B2Gold, a Vancouver-based gold producer, experienced a significant drop in shares following a warning of lower production in 2024. Despite a strong finish to 2023, the company is facing challenges, including rising construction costs for its Goose project in northern Canada. Currently, the shares are down 9.7% at C$3.63 in Toronto and 9.6% at $2.69 on the NYSE American boards.
While B2Gold predicts record gold output in 2025, they anticipate a decline in production this year due to issues at their Fekola Complex operation in Mali. The delay in receiving an exploitation license from the government has resulted in lower production. As a result, the company now expects to produce between 860,000 and 940,000 troy ounces in 2024. Additionally, around 80,000 to 100,000 ounces that were initially scheduled to be processed at Fekola will now be pushed to 2025.
B2Gold has provided cost projections for the year, with total consolidated cash operating costs ranging from $835 to $895 per gold ounce and an all-in sustaining cost of $1,360 to $1,420 per ounce. These figures give investors insight into the financial implications of the production challenges the company is currently facing.
B2Gold Reports Strong Production and Construction Update
B2Gold, a leading gold mining company, has announced an impressive increase in production during the final quarter of 2023. Totaling 288,665 ounces, this marks a significant rise from the previous quarter’s 242,838 ounces and brings the company’s total output for the year to 1.06 million ounces. These figures are in line with B2Gold’s guidance range of 1 million to 1.08 million ounces.
The company remains confident in its forecast for the full-year consolidated cash operating costs to be below the $670 to $730 per ounce range. Additionally, B2Gold anticipates that its total all-in sustaining costs will be at the low end of the $1,195 to $1,255 per ounce target.
Progress on B2Gold’s Goose project is on track, with the first gold pour expected in the first quarter of 2025. However, the company has made a revision to its total construction capital estimate. Originally projected at C$800 million, it has been increased to C$1.05 billion ($780,000). This adjustment is mainly due to underestimated labor and site operating costs identified in the feasibility study, as well as general inflationary impacts on construction materials, consumables, and transportation costs. B2Gold and its partner, Sabina Gold & Silver, have already invested approximately C$715 million in the Goose project as of the end of last year.
Looking ahead to 2025, B2Gold forecasts a production range of 1.13 million to 1.26 million ounces. This includes an estimated 220,000 to 260,000 ounces from the Goose project and 560,000 to 610,000 ounces from the Fekola Complex.
With these positive developments, B2Gold continues to solidify its position as a key player in the gold mining industry. Stay tuned for further updates on the company’s progress and achievements.
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