VANCOUVER, May 5, 2020
/CNW/ - 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 2020.
The Company previously released its gold production and gold
revenue results for the first quarter of 2020. All dollar figures
are in United States dollars
unless otherwise indicated.
The Company is also pleased to announce that it has increased
its quarterly dividend by 100% to $0.02 per share, or an expected $0.08 per share annually, which will become
effective upon approval and declaration of the second quarter
dividend in June 2020. The
declaration and payment of future quarterly dividends remains at
the discretion of the Board of Directors and will depend on the
Company's financial results, cash requirements, future prospects
and other factors deemed relevant by the Board.
The Company has been monitoring the COVID-19 pandemic and the
potential impact at B2Gold's operations since mid-February 2020. B2Gold places the safety and
well-being of its workforce as the highest priority and continues
to encourage input from all its stakeholders as the situation
continues to evolve. The Company continues to monitor public and
employee sentiment to ensure that stakeholders are in alignment
with the continued operations at its mines.
2020 First Quarter Highlights
- Consolidated gold production of 250,632
ounces, well-above budget by 7% (16,156 ounces) and a
significant increase of 25% (50,090 ounces) over the first quarter
of 2019 (excluding discontinued operations) with solid performances
from all the Company's operations (all exceeding their targeted
production for the quarter)
- Record quarterly total gold production of 264,862 ounces
(including 14,230 ounces of attributable reported gold production
from Calibre; previously estimated as 12,000 ounces in the
Company's press release dated April 8,
2020) (1)
- Record quarterly consolidated gold revenue from the Company's
three operating mines of $380
million, a significant increase of 44% ($116 million) over the same period last year
(excluding discontinued operations)
- Record quarterly consolidated cash flow provided by operating
activities from the Company's three operating mines of $216 million, an increase of $130 million or 151% over the first quarter of
2019
- Record quarterly low consolidated cash operating costs (see
"Non-IFRS Measures") from the Company's three operating mines
of $367 per ounce produced
($382 per ounce sold); consolidated
all-in sustaining costs ("AISC") (see "Non-IFRS Measures")
from its three operating mines of $695 per ounce sold
- Net income attributable to the shareholders of the Company of
$72 million ($0.07 per share); adjusted net income (see
"Non-IFRS Measures") attributable to the shareholders of the
Company of $99 million ($0.10 per share)
- Fekola Mine achieved record quarterly gold production of
164,011 ounces and record low quarterly cash operating costs of
$251 per ounce produced
- Otjikoto and Masbate Mines continued their remarkable safety
performance, extending the number of days without a
Lost-Time-Injury to 733 days (approximately 2 years or over 6
million man-hours) at the end of the first quarter of 2020 for
Otjikoto and more than 500 days at Masbate (almost 9 million
man-hours).
- B2Gold remains well positioned for continued strong operational
and financial performance. Total consolidated production guidance
remains at between 1,000,000 and 1,055,000 ounces of gold;
consolidated cash operating costs are forecast to be between
$415 and $455 per ounce and consolidated AISC are forecast
to be between $780 and $820 per ounce
- Based on current assumptions, including a gold price of
$1,500 per ounce for the balance of
2020, the Company expects to generate cashflows from operating
activities of approximately $700
million in 2020 and if a $1,700 per ounce gold price is assumed, more than
$800 million for 2020
- Based on the Company's current life of mine plans, from the
five-year period from 2020 to 2024, annual consolidated gold
production is forecast to average 950,000 ounces with AISC
averaging $825 per ounce
- In addition to sharing best practices and helping with COVID-19
risk mitigation, the Company is also committed to providing
financial assistance to both the local communities and to local and
national authorities in the countries in which it operates
(1)
|
B2Gold applies the
equity method of accounting for its approximate 34% ownership
interest in Calibre Mining Corp. ("Calibre") and reports its
attributable share of Calibre production ounces as part of its
total production results.
|
2020 First Quarter Operational Results
Consolidated gold production in the first quarter of 2020 was
250,632 ounces, well-above budget by 7% (16,156 ounces) and a
significant increase of 25% (50,090 ounces) over the first quarter
of 2019 (excluding discontinued operations of El Limon and La
Libertad) with solid performances from all the Company's
operations, each of which exceeded its targeted production for the
first quarter. The significant increase in gold production over the
first quarter of 2019 was driven by the Fekola Mine in Mali which had a very strong start to the year
with record quarterly gold production of 164,011 ounces, well-above
budget by 9% (14,011 ounces) and 49% (53,662 ounces) higher
compared to the first quarter of 2019. Fekola's significant
increase in gold production over the first quarter of 2019 was
mainly due to expansion of the Fekola mining fleet and optimization
of the pit designs and mine plan for 2020, which have provided
access to higher grade portions of the Fekola deposit earlier than
anticipated in previous mine plans.
Including attributable reported ounces from Calibre (14,230
ounces in the first quarter of 2020; previously estimated as 12,000
ounces in the Company's press release dated April 8, 2020), the Company's total gold
production in the first quarter of 2020 was a quarterly record of
264,862 ounces.
Consolidated cash operating costs in the first quarter of 2020
were a quarterly record low of $367
per ounce produced ($382 per ounce
sold), well-below budget by $53 per
ounce produced (13%) and the first quarter of 2019 by $87 per ounce produced (19%) (excluding
discontinued operations). The favourable budget variance and prior
period variance was attributable to the strong operating results
from all of the Company's operations with above budget gold
production and lower than budgeted total cash operating costs at
all sites. During the first quarter of 2020, Fekola achieved
quarterly record low cash operating costs of $251 per ounce produced ($286 per ounce sold) which was $40 per ounce produced (14%) below Fekola's
budget and significantly lower compared to Fekola's prior-year
quarter by $132 per ounce produced
(34%). In addition, both Masbate's and Otjikoto's cash operating
costs were also well-below their budgets.
Including estimated attributable results for Calibre,
consolidated cash operating costs for the first quarter of 2020
were $389 per ounce produced
($405 per ounce sold).
Consolidated AISC for the first quarter of 2020 were
$695 per ounce sold, well-below
budget by $110 per ounce (14%) and
the first quarter of 2019 by $48 per
ounce (6%) (excluding discontinued operations). The favourable
budget variance reflects lower-than-budgeted cash operating costs
and lower-than-budgeted sustaining capital and exploration
expenditures (mainly due to timing and expected to be incurred
later in 2020).
