Model portefeuille
Rendement portefeulle
+12.035 %

Rendement AEX
+33.325 %

Startdatum
01-01-2009

Startwaarde portefeuille € 74082.37

Startwaarde AEX
€ 245.94


Laatste update:
29-01-2010

B2Gold Reports Strong First Quarter 2018 Results; Significant Beat Against Budget for Cash Operating Costs and AISC and Dramatic Increase in Cash Flow

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Overig advies 10/05/2018 09:25
Record Quarterly Gold Production of 240,000 ounces and Record Quarterly Revenues of $344 Million
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2018) - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the "Company") is pleased to announce its operational and financial results for the first quarter of 2018. The Company previously released its gold production and gold revenue for the first quarter of 2018 (see news release dated 04/11/18). All dollar figures are in United States dollars unless otherwise indicated.

2018 First Quarter Highlights

Record quarterly consolidated (commercial) gold production of 239,684 ounces, a significant increase of 81% (106,948 ounces) over the same period last year and 7% (16,252 ounces) above budget, due to the continued strong performances of the Fekola Mine in Mali, the Masbate Mine in the Philippines and the Otjikoto Mine in Namibia
Record quarterly consolidated gold revenue of $344 million, a significant increase of 135% ($198 million) over the same period last year
Fekola Mine continued to operate above plan since achieving commercial production on November 30, 2017, producing 114,142 ounces of gold in the quarter, 11% (11,228 ounces) above budget
Consolidated cash operating costs (see "Non-IFRS Measures") of $481 per ounce, well below budget by $67 per ounce (12%) and $83 per ounce (15%) lower than the prior-year quarter
Consolidated all-in sustaining costs ("AISC") (see "Non-IFRS Measures") of $750 per ounce, significantly below budget by $147 per ounce (16%) and $139 per ounce (16%) lower than the prior-year quarter
Consolidated cash flows from operating activities of $147 million ($0.15 per share), significantly increasing by $107 million (272%) from $40 million ($0.04 per share) in the prior-year quarter
Strong cash position of $168 million at quarter-end
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
B2Gold is projecting a dramatic increase in its annual consolidated cash flows from operating activities, expected, over the next three years, beginning in 2018, to average approximately $0.5 billion per year
2018 First Quarter Operational Results

With the Fekola Mine, the Company's largest and lowest cost mine, now in production, consolidated gold production in the first quarter of 2018 was a quarterly record of 239,684 ounces, a significant increase of 81% (106,948 ounces) over the same period last year and 7% (16,252 ounces) above budget. In its first full-quarter of operations (after achieving commercial production on November 30, 2017 within only 60 days from start-up), the new Fekola Mine continued to operate above plan, producing 114,142 ounces of gold in the first quarter of 2018, 11% (11,228 ounces) above budget. The Masbate Mine and Otjikoto Mine also had a solid start to the year with both mines exceeding their targeted production levels for the quarter.

Consolidated cash operating costs in the quarter were $481 per ounce, well below budget by $67 per ounce (12%) and $83 per ounce (15%) lower than the prior-year quarter. The favourable budget variance was attributable to the higher than budgeted production at the Fekola, Otjikoto and Masbate mines combined with lower than budgeted production costs at these mines. Consolidated AISC in the first quarter were $750 per ounce, significantly below budget by $147 per ounce (16%) and $139 per ounce (16%) lower than the prior-year quarter, reflecting the lower cash operating costs noted above and lower than planned capital expenditures mainly at La Libertad Mine which are expected to be incurred later in 2018.

B2Gold is well on target to achieve transformational growth in 2018. For full-year 2018, with the planned first full year of production from the Fekola Mine, consolidated gold production is forecast to be between 910,000 and 950,000 ounces. This represents an increase in annual consolidated gold production of approximately 300,000 ounces in 2018 from 2017. For full-year 2018, the Company's forecast consolidated cash operating costs range is between $505 and $550 per ounce and AISC are expected to decrease by approximately 6% from 2017 to between $780 and $830 per ounce.

This increase in production levels combined with low costs are projected to dramatically increase B2Gold's production, revenues, cash from operations and cash flow for many years. Based on current assumptions (including a gold price assumption of $1,300 per ounce), on average over the next three years, beginning in 2018, the Company is projecting per annum gold sales revenues of approximately $1.2 billion, cash flows from operating activities of approximately $0.5 billion and a significant increase in free cash flow (operating cash flows less investing cash flows).

2018 First Quarter Financial Results

Consolidated gold revenue in the first quarter of 2018 was a quarterly record of $344 million on record sales of 259,837 ounces at an average price of $1,325 per ounce compared to $146 million on sales of 119,937 ounces at an average price of $1,219 per ounce in the first quarter of 2017. This significant increase in revenue of 135% ($198 million) was attributable to the new production from the Fekola Mine, as well as a 9% increase in the average realized gold price and the timing of gold shipments (including 27,450 ounces sold in the quarter which related to Fekola's December 31, 2017 bullion and in-circuit gold inventories).

Consolidated gold revenue for the first quarter of 2018 included $15 million relating to the delivery of gold into the Company's Prepaid Sales contracts (accounted for as deferred revenue). During the quarter, 12,908 ounces of gold were delivered under these contracts.

For the first quarter of 2018, consolidated cash flows from operating activities increased by $107 million (272%) to $147 million ($0.15 per share) from $40 million ($0.04 per share) in the prior-year quarter. This significant increase was driven by the record quarterly consolidated gold sales (as discussed above) combined with lower per ounce production costs.

For the first quarter of 2018, the Company generated net income of $57 million ($0.06 per share) compared to a net loss of $5 million (negative $0.01 per share) in the first quarter of 2017. Adjusted net income (see "Non-IFRS Measures") for the first quarter of 2018 was $57 million ($0.06 per share) compared to adjusted net income of $19 million ($0.02 per share) in the first quarter of 2017.

Liquidity and Capital Resources

At March 31, 2018, the Company had cash and cash equivalents of $168 million compared to cash and cash equivalents of $147 million at December 31, 2017. The Company had a working capital deficit at March 31, 2018 of $88 million compared to a working capital deficit of $99 million at December 31, 2017. The working capital deficit is a result of the classification of the Company's convertible senior subordinated notes to current liabilities since they mature on October 1, 2018.

At March 31, 2018, the Company had drawn $275 million under its $500 million Revolving Credit Facility ("RCF"), leaving an undrawn and available balance under the existing facility of $225 million. Subsequent to March 31, 2018, the Company repaid an additional net $25 million under the RCF leaving an undrawn and available balance under the RCF of $250 million. With the successful and earlier than anticipated ramp-up of the Fekola Mine in 2017, the Company has begun to reduce its overall consolidated debt levels, including making $75 million of repayments on its RCF in the first quarter of 2018. The planned repayment of debt in 2018 includes the anticipated repayment of the Company's $259 million convertible notes which mature on October 1, 2018, unless the notes are converted into shares prior to that date (conversion price of $3.93 per share). The Company projects (based on current assumptions, including a $1,300 per ounce gold price) that it will have sufficient liquidity from 2018 operating cash flows and existing credit facilities to repay the notes in full and maintain a strong cash position.

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For more information on B2Gold please visit the Company website at www.b2gold.com



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