B2Gold (TSX: BTO; NYSE: BTG) says it has started processing ore at its Fekola mine in southwestern Mali and will reach commercial production before the end of the year.
The mid-tier miner already operates four gold mines — two in Nicaragua, one in the Philippines, and another in Namibia — and says production of between 50,000 and 55,000 oz. of gold from its new mine in West Africa will bring the company’s total metal production for 2017 to between 530,000 and 570,000 oz. of gold.
Next year, B2Gold forecasts that its five operating mines will produce between 925,000 and 975,000 oz. of gold.
“Fekola is a game changer for B2Gold with about 400,000 ounces of low cost gold production planned for 2018,” Cosmos Chiu of CIBC commented in a research note to clients, adding that with the addition of Fekola, B2Gold transitions “towards the largest producing mid-cap gold company” that he covers.
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