B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or
the “Company”) is pleased to announce that, as planned, the Company
has repaid in full its $259 million aggregate principal amount of
convertible senior subordinated notes (the “Notes”) (plus accrued
interest) which matured on October 1, 2018. The Notes were issued
by B2Gold in August 2013 pursuant to a note purchase agreement and
an indenture, each dated as of August 23, 2013. The repayment of
all outstanding principal and accrued interest under the Notes
amounted to approximately $263 million, which B2Gold funded using
existing cash on hand and a portion of its $500 million revolving
credit facility (the “RCF”). Upon completion of repayment of the
Notes, the Company had an outstanding balance of $400 million under
the RCF, and a remaining undrawn capacity of $100 million. All
dollar figures are in United States dollars unless otherwise
indicated.
Repayment of the convertible notes reflects the
ongoing second phase of B2Gold’s strategy to fund construction of
the Fekola Mine (“Fekola”) in Mali without using equity financing.
The Company funded construction of Fekola using a combination of
operating cashflows from existing mines, debt facilities and
prepaid gold contract sales. Following the successful achievement
of commercial production at Fekola in late 2017, the Company has
been reducing its total debt outstanding throughout the course of
2018. The Company started 2018 with total debt outstanding of
approximately $700 million (comprised of the drawn portion of the
RCF, convertible notes and equipment loans and leases). The Company
expects to have reduced its total debt outstanding to approximately
$500 million by December 31, 2018, a reduction of $200 million for
the year. The company plans to continue to reduce debt in 2019.
For additional information relating to the Notes
and the RCF, please see B2Gold’s press releases dated August 23,
2013 and July 18, 2017, respectively, as well as B2Gold’s Annual
Information Form dated March 23, 2018 for the year ended December
31, 2017.
B2Gold Announces Appointment of Dana
Rogers as Vice President, Finance
B2Gold Corp. is pleased to announce the
appointment of Dana Rogers as Vice President, Finance effective
October 1, 2018.
Ms. Rogers joined B2Gold in January 2014 as
Corporate Controller and was promoted to Director of Finance in
2017. Prior to joining the Company Ms. Rogers worked for several
other public mining companies. She started her career as an
Associate at PricewaterhouseCoopers. Over her 15-year career she
has worked in audit, finance and treasury for companies in Africa,
Brazil, Mexico, Canada, USA, and the United Kingdom, in addition to
the countries where B2Gold currently has operations.
Ms. Rogers holds a Bachelor of Commerce (with
Honours) from the University of British Columbia and is a Chartered
Accountant and member of the Institute of Chartered Accountants of
British Columbia.
“We are very pleased to appoint Dana as Vice
President of Finance,” commented Clive Johnson, President & CEO
of B2Gold. “With her understanding of the mining industry and
impressive experience in financial reporting and complex accounting
transactions, Dana will continue her growth as an important member
of the B2Gold family.”
Upcoming News Releases
Throughout the remainder of 2018 B2Gold plans to make several
important announcements including:
- The results of an expansion study for El Limon Mine based on a
positive initial open-pit Inferred Mineral Resource at the Central
zone located near the El Limon mill facility (see press release
dated 02/23/18)
- Third quarter and year-to-date production and revenue
results
- A new mineral resource for the Fekola Mine deposit based on a
successful drill program which has extended and infilled the
mineral resources immediately north of the Fekola reserve pit
boundary (Fekola North Extension – see press release dated
06/28/18)
- Third quarter and year-to date earnings in early November
2018
B2Gold is also conducting engineering and
technical studies to ascertain the potential of expanding the
Fekola Mine and mill. Internal results of the expansion study will
be available by the end of 2018 followed by a public announcement
expected in the first quarter of 2019.
About B2Gold Corp.
Headquartered in Vancouver, Canada, B2Gold Corp.
is the world’s new senior gold producer. Founded in 2007, today,
B2Gold has five operating gold mines, and numerous exploration and
development projects in various countries including Nicaragua, the
Philippines, Namibia, Mali, Burkina Faso, Colombia and Finland.
With the first full year of production from the large, new Fekola
Mine, B2Gold is achieving transformational growth in 2018.
Consolidated gold production is forecast to be between 920,000 and
960,000 ounces, representing an increase in annual consolidated
gold production of approximately 300,000 ounces in 2018 versus
2017. Based on current assumptions, in 2018, consolidated cash
operating costs are projected to be between $505 and $550 per
ounce, and consolidated all-in sustaining costs are projected to be
between $780 and $830 per ounce.