Including estimated attributable results for Calibre, AISC for
the first quarter of 2020 were $721
per ounce sold compared to budget of $822 per ounce sold and $848 per ounce sold for the first quarter of
2019.
Based on current assumptions for 2020, B2Gold remains well
positioned for continued strong operational and financial
performance. At the end of the first quarter of 2020, Calibre
announced the temporary suspension of its Nicaraguan operations due
to COVID-19, creating uncertainty as to what portion of the
remaining forecasted production ounces from Calibre would be
realized in 2020. However, given that the Company's three operating
mines are already 16,156 ounces ahead of budget at the end of the
first quarter of 2020, the Company has determined that its overall
consolidated production and financial guidance should be
maintained. Therefore, total consolidated production guidance
remains at between 1,000,000 and 1,055,000 ounces of gold;
consolidated cash operating costs are forecast to be between
$415 and $455 per ounce and consolidated AISC are forecast
to be between $780 and $820 per ounce.
The Company has implemented several measures and introduced
additional precautionary steps to manage and respond to the risks
associated with the COVID-19 virus to ensure the safety of B2Gold's
employees, contractors, suppliers and surrounding communities where
the Company works while continuing to operate. These measures
include the movement of people and goods, hygiene and cleanliness,
social distancing and remote working, isolation procedures at
B2Gold sites in the event of higher risk personnel, working with
surrounding communities and contingency plans for potential
disruptions including increases of supplies. The Company is
continually updating the plan and response measures based on the
safety and well-being of its workforce, the severity of the
pandemic in areas where it operates, global response measures,
government restrictions and extensive community consultation. The
Company is working closely with national and local authorities and
will be monitoring each site's situation closely while ensuring the
safe operation of its mines.
In addition to sharing best practices and helping with risk
mitigation, the Company is also committed to providing financial
assistance to both the local communities and to local and national
authorities in the countries in which it operates. B2Gold is
helping to ensure food security and is providing support for
medical equipment and health services to local communities around
its mining operations. In Metro Vancouver, B2Gold is contributing
CDN$500,000 to support three local
community organizations. In Mali,
B2Gold has committed $500,000
including funds for much needed medical supplies; in the Philippines, B2Gold has committed
$415,000 to assist families with food
and basic medical requirements; and in Namibia, B2Gold has committed $321,000, with a focus on hygiene, sanitation and
food security within urban townships.
2020 First Quarter Financial Results
Consolidated gold revenue in the first quarter of 2020 was a
quarterly record of $380 million from
the Company's three operating mines on sales of 239,500 ounces at
an average price of $1,588 per ounce
compared to $264 million on sales of
203,400 ounces at an average price of $1,298 per ounce in the first quarter of 2019
(excluding discontinued operations). Compared to the first quarter
of 2019, the significant increase in consolidated gold revenue of
44% ($116 million) was mainly
attributable to a 22% increase in the average realized gold price
and an 18% increase in gold ounces sold. Despite the disruptions
caused by the COVID-19 pandemic since March
2020, the Company continues to successfully ship its gold
bullion inventory to refineries.
Cash flow provided by operating activities in the first quarter
of 2020 was a quarterly record of $216
million from the Company's three operating mines compared to
$86 million in the first quarter of
2019. This significant increase of $130
million (151%) reflected the significant increase in gold
revenue, as a result of higher realized gold prices and sales (as
discussed above).
Net income for the first quarter of 2020 was $83 million compared to $27 million for the first quarter of 2019. For
the first quarter of 2020, the Company generated net income
attributable to the shareholders of the Company of $72 million ($0.07
per share) compared to $22 million
($0.02 per share) in the first
quarter of 2019. Adjusted net income attributable to shareholders
of the Company (see "Non-IFRS Measures") for the first
quarter of 2020 was $99 million
($0.10 per share) compared to
$32 million ($0.03 per share) in first quarter of 2019.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and
liquidity. As at March 31, 2020, the Company had cash and cash
equivalents of $208 million compared
to cash and cash equivalents of $141
million at December 31, 2019.
Working capital as at March 31, 2020 was $265 million compared to $242 million at December
31, 2019.
The Company has a revolving credit facility ("RCF") with a
syndicate of international banks for an aggregate amount of
$600 million. The RCF also allows for
an accordion feature whereby upon receipt of additional binding
commitments, the facility may be increased to $800 million any time prior to the maturity date
of May 9, 2023. During the first
quarter of 2020, the Company repaid $25
million on its RCF, leaving an RCF outstanding balance of
$175 million as at March 31, 2020.
The Company continues to monitor the ongoing global impact of
the COVID-19 pandemic and has sought to increase its overall cash
liquidity by retaining a significant portion of cash generated from
operations within cash and cash equivalents. As a precautionary
measure and given the current uncertainty resulting from the
COVID-19 pandemic, on April 8, 2020,
the Company completed the draw down of a further $250 million on its $600
million RCF, resulting in a total revised drawn down balance
of $425 million and available undrawn
capacity of $175 million. The Company
currently has no plans to utilize these funds for operating
purposes, given its strong financial position or for acquisitions.
The $250 million was drawn to provide
additional liquidity flexibility and assurance until the ultimate
timing and outcome of the COVID-19 pandemic can be reasonably
determined. At the present time, the Company has no pending
scheduled debt repayment other than normal scheduled repayments on
its Caterpillar equipment loan facilities.
Based on current assumptions, including the continued strong
operating performance at each of the Company's mines and no other
unforeseen work stoppages due to COVID-19, the Company still
expects to have the option to repay the entire drawn balance of
$425 million under its RCF over the
course of the 2020 fiscal year and finish 2020 in a strong net
positive cash position. The Company's ongoing strategy is to
continue to maximize profitable production from its mines, reduce
debt, expand the Fekola Mine throughput and annual production,
further advance its pipeline of development and exploration
projects and evaluate exploration opportunities.
Operations
Mine-by-mine gold production in the first quarter of 2020
(including the Company's 34% share of Calibre's production) was as
follows:
Mine
|
Q1
2020 Gold
Production (ounces)
|
2020
Forecast Annual Gold
Production (ounces)
|
Fekola
|
164,011
|
590,000 -
620,000
|
Masbate
|
44,872
|
200,000 -
210,000
|
Otjikoto
|
41,749
|
165,000 -
175,000
|
B2Gold
Consolidated (1)
|
250,632
|
955,000 –
1,005,000
|
|
|
|
Equity interest
in Calibre (2)
|
14,230
|
45,000 - 50,000
(3)
|
|
|
|
Total
|
264,862
|
1,000,000 –
1,055,000 (3)
|
(1)
|
"B2Gold
Consolidated" - gold production is presented on a 100% basis, as
B2Gold fully consolidates the results of its Fekola, Masbate and
Otjikoto mines in its consolidated financial statements (even
though it does not own 100% of these
operations).
|
(2)
|
"Equity interest
in Calibre" - gold production in the first quarter of 2020
represents the Company's approximate 34% indirect share of the
operations of Calibre's El Limon and La Libertad mines. B2Gold
applies the equity method of accounting for its approximate 34%
ownership interest in Calibre.
|
(3)
|
At the end of the
first quarter of 2020, Calibre announced the temporary suspension
of its Nicaraguan operations due to COVID-19, however, given that
the Company's three operating mines are 16,156 ounces ahead of
budget at the end of the first quarter, the Company has determined
that its overall guidance should be
maintained.
|
Mine-by-mine cash operating costs per ounce (on a per ounce of
gold produced and sold basis) in the first quarter of 2020 were as
follows (presented on a 100% basis):
Mine
|
Q1
2020 Cash Operating
Costs ($ per ounce
produced)
|
Q1
2020 Cash Operating
Costs ($ per ounce
sold)
|
2020 Annual
Guidance Cash Operating
Costs ($ per
ounce)
|
Fekola
|
$251
|
$286
|
$285 -
$325
|
Masbate
|
$722
|
$661
|
$665 -
$705
|
Otjikoto
|
$441
|
$416
|
$480 -
$520
|
B2Gold
Consolidated
|
$367
|
$382
|
$395 -
$440
|
|
|
|
|
Equity interest
in
Calibre
|
$779
|
$779
|
$720 -
$760
|
|
|
|
|
Total
|
$389
|
$405
|
$415 -
$455
|
Mine-by-mine AISC (on a per ounce of gold sold basis) in the
first quarter of 2020 were as follows (presented on a 100%
basis):
Mine
|
Q1
2020 AISC ($
per ounce sold)
|
2020 Annual
Guidance AISC ($
per ounce sold)
|
Fekola
|
$519
|
$555 -
$595
|
Masbate
|
$908
|
$965 -
$1,005
|
Otjikoto
|
$850
|
$1,010 -
$1,050
|
B2Gold
Consolidated
|
$695
|
$765 -
$805
|
|
|
|
Equity interest
in Calibre
|
$1,157
|
$1,020 -
$1,060
|
|
|
|
Total
|
$721
|
$780 -
$820
|
Fekola Gold Mine - Mali
The Fekola Mine in Mali had a
very strong start to the year with record first quarter gold
production of 164,011 ounces, well-above budget by 9% (14,011
ounces). This was mainly attributable to higher than budget mined
grade from Phase 4 of the Fekola Pit. Compared to the first quarter
of 2019, gold production was significantly higher by 49% (53,662
ounces), mainly due to expansion of the Fekola mining fleet and
optimization of the pit designs and mine plan, which have provided
access to higher grade portions of the Fekola deposit earlier than
anticipated in previous mine plans.
For the first quarter of 2020, mill throughput was 1.75 million
tonnes, exceeding budget by 2.5% and comparable to the first
quarter of 2019 (despite planned interruptions related to the
ongoing mill expansion project). The average grade processed was
3.11 grams per tonne ("g/t"), 7% higher than budget of 2.91 g/t and
47% higher than the 2.11 g/t processed in the first quarter of 2019
(due to a decision to temporarily mine higher grade areas in Phase
4 of the Fekola deposit earlier than anticipated in the 2020 mine
plan in order to supplement ore stockpiles and ensure the ore is
accessed prior to the rainy season). Gold recoveries in the first
quarter of 2020 averaged 93.8%, comparable to budget and the first
quarter of 2019.
Fekola's cash operating costs for the first quarter of 2020 were
a quarterly record low of $251 per
ounce produced ($286 per ounce sold),
well-below budget by $40 per ounce
produced (14%) and significantly lower than the prior-year quarter
by $132 per ounce produced (34%).
This was mainly due to higher gold production. Fekola's per ounce
cash operating costs were well-below budget for the first quarter,
despite incurring above budgeted fuel prices. Budgeted fuel prices
at Fekola were based on October 2019
actual prices, which then increased in the fourth quarter of 2019.
Fuel prices at Fekola have started to trend down again in the first
quarter of 2020. However, fuel prices in Mali are set by the Government one month in
advance and contain a fixed price component for cross-border
freight and clearance costs. In addition, Fekola typically has one
to two months of inventory on hand at any point in time, which is
drawn down and included in cash operating costs as that inventory
is utilized. Therefore, reported HFO and diesel costs only
partially mirror changes in underlying crude prices and usually
with an approximately three-month time lag.
Fekola's AISC for the first quarter of 2020 were $519 per ounce sold, well below budget by
$59 per ounce (10%) and the
prior-year quarter by $95 per ounce
(15%). The lower-than-budgeted AISC reflects the lower cash
operating costs and lower-than-budgeted sustaining capital and
exploration expenditures ($11
million), partially offset by higher royalties (resulting
from higher gold prices). The lower sustaining capital and
exploration expenditures were mainly due to timing (except for
approximately $3 million of expected
overall savings on the tailings storage facility project).
Capital expenditures in the first quarter of 2020 totaled
$74 million primarily consisting of
$30 million for the mining fleet
expansion, $16 million for the
processing plant expansion, $11
million for the solar plant and $5
million for pre-stripping.
Based on current assumptions, for full-year 2020, the low-cost
Fekola Mine is expected to produce between 590,000 and 620,000
ounces of gold at cash operating costs of between $285 and $325 per
ounce and AISC of between $555 and
$595 per ounce.
