our oil [and] gas assets, as well as the start of production from Cobre Panama.” The CEO also reports that Paul Brink has been promoted to president and chief operating officer. “Paul is a talented and seasoned executive and will serve Franco-Nevada’s shareholders very well,” Harquail says.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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