B2Gold (TSX: BTO) announced that it broke its own record in 2020 with total gold production of 1.04 million oz. and, thus, touched the upper end of its guidance range set between 1 million and 1.06 million gold ounces.
In a press release, the Canadian miner said that these figures include 45,479 oz. of attributable production from the projects that its partner Calibre Mining (TSX-V: CXB) holds in Nicaragua.
B2Gold’s three operating mines, the Fekola mine in Mali, the Masbate mine in the Philippines and the Otjikoto mine in Namibia, produced 995,258 oz., a number that is also at the upper end of the guidance range of between 955,000 and 1 million oz.
Output from the company’s mines was 17% higher than what was registered in 2019, marking the twelfth consecutive year of record annual consolidated gold production.
For 2021, the Vancouver-based firm said that it expects total gold production to be between 970,000 and 1,03 million ounces.
In terms of financials, B2Gold said it registered a US$951-million annual consolidated cash flow from operating activities, which was a 93% increase over 2019.
“Total consolidated cash operating costs (including the company’s estimated attributable share of Calibre’s results) was US$423 per oz. produced (US$422 per oz. sold), near the low end of the company’s guidance range (of between US$415 and US$455 per oz.), and total consolidated AISC of US$788 per oz. sold, near the low end of the guidance range (of between US$780 and US$820 per oz. sold),” the company said in a media statement.
Net income, on the other hand, was US$672 million, including a net impairment reversal for the Masbate mine of US$122 million. Net income attributable to the shareholders was US$628 million or US$60¢ per share, while adjusted net income attributable to shareholders was US$515 million or US$49¢ per share.
For 2021, B2Gold said it expects total consolidated cash operating costs of between US$500 and US$540 per oz. and total consolidated all-in sustaining costs (AISC) of between US$870 and US$910 per ounce.
According to the company, the figures are higher than those of 2020 due to the planned lower production and higher planned stripping activities at Fekola, higher forecast fuel and labour costs in Mali, and the drawdown of ore stockpiles at Otjikoto.
This story first appeared on www.MINING.com.