Home Commodities B2Gold Reaffirms Production Guidance — Commodity Comment

B2Gold Reaffirms Production Guidance — Commodity Comment


B2Gold reported third-quarter results Tuesday. The company reaffirmed its production guidance.

Outlook for 2022 is unchanged, production guidance reaffirmed

For the full year 2022, total consolidated production and cost guidance remains unchanged, the B2Gold said.

Lower-than-expected production at the Fekola and Otjikoto mines in the third quarter were due to temporary mining sequence changes.

Strong production is anticipated in the fourth quarter of 2022 at both operations.

As a result, the company re-affirms its total gold production guidance for 2022 of between 990,000 and 1,050,000 ounces of gold (including 40,000 and 50,000 attributable ounces projected from Calibre).

Overall and after factoring in the operating results for the first nine months of 2022, the company’s costs guidance ranges for full-year 2022 remain unchanged.

B2Gold’s total consolidated cash operating costs are expected to be at the upper end of the original guidance range of between $620 and $660 per ounce and total consolidated all-in sustaining costs are expected to within the original guidance range of between $1,010 and $1,050 per ounce.

Operations impacted by inflation

B2Gold said its operations continue to be impacted by global cost inflation with fuel costs reflecting the most significant increases.

“However, despite these ongoing cost pressures, drawdowns of existing inventories, proactive management and the revised sequencing of certain mining and capital costs, and gains realized from the company’s fuel hedging program, the company’s consolidated cash operating costs and all-in sustaining costs in the first nine months of 2022 were in line with budget.”

For full-year 2022, B2Gold expects to be at the upper end of its original total consolidated cash operating cost guidance range and within its original total consolidated all-in sustaining cost guidance range.

Write to Matt Walker at matthew.walker@dowjones.com

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