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Message: B2Gold Narrows Net Losses as Revenues Increase Due to Record Gold Production
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2016-03-17 12:54:00 PM ET (MT Newswires)

08:54 AM EDT, 03/17/2016 (MT Newswires) -- B2Gold (BTO) on Thursday narrowed its quarterly losses as revenues increased as a result of record gold production, which is expected to rise even further in 2016.

The company posted a net loss of $115.1 million or $0.13 per share in the fourth quarter of 2015, compared with a loss of $356.7 million or $0.39 per share in the same quarter in 2014.

Revenues climbed to $139 million from $122.4 million in the prior year. Analysts expected flat EPS on revenue of $135.8 million.

The company reported record quarterly consolidated gold production of 131,469 ounces, 18% greater than in the same period in 2014.

For 2016, consolidated gold production at B2Gold is expected to increase to between 510,000 and 550,000 ounces, compared to 493,265 ounces produced in 2015. The expected higher production relates mainly to increased throughput at the Otjikoto Mine.

Consolidated cash operating costs per gold ounce are projected to further decrease in 2016 and be in the range of $560 to $595. The favourable reduction reflects the positive impact of greater production from the low-cost Otjikoto Mine, including the benefit of an anticipated weaker Namibian dollar, lower projected fuel and energy costs and continued efforts to enhance productivity and cost efficiencies.

Gold production in 2016 is anticipated to be slightly weighted towards the second half of the year.

BTO shares, often heavily traded on the TSX, closed at $2.10 on Wednesday, a 10% increase.
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