B2Gold Corp (NYSEMKT:BTG) Shines In A Dull Gold Market


B2Gold Corp (NYSEMKT:BTG) was chased by investors on Thursday even though prices of the yellow metal remained lack luster due to dollar strength.

The stock shot up 5.08%, closing at $2.48 on volume of 5.27 million shares, after the company announced record gold production and record gold revenue for the third quarter and the first nine months of 2016.

Shares have now ended in positive territory for the second daily session in a row. Investors were worried recently when it was reported that it might receive a show cause order from the Department of Environment and Natural Resources of Philippines for its Masbate gold project.

B2Gold Corp (NYSEMKT:BTG) revises production guidance, costs unchanged

The company has revised its annual production guidance for 2016 in the range of 535,000 to 575,000 ounces of gold, from its earlier guidance of between 510,000 to 550,000 ounces of gold.

The revised guidance follows upon the achievement of record production during the third quarter of 146,686 ounces, 6% (or 7,988 ounces) above budget and 18% (or 22,315 ounces) greater than the same period in 2015.

Investors would also be glad to learn that the company’s cash operating costs/all in sustaining costs are likely to be near the lower end off, or even lower than, the annual cost guidance range of between $560 to $595 per ounce and between $895 to $925 per ounce, respectively.

B2Gold Corp (NYSEMKT:BTG):Bumper revenues

Third-quarter revenue was a record $193 million based on record sales of 145,029 ounces at an average price of $1331 per ounce. The nine-month revenue of $502.1 million was also a record, or as it was on record sales of 396,757 ounces at an average price of $1266 per ounce.

B2Gold Corp (NYSEMKT:BTG) development highlights

The company’s Fekola project, located within the Kayes Region in south-western Mali is said to be progressing well, and a Euro equivalent $80.9 million Equipment Facility has been signed with Caterpillar Financial SARL.

B2Gold also said it received positive exploration drilling results from its Mali and Burkina Faso greenfield targets.

Technically, the stock has been trending downwards in line with gold prices, but it may be time to buy the stock when it falls to near its 200 day’s moving average in the region of $2.00.


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