Canadian Mining Journal


B2Gold beats guidance with strong Q1 production

The expanded Fekola mill processed a record 2.1 million tonnes of ore in Q1 2021. Credit: B2Gold Corp.

The first quarter of 2021 has been a strong one for B2Gold Corp. (TSX: BTO; NYSE: BTG; NSX: B2G) with gold production 9% over guidance at 220,644 oz. The company operates three gold mines – Fekola in Mali, Masbate in Philippines and Otjikoto in Namibia – where total production was also 9% higher than forecasted at 205,643 oz. The balance was attributable production from Calibre Mining (TSX: CXB).

Revenue for the quarter was US$362 million on sales of 202,330 oz. of gold at an average realized price of US$1,791 per ounce. All-in sustaining costs (AISC) per ounce sold were US$932, or 14% below budget. That left net income attributable to shareholders of US$92 million or US$0.09 per share.

The Fekola mill expansion to 7.5 million tonnes per year was completed in September 2020, and it reached record throughput of almost 2.1 million tonnes during the first quarter of 2021. That represents an increase of 19% over the throughput for the same quarter of 2020.

B2Gold gave full year guidance for 2021 of between 970,000 and 1 million oz. with total AISC of between US$870 and US$910 per ounce. Based on an average gold price of US$1,800 an ounce this year, cash flows from operating activities should be about US$630 million for this year.

Visit to read additional details of the company’s first quarter.

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