ON BEHALF OF B2GOLD
CORP.“Clive T. Johnson”
President & Chief Executive Officer
For more information on B2Gold please visit our
website at www.b2gold.com or contact:
Ian MacLean Vice
President, Investor Relations 604-681-8371 imaclean@b2gold.com |
Katie Bromley Manager,
Investor Relations & Public Relations604-681-8371
kbromley@b2gold.com |
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The Toronto Stock Exchange and the NYSE American
LLC neither approve nor disapprove the information contained in
this news release.
Production guidance presented in this news
release reflects the total production at the mines B2Gold operates
on a 100% basis. Please see in conjunction our Annual Information
Form, dated March 23, 2018, our Management Discussion &
Analysis dated August 7, 2018, and our news release dated August
14, 2018 for a discussion of our ownership interest in the mines
B2Gold operates.
This news release includes certain
“forward-looking information” and “forward-looking statements”
(collectively “forward-looking statements”) within the meaning of
applicable Canadian and United States securities legislation,
including: production forecasts; and other statements regarding
future or estimated financial and operational performance events,
including projected cash operating costs and all-in sustaining
costs; and including, without limitation: the amount of B2Gold's
debt that is outstanding by December 31, 2018, the amount such
represents in total debt reduction, and the plan of B2Gold to
continue to reduce debt in 2019; anticipated announcements of
B2Gold and the timing thereof; and engineering and technical
studies of B2Gold to ascertain the potential of expanding the
Fekola Mine and mill, and the timing of results thereof. All
statements in this news release that address events or developments
that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are not
historical facts and are generally, although not always, identified
by words such as “expect”, “plan”, “anticipate”, “project”,
“target”, “potential”, “schedule”, “forecast”, “budget”,
“estimate”, “intend” or “believe” and similar expressions or their
negative connotations, or that events or conditions “will”,
“would”, “may”, “could”, “should” or “might” occur. All such
forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made.
Forward-looking statements necessarily involve
assumptions, risks and uncertainties, certain of which are beyond
B2Gold’s control, including risks associated with or related to:
the volatility of metal prices and B2Gold’s common shares; the
dangers inherent in exploration, development and mining activities;
the uncertainty of reserve and resource estimates; not achieving
production, cost or other estimates; actual production, development
plans and costs differing materially from the estimates in B2Gold’s
feasibility studies; the ability to obtain and maintain any
necessary permits, consents or authorizations required for mining
activities; the current ongoing instability in Nicaragua;
environmental regulations or hazards and compliance with complex
regulations associated with mining activities; the ability to
replace mineral reserves and identify acquisition opportunities;
the unknown liabilities of companies acquired by B2Gold; the
ability to successfully integrate new acquisitions; fluctuations in
exchange rates; the availability of financing; financing and debt
activities, including potential restrictions imposed on B2Gold’s
operations as a result thereof and the ability to generate
sufficient cash flows; operations in foreign and developing
countries and the compliance with foreign laws, including those
associated with operations in Mali, Namibia, the Philippines,
Nicaragua and Burkina Faso and including risks related to changes
in foreign laws and changing policies related to mining and local
ownership requirements; remote operations and the availability of
adequate infrastructure; fluctuations in price and availability of
energy and other inputs necessary for mining operations; shortages
or cost increases in necessary equipment, supplies and labour;
regulatory, political and country risks, including local
instability or acts of terrorism and the effects thereof; the
reliance upon contractors, third parties and joint venture
partners; the lack of sole decision-making authority related to
Filminera Resources Corporation, which owns the Masbate Project;
challenges to title or surface rights; the dependence on key
personnel and the ability to attract and retain skilled personnel;
the risk of an uninsurable or uninsured loss; adverse climate and
weather conditions; litigation risk; competition with other mining
companies; changes in tax laws; community support for B2Gold’s
operations, including risks related to strikes and the halting of
such operations from time to time; conflicts with small scale
miners; failures of information systems or information security
threats; the final outcome of the audit by the Philippines
Department of Environment and Natural Resources in relation to the
Masbate Project; the ability to maintain adequate internal controls
over financial reporting as required by law, including Section 404
of the Sarbanes-Oxley Act; compliance with anti-corruption laws; as
well as other factors identified and as described in more detail
under the heading “Risk Factors” in B2Gold’s most recent Annual
Information Form, B2Gold’s current Form 40-F Annual Report and
B2Gold’s other filings with Canadian securities regulators and the
U.S. Securities and Exchange Commission, which may be viewed at
www.sedar.com and www.sec.gov, respectively (the “Websites”). The
list is not exhaustive of the factors that may affect B2Gold’s
forward-looking statements. B2