Thursday, October 13, 2016

B2 Gold Reports Record Production

In September 2016 B2 Gold encountered a severe blow from the Philippines environmental authorities. The company was among 20 mining companies recommended for suspension. On that news B2 Gold shares tanked. Although later on the company announced that the problem had nothing to do with environmental issues B2 Gold shares were tanking again.

Today the company released its 3Q 2016 production report. The operating results are excellent. Although the Masbate mine (a Philippine operation) delivered substantially lower amount of gold, compared to the previous quarters, the other two mines, Otjikoto (a new operation located in Namibia) and Libertad, delivered much higher amount of gold then previously - look at the chart below:

source: Simple Digressions

What is more, the company increased its 2016 production guidance. The Masbate mine should deliver as many as 200 thousand - 210 thousand ounces of gold in 2016.

According to the new estimate, B2 Gold should produce 535 - 575 thousand ounces of gold in 2016, in total (in 2015 it produced 493 thousand ounces of gold).

Summarizing - B2 Gold goes in the right direction.

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