National News

Vancouver's B2Gold reports Q2 net loss

By The Canadian Press

VANCOUVER - B2Gold Corp. says it's expecting another solid year for gold production while reporting about a four per cent increase in its second quarter.

The Vancouver gold miner expects production in 2014 to be in the range of 395,000 to 420,000 ounces of gold with consolidated cash operating costs of $667 to $695 per ounce, similar to 2013 production.

For the second-quarter, consolidated gold production in the quarter was 85,704 ounces, up from 82,083 ounces year-over-year.

B2Gold reported a quarterly net loss of $11.5 million, or a loss of two cents per share, compared with net income of $33.1 million, or five cents per share, in the same quarter of 2013 which included a $44.5 million gain related to a royalty sale.

Excluding one-time items, adjusted net income was $2.1 million, or no earnings per share, compared with $7.8 million, or one cent per share, in the same period of 2013.

Gold revenue for the quarter was at $120.3 million on sales of 93,330 ounces at an average realized price of $1,289 per ounce. That compares with $122.6 million on sales of 86,239 ounces at an average realized price of $1,422 per ounce in the second quarter of 2013.

In the quarter, B2Gold announced it would buy Australia's Papillon Resources in an all-stock deal worth about US$570 million. Papillon is an emerging gold developer in West Africa.

B2Gold Corp. (TSX:BTO) has three operating mines, two in Nicaragua and one in the Philippines, and a portfolio of development and exploration assets in Nicaragua, Colombia, Namibia and Uruguay.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Dodge Cove residents ready to take the fight to Nexen as focus shifts to Digby Island
 
Hydro announces more dam upgrades worth ‘hundreds of millions of dollars’
 
Stay back from raging Chilliwack-Vedder river system
Fencing off homeless camp part of a broader action plan: City
 
Fire destroys Okanagan Falls homes
 
UPDATE: Safeway, 2nd Avenue businesses resume operations
Liquor changes could push up prices
 
Video Games don’t cause violence
 
The bird count is back next month in Parksville Qualicum Beach

Community Events, November 2014

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Nov 27 edition online now. Browse the archives.