Fekola Mine Expansion
The Fekola Mine expansion project has progressed well in the
first quarter of 2020 and is scheduled to be completed by the end
of the third quarter of 2020. Mining fleet expansion equipment
started to arrive on site ahead of schedule in January 2020 and these pieces were commissioned
in the first quarter of 2020. The next round of mining fleet
expansion equipment continues to arrive on site and is in the
process of being commissioned. All mill expansion materials have
been ordered and the majority of supplies are on site. Installation
of steel and tanks have commenced and more than 50% of the
necessary expansion tie-ins have been completed, and a double
tailings dam lift is more than 90% done and is expected to be
completed ahead of schedule and under budget in the second quarter
of 2020.
Fekola Solar Plant
The Fekola solar plant engineering and construction has
progressed well in the first quarter of 2020. However, due to
issues related to COVID-19, the Company has made the decision to
temporarily suspend construction activities on the solar plant.
Suspending the solar plant installation is not expected to impact
Fekola's production guidance for 2020 and will increase
availability at the Fekola camp to assist mining operations in
isolating more of the critical workforce on site and mitigate
COVID-19 related travel and quarantine restrictions. The Company
expects the solar plant construction will still be completed within
six months of the restart of solar construction
activities.
Masbate Gold Mine – the
Philippines
The Masbate Mine in the
Philippines continued to perform well through the first
quarter of 2020, producing 44,872 ounces of gold, slightly above
budget by 2% (782 ounces), as higher-than-budgeted processed
grade/recovery more than offset lower-than-budgeted throughput (due
to unbudgeted downtime for a SAG mill inspection and reline,
maintenance activities and a five day temporary suspension of
mining activities due to fuel shortage). Mining activities in the
Montana Pit were scheduled to start at the beginning of 2020 but
did not commence until early February
2020. Consequently, lower waste stripping activity was
completed at Montana during the
first quarter and more material was mined from the Main Vein Pit
than budgeted. Ore grade, oxide ore tonnage and total ore tonnage
mined from the Main Vein Pit were all better than modelled,
resulting in higher-than-budgeted grade/recovery. Compared to the
first quarter of 2019, gold production was lower by 22% (12,609
ounces), as planned, mainly due to lower budgeted grade.
For the first quarter of 2020, mill throughput was 1.87 million
tonnes (compared to budget of 2.07 million tonnes and 1.83 million
tonnes in the first quarter of 2019). The average grade processed
was 0.90 g/t (compared to budget of 0.86 g/t and 1.32 g/t in the
first quarter of 2019) and gold recoveries averaged 83.2% (compared
to budget of 76.8% and 73.6% in the first quarter of 2019). Oxide
ore represented 23% of the processed tonnage for the quarter
(versus budget of 6% and 31% in the first quarter of 2019). Ore was
mined from both the Main Vein and Montana pits in the first quarter of 2020,
with positive variances experienced in Main Vein from unbudgeted
ore backfill encountered in historic surface and underground mine
workings.
Masbate's first quarter cash operating costs were $722 per ounce produced ($661 per ounce sold), well-below budget by
$61 per ounce produced (8%). The
favourable budget variance was attributable to lower-than-budgeted
mining/processing costs. Cost savings reflected below budget mined
tonnage from the Montana Pit, less waste stripping activity than
budgeted and the temporary suspension of mining activities in late
March 2020 due to disruptions to the
fuel supply chain caused by COVID-19. Fuel supply lines were
re-established at the end of March and mining operations
recommenced on March 30, 2020. In
addition, Masbate's fuel costs were below budget due to
lower-than-budgeted fuel prices and haul costs arising from less
mining activity in the Montana Pit than budgeted. Compared to the
first quarter of 2019, cash operating costs were higher by
$216 per ounce produced, as expected,
due to lower gold production and mining in the higher strip ratio
Montana Pit.
Masbate's AISC for the quarter were $908 per ounce sold (Q1 2019 - $743 per ounce sold), significantly below budget
by $310 per ounce (25%), mainly due
to lower-than-budgeted cash operating costs, higher-than-budgeted
gold ounces sold and lower-than-budgeted sustaining capital
expenditures ($7 million) (due to
timing differences).
Capital expenditures for the first quarter of 2020 totalled
$5 million, including $2 million for mill maintenance, $1 million for pre-stripping and $1 million for mobile equipment acquisition costs
and rebuilds.
Masbate's gold production is scheduled to be weighted towards
the second half of 2020 (54%), as higher- grade ore from the new
Montana Pit is forecast to be processed during the second half of
the year. At the end of April, the government announced a loosening
of restrictions in the Philippines
that allows Masbate to ramp back up to full staffing and the
Company is now mining in both Montana and Main Vein Pits. The
temporary reduction in mining fleet and staff is not forecasted to
impact Masbate's production forecast for the second quarter of 2020
or its 2020 annual production guidance.
For full-year 2020, the Masbate Mine is expected to produce
between 200,000 and 210,000 ounces of gold in total from the Main
Vein and Montana Pits, at cash operating costs of between
$665 and $705 per ounce and AISC of between $965 and $1,005 per
ounce.
Otjikoto Gold Mine - Namibia
The Otjikoto Mine in Namibia
also had a solid first quarter, producing 41,749 ounces of gold, 3%
(1,363 ounces) above budget, as processed tonnes, grade, and
recovery were all slightly better than budget. Compared to the
first quarter of 2019, gold production was significantly higher by
28% (9,037 ounces), due to higher grade ore from the Wolfshag Pit
(ore production from the pit resumed in the second half of 2019
following pre-stripping). The Otjikoto Mine continued its
remarkable safety performance, extending the number of days without
a Lost-Time-Injury to 733 days (approximately 2 years or over 6
million man-hours) as at March 31,
2020.
During the first quarter of 2020, the Otjikoto Mine processed
0.86 million tonnes (compared to budget of 0.85 million tonnes and
0.80 million tonnes in the first quarter of 2019) at an average
grade of 1.54 g/t (compared to budget of 1.51 g/t and 1.29 g/t in
the first quarter of 2019) and average gold recoveries of 98.4%
(compared to budget of 98.0% and 98.6% in the first quarter of
2019).
For the first quarter of 2020, Otjikoto's cash operating costs
were $441 per ounce produced
($416 per ounce sold), well-below
budget by $64 per ounce produced
(13%) and significantly lower than the first quarter of 2019 by
$161 per ounce produced (27%). The
favourable budget variance was attributable to higher-than-budgeted
gold production, lower-than-budgeted fuel/reagent costs and a
weaker-than-budgeted Namibian dollar, partially offset by
lower-than-budgeted stockpile adjustments. Compared to the first
quarter of 2019, cash operating costs were lower mainly due to
higher gold production.
Otjikoto's AISC for the first quarter of 2020 were $850 per ounce sold (Q1 2019 - $829 per ounce sold), well-below budget by
$93 per ounce (10%), mainly due to
higher-than-budgeted gold production, lower-than-budgeted cash
operating costs and sustaining capital expenditures ($2 million) (as a result of timing
differences).
Capital expenditures in the first quarter of 2020 totaled
$12 million, including $10 million for pre-stripping in the Otjikoto
Phase 3 and Wolfshag Phase 3 Pits.
The Namibian government had previously
communicated that it continues to support safe mining but had
directed mines to reduce staffing to minimal levels. The Company
had accordingly implemented temporary measures at the Otjikoto Mine
to reduce employees active on site to the minimum levels required
to continue with mining and milling operations. On April 30, 2020, the government of Namibia announced the end of the Phase 1
lockdown and a partial easing of restrictions which allowed
Otjikoto to resume full mining operations. A return to full mining
production will be completed within the first week of May. The
previous, temporary cessation of waste mining will not impact
Otjikoto's production forecast for the second quarter of 2020 or
its 2020 annual production guidance.
Based on current assumptions, for full-year 2020, the Otjikoto
Mine is forecast to produce between 165,000 and 175,000 ounces of
gold, from the Otjikoto and Wolfshag Pits, at cash operating costs
of between $480 and $520 per ounce and AISC of between $1,010 and $1,050
per ounce.
Development
Gramalote Project - Colombia
On March 30, 2020 B2Gold announced
that at the Gramalote Project, a joint venture with AngloGold
Ashanti Limited, infill drilling of the Inferred Mineral Resource
would be temporarily suspended due to COVID-19, while other aspects
of the Feasibility Study would continue to advance. The decision
was taken considering the National Emergency and National
Quarantine announced by the Colombian government and after
consultation with surrounding communities and various levels of
Colombian government. The Company expects that the suspension of
drilling will likely delay the completion of the Gramalote project
feasibility study to the first quarter of 2021.
On April 27, 2020, the Colombian
government in Antioquia commenced a tightly regulated process of
returning manufacturing and construction industries back to work
while still maintaining strict controls over public movement.
Working with Colombian authorities, the Company is preparing the
reactivation of operational activities at the Gramalote Project,
starting with the conditioning of Gramalote's facilities,
installation of monitoring technology, and development of COVID-19
management protocols. When those activities are completed, the
Company will be able to reactivate some operational activities,
including the recommencement of drilling with a reduced number of
drills.
Outlook
Based on current assumptions for 2020, B2Gold remains well
positioned for continued strong operational and financial
performance. Total consolidated production guidance remains at
between 1,000,000 and 1,055,000 ounces of gold; consolidated cash
operating costs are forecast to be between $415 and $455 per
ounce and consolidated AISC are forecast to be between $780 and $820 per
ounce. We remain on guidance even though at the end of the first
quarter of 2020, Calibre Mining Corp. (34% owned by B2Gold)
announced the temporary suspension of its Nicaraguan operations due
to COVID-19, creating uncertainty as to what portion of the
remaining forecasted production ounces from Calibre would be
realized in 2020. However, given that the Company's three operating
mines are already 16,156 ounces ahead of budget at the end of the
first quarter of 2020, the Company has determined that its overall
consolidated production and financial guidance should be
maintained. The Company is on schedule to realize a significant
increase in gold production from the Fekola Mine in 2020
(approximately 600,000 ounces) based on the addition of a larger
mining fleet, the optimization of the mining sequence, and the mill
expansion. B2Gold's construction team is on schedule to complete
the Fekola mill expansion in the third quarter of 2020, which along
with the larger mining fleet will significantly increase mill
throughput, yielding projected annual production averaging 550,000
ounces of gold over the next five years based on current
assumptions.
While B2Gold remains in a very strong financial position, the
Company drew down $250 million on its
RCF in early April 2020. This was a
purely precautionary measure given the current global economic
environment caused by the COVID-19 pandemic and the Company expects
to continue to generate net cash flows through the balance of 2020
and finish 2020 in a significant net positive cash position.
Despite some of the challenges that the current COVID-19
pandemic has created in each of the locations where the Company
operates or is head-quartered, the Company continues to operate
virtually unimpeded. The Company is very of proud of its employees'
dedication and resilience in these challenging times and believes
it is in part due to the executive team's and mine employees' years
of experience in all aspects of international mining, and our
culture of fairness, respect and transparency. That resilience is
reflected in the Company's record first quarter of 2020
results.
In conjunction with this success, we are also very mindful of
the communities where we operate and continue to assist local and
national governments in their efforts to respond to the COVID-19
crisis. B2Gold would like to thank all levels of government in the
countries for working with the Company in mutually trusting
relationships during these challenging times.
B2Gold is helping to ensure food security and is providing
support for medical equipment and health services to local
communities around our mining operations. In Metro Vancouver,
B2Gold is contributing CDN$500,000 to
support three local community organizations. In Mali, B2Gold has committed $500,000 including funds for much needed medical
supplies; in the Philippines,
B2Gold has committed $415,000 to
assist families with food and basic medical requirements; and in
Namibia, we have committed
$321,000, with a focus on hygiene,
sanitation and food security within urban townships.
In addition, to managing its operations through these current
challenging times, B2Gold will also look forward through the
balance of 2020 and beyond and remain committed to continuing to
execute on its strategic objectives. The Company's ongoing strategy
is to continue to maximize profitable production from its mines,
reduce debt, expand the Fekola Mine throughput and annual
production, further advance its pipeline of development and
exploration projects, evaluate opportunities and continue to pay a
dividend.
Qualified Persons
Bill Lytle, Senior
Vice President of Operations, a qualified person under NI 43-101,
has approved the the scientific and technical information related
to operations matters contained in this news release.
First Quarter 2020 Financial Results - Conference Call
Details
B2Gold will release its first quarter of 2020 financial results
after the North American markets close on Tuesday, May 5, 2020.
B2Gold executives will host a conference call to discuss the
First Quarter 2020 Earnings on Wednesday,
May 6, 2020, at 10:00 am
PDT/1:00 pm EDT. You may
access the call by dialing the operator at +1 (647) 788-4919 (local
or international) or toll free at +1 (877) 291-4570 prior to the
scheduled start time or you may listen to the call via webcast by
clicking: https://www.webcaster4.com/Webcast/Page/1493/34084. A
playback version will be available for two weeks after the call at
+1 (416) 621-4642 (local or international) or toll free at +1
(800) 585-8367 (passcode 9543136).
ON BEHALF OF B2GOLD CORP.
"CLIVE T.
JOHNSON"
PRESIDENT AND CHIEF EXECUTIVE OFFICER
For more information on B2Gold please visit the
Company website at www.b2gold.com or contact:
Ian
MacLean
|
Katie
Bromley
|
Vice President,
Investor Relations
|
Manager, Investor
Relations & Public Relations
|
604-681-8371
|
604-681-8371
|
imaclean@b2gold.com
|
kbromley@b2gold.com
|
The Toronto Stock Exchange and NYSE American
LLC neither approve nor disapprove the information contained in
this news release.
Production results and production guidance
presented in this news release reflect total production at the
mines B2Gold operates on a 100% project basis. Please see our
Annual Information Form dated March 20,
2020 for a discussion of our ownership interest in the mines
B2Gold operates.
This news release includes certain
"forward-looking information" and "forward-looking statements"
(collectively forward-looking statements") within the meaning of
applicable Canadian and United
States securities legislation, including: projections;
outlook; guidance; forecasts; estimates; and other statements
regarding future or estimated financial and operational
performance, gold production and sales, revenues and cash flows,
and capital costs (sustaining and non-sustaining) and operating
costs, including projected cash operating costs and AISC, and
budgets on a consolidated and mine by mine basis; the impact
of the COVID-19 pandemic on B2Gold's operations, including any
restrictions or suspensions with respect to our operations and the
effect of any such restrictions or suspensions on our financial and
operational results; the ability of the Company to successfully
maintain our operations if they are temporarily suspended,
and to restart or ramp-up these operations efficiently and
economically, the impact of COVID-19 on the Company's workforce,
suppliers and other essential resources and what effect those
impacts, if they occur, would have on our business, our planned
capital and exploration expenditures; future or estimated
mine life, metal price assumptions, ore grades or sources, gold
recovery rates, stripping ratios, throughput, ore processing;
statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation: B2Gold
generating operating cashflows of approximately $700 million in 2020; the anticipated repayment
of the outstanding RCF balance in 2020 and the availability of the
facility; remaining well positioned for continued strong
operational and financial performance for the remainder of 2020;
projected gold production, cash operating costs and AISC on a
consolidated and mine by mine basis in 2020, including total
consolidated gold production of between 1,000,000 and 1,055,000
ounces in 2020 with cash operating costs of between $415 and $455 per
ounce and AISC of between $780 and
$820 per ounce; annual consolidated
gold production forecast to average 950,000 ounces between 2020 and
2024 with AISC averaging $825 per
ounce; the realization of a significant increase in gold production
from Fekola in 2020; the completion of the mill expansion at Fekola
and the timing, results and costs thereof; the Fekola expansion
being expected to increase gold production to an average of 550,000
ounces per year during the five-year period 2020-2024; the
anticipated cost, timing and results for the addition of a solar
plant to the Fekola Mine, including the timing to complete
following restart of construction;; the availability of future
takedowns under the RCF; the RCF and operating cash flows allowing
B2Gold to meet its current obligations as they come due and
providing financial flexibility to advance existing assets and
pursue exploration opportunities; and production levels and
B2Gold's attributable share at El Limon and La Libertad. All
statements in this news release that address events or developments
that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, although not always, identified
by words such as "expect", "plan", "anticipate", "project",
"target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. All such
forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made.
Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
B2Gold's control, including risks associated with or related to:
the duration and extent of the COVID-19 pandemic, the effectiveness
of preventative measures and contingency plans put in place by the
Company to respond to the COVID-19 pandemic, including, but not
limited to, social distancing, a non-essential travel ban, business
continuity plans, and efforts to mitigate supply chain disruptions;
escalation of travel restrictions on people or products and
reductions in the ability of the Company to transport and refine
doré; the volatility of metal prices and B2Gold's common shares;
changes in tax laws; the dangers inherent in exploration,
development and mining activities; the uncertainty of reserve and
resource estimates; not achieving production, cost or other
estimates; actual production, development plans and costs differing
materially from the estimates in B2Gold's feasibility and other
studies; the ability to obtain and maintain any necessary permits,
consents or authorizations required for mining activities;
environmental regulations or hazards and compliance with complex
regulations associated with mining activities; climate change and
climate change regulations; the ability to replace mineral reserves
and identify acquisition opportunities; the unknown liabilities of
companies acquired by B2Gold; the ability to successfully integrate
new acquisitions; fluctuations in exchange rates; the availability
of financing; financing and debt activities, including potential
restrictions imposed on B2Gold's operations as a result thereof and
the ability to generate sufficient cash flows; operations in
foreign and developing countries and the compliance with foreign
laws, including those associated with operations in Mali, Namibia, the
Philippines, Colombia and
Burkina Faso and including risks
related to changes in foreign laws and changing policies related to
mining and local ownership requirements or resource nationalization
generally, including in response to the COVID-19 outbreak; remote
operations and the availability of adequate infrastructure;
fluctuations in price and availability of energy and other inputs
necessary for mining operations; shortages or cost increases in
necessary equipment, supplies and labour; regulatory, political and
country risks, including local instability or acts of terrorism and
the effects thereof; the reliance upon contractors, third parties
and joint venture partners; the lack of sole decision-making
authority related to Filminera Resources Corporation, which owns
the Masbate Project; challenges to title or surface rights; the
dependence on key personnel and the ability to attract and retain
skilled personnel; the risk of an uninsurable or uninsured loss;
adverse climate and weather conditions; litigation risk;
competition with other mining companies; community support for
B2Gold's operations, including risks related to strikes and the
halting of such operations from time to time; conflicts with small
scale miners; failures of information systems or information
security threats; the ability to maintain adequate internal
controls over financial reporting as required by law, including
Section 404 of the Sarbanes-Oxley Act; compliance with
anti-corruption laws, and sanctions or other similar measures;
social media and B2Gold's reputation; risks affecting Calibre
having an impact on the value of the Company's investment in
Calibre, including the impact of the temporary suspension of
operations in Nicaragua and
withdrawal of Calibre's annual forecasted gold production, and
potential dilution of our equity interest in Calibre; as well as
other factors identified and as described in more detail under the
heading "Risk Factors" in B2Gold's most recent Annual Information
Form, B2Gold's current Form 40-F Annual Report and B2Gold's other
filings with Canadian securities regulators and the U.S. Securities
and Exchange Commission (the "SEC"), which may be viewed at
www.sedar.com and www.sec.gov, respectively (the "Websites"). The
list is not exhaustive of the factors that may affect B2Gold's
forward-looking statements
B2Gold's forward-looking statements are based
on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information
available to management at such time. These assumptions and factors
include, but are not limited to, assumptions and factors related to
B2Gold's ability to carry on current and future operations,
including: the duration and effects of COVID-19 on our
operations and workforce; development and exploration activities;
the timing, extent, duration and economic viability of such
operations, including any mineral resources or reserves identified
thereby; the accuracy and reliability of estimates, projections,
forecasts, studies and assessments; B2Gold's ability to meet or
achieve estimates, projections and forecasts; the availability and
cost of inputs; the price and market for outputs, including gold;
foreign exchange rates; taxation levels; the timely receipt of
necessary approvals or permits; the ability to meet current and
future obligations; the ability to obtain timely financing on
reasonable terms when required; the current and future social,
economic and political conditions; and other assumptions and
factors generally associated with the mining industry.
B2Gold's forward-looking statements are based
on the opinions and estimates of management and reflect their
current expectations regarding future events and operating
performance and speak only as of the date hereof. B2Gold does not
assume any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions
should change other than as required by applicable law. There can
be no assurance that forward-looking statements will prove to be
accurate, and actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements. Accordingly, no assurance can be given
that any events anticipated by the forward-looking statements will
transpire or occur, or if any of them do, what benefits or
liabilities B2Gold will derive therefrom. For the reasons set forth
above, undue reliance should not be placed on forward-looking
statements.
Non-IFRS Measures
This news
release includes certain terms or performance measures commonly
used in the mining industry that are not defined under
International Financial Reporting Standards ("IFRS"), including
"cash operating costs" and "all-in sustaining costs" (or "AISC").
Non-IFRS measures do not have any standardized meaning prescribed
under IFRS, and therefore they may not be comparable to similar
measures employed by other companies. The data presented is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS and should be read in
conjunction with B2Gold's consolidated financial statements.
Readers should refer to B2Gold's Management Discussion and
Analysis, available on the Websites, under the heading "Non-IFRS
Measures" for a more detailed discussion of how B2Gold calculates
certain of such measures and a reconciliation of certain measures
to IFR terms.
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH
31
(Expressed in thousands of United
States dollars, except per share amounts)
(Unaudited)
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
Gold
revenue
|
|
$
|
380,298
|
$
|
263,982
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
|
Production
costs
|
|
|
(91,556)
|
|
(92,837)
|
Depreciation and
depletion
|
|
|
(70,612)
|
|
(60,631)
|
Royalties and
production taxes
|
|
|
(25,731)
|
|
(17,954)
|
Total cost of
sales
|
|
|
(187,899)
|
|
(171,422)
|
|
|
|
|
|
|
Gross
profit
|
|
|
192,399
|
|
92,560
|
|
|
|
|
|
|
General and
administrative
|
|
|
(10,188)
|
|
(14,786)
|
Share-based
payments
|
|
|
(3,647)
|
|
(3,982)
|
Community
relations
|
|
|
(3,734)
|
|
(678)
|
Foreign exchange
(losses) gains
|
|
|
(1,232)
|
|
1,326
|
Share of income of
associate
|
|
|
6,400
|
|
—
|
Other
|
|
|
(573)
|
|
(297)
|
Operating
income
|
|
|
179,425
|
|
74,143
|
|
|
|
|
|
|
Interest and
financing expense
|
|
|
(4,517)
|
|
(7,439)
|
(Losses) gains on
derivative instruments
|
|
|
(14,842)
|
|
6,246
|
Other
|
|
|
(179)
|
|
(66)
|
Income from
continuing operations before taxes
|
|
|
159,887
|
|
72,884
|
|
|
|
|
|
|
Current income tax,
withholding and other taxes
|
|
|
(63,470)
|
|
(25,569)
|
Deferred income tax
expense
|
|
|
(13,409)
|
|
(12,070)
|
Net income from
continuing operations
|
|
|
83,008
|
|
35,245
|
|
|
|
|
|
|
Loss from
discontinued operations attributable to shareholders of the
Company
|
|
|
—
|
|
(8,722)
|
Net income for the
period
|
|
$
|
83,008
|
$
|
26,523
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
Shareholders of the
Company
|
|
$
|
72,287
|
$
|
22,295
|
Non-controlling
interests
|
|
|
10,721
|
|
4,228
|
Net income for the
period
|
|
$
|
83,008
|
$
|
26,523
|
|
|
|
|
|
|
Earnings per share
from continuing operations
(attributable to
shareholders of the Company)
|
|
|
|
|
|
Basic
|
|
$
|
0.07
|
$
|
0.03
|
Diluted
|
|
$
|
0.07
|
$
|
0.03
|
|
|
|
|
|
|
Earnings per
share
(attributable to
shareholders of the Company)
|
|
|
|
|
|
Basic
|
|
$
|
0.07
|
$
|
0.02
|
Diluted
|
|
$
|
0.07
|
$
|
0.02
|
|
|
|
|
|
|
Weighted average
number of common shares outstanding
(in
thousands)
|
|
|
|
|
|
Basic
|
|
|
1,035,032
|
|
1,001,410
|
Diluted
|
|
|
1,047,943
|
|
1,015,484
|
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH
31
(Expressed in thousands of United
States dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
2020
|
|
|
2019
|
Operating
activities
|
|
|
|
|
|
|
Net income from
continuing operations for the period
|
|
$
|
83,008
|
|
$
|
35,245
|
Mine restoration
provisions settled
|
|
|
(189)
|
|
|
(124)
|
Non-cash charges,
net
|
|
|
104,529
|
|
|
57,023
|
Changes in non-cash
working capital
|
|
|
31,743
|
|
|
(5,107)
|
Changes in long-term
value added tax receivables
|
|
|
(2,878)
|
|
|
(1,839)
|
Cash provided by
operating activities of continuing operations
|
|
|
216,213
|
|
|
85,198
|
Cash provided by
operating activities of discontinued operations
|
|
|
—
|
|
|
1,221
|
Cash provided by
operating activities
|
|
|
216,213
|
|
|
86,419
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
|
Repayment of revolving
credit facility
|
|
|
(25,000)
|
|
|
—
|
Repayment of equipment
loan facilities
|
|
|
(10,796)
|
|
|
(2,312)
|
Interest and commitment
fees paid
|
|
|
(3,776)
|
|
|
(5,770)
|
Common shares issued
for cash on exercise of stock options
|
|
|
16,344
|
|
|
21,165
|
Dividends
paid
|
|
|
(10,368)
|
|
|
—
|
Principal payments on
lease arrangements
|
|
|
(829)
|
|
|
(757)
|
Restricted cash
movement
|
|
|
2,104
|
|
|
(856)
|
Cash (used) provided
by financing activities of continuing operations
|
|
|
(32,321)
|
|
|
11,470
|
Cash used by
financing activities of discontinued operations
|
|
|
—
|
|
|
(184)
|
Cash (used) provided
by financing activities
|
|
|
(32,321)
|
|
|
11,286
|
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
|
Expenditures on mining
interests:
|
|
|
|
|
|
|
Fekola Mine
|
|
|
(74,133)
|
|
|
(21,284)
|
Masbate
Mine
|
|
|
(4,761)
|
|
|
(8,444)
|
Otjikoto
Mine
|
|
|
(11,732)
|
|
|
(7,282)
|
Gramalote
Project
|
|
|
(12,678)
|
|
|
(1,188)
|
Other exploration and
development
|
|
|
(9,364)
|
|
|
(6,621)
|
Other
|
|
|
(17)
|
|
|
(151)
|
Cash used by
investing activities of continuing operations
|
|
|
(112,685)
|
|
|
(44,970)
|
Cash used by
investing activities of discontinued operations
|
|
|
—
|
|
|
(13,527)
|
Cash used by
investing activities
|
|
|
(112,685)
|
|
|
(58,497)
|
|
|
|
|
|
|
|
Increase in cash
and cash equivalents
|
|
|
71,207
|
|
|
39,208
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
(3,864)
|
|
|
(377)
|
Cash and cash
equivalents, beginning of period
|
|
|
140,596
|
|
|
102,752
|
Less cash
associated with discontinued operations, end of
period
|
|
|
—
|
|
|
(12,150)
|
Cash and cash
equivalents, end of period
|
|
$
|
207,939
|
|
$
|
129,433
|
B2GOLD CORP.
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United
States dollars)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
As at March
31,
2020
|
|
|
As at December
31, 2019
|
Assets
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
207,939
|
|
$
|
140,596
|
Accounts receivable,
prepaids and other
|
|
|
21,088
|
|
|
37,890
|
Value-added and other
tax receivables
|
|
|
10,605
|
|
|
11,070
|
Inventories
|
|
|
238,293
|
|
|
217,923
|
Assets classified as
held for sale
|
|
|
22,701
|
|
|
22,021
|
|
|
|
500,626
|
|
|
429,500
|
|
|
|
|
|
|
|
Value-added tax
receivables
|
|
|
27,701
|
|
|
25,153
|
Mining
interests
|
|
|
|
|
|
|
Owned by
subsidiaries
|
|
|
2,078,130
|
|
|
2,046,731
|
Investments in joint
ventures and associates
|
|
|
149,814
|
|
|
130,736
|
Other
assets
|
|
|
60,158
|
|
|
49,615
|
Deferred income
taxes
|
|
|
—
|
|
|
1,336
|
|
|
$
|
2,816,429
|
|
$
|
2,683,071
|
Liabilities
|
|
|
|
|
|
|
Current
|
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
|
$
|
80,792
|
|
$
|
83,370
|
Current income and
other taxes payable
|
|
|
95,766
|
|
|
53,396
|
Current portion of
long-term debt
|
|
|
22,033
|
|
|
26,030
|
Current portion of
derivative instruments at fair value
|
|
|
11,144
|
|
|
1,909
|
Other current
liabilities
|
|
|
3,191
|
|
|
357
|
|
|
|
212,926
|
|
|
165,062
|
|
|
|
|
|
|
|
Long-term
debt
|
|
|
202,976
|
|
|
235,821
|
Mine restoration
provisions
|
|
|
89,004
|
|
|
75,419
|
Deferred income
taxes
|
|
|
157,663
|
|
|
145,590
|
Employee benefits
obligation
|
|
|
5,270
|
|
|
4,736
|
Other long-term
liabilities
|
|
|
6,351
|
|
|
4,791
|
|
|
|
674,190
|
|
|
631,419
|
Equity
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
Share
capital
|
|
|
|
|
|
|
Issued: 1,036,898,469 common shares
(Dec 31, 2019 – 1,030,399,987)
|
|
|
2,361,451
|
|
|
2,339,874
|
Contributed
surplus
|
|
|
53,666
|
|
|
56,685
|
Accumulated other
comprehensive loss
|
|
|
(145,822)
|
|
|
(145,071)
|
Deficit
|
|
|
(198,393)
|
|
|
(261,245)
|
|
|
|
2,070,902
|
|
|
1,990,243
|
Non-controlling
interests
|
|
|
71,337
|
|
|
61,409
|
|
|
|
2,142,239
|
|
|
2,051,652
|
|
|
$
|
2,816,429
|
|
$
|
2,683,071
|
View original
content:http://www.prnewswire.com/news-releases/b2gold-reports-strong-q1-2020-results-and-quarterly-records-for-total-gold-production-gold-revenue-operating-cash-flows-and-cash-operating-costs-increases-quarterly-dividend-to-0-02-per-share-301053469.html
SOURCE B2Gold Corp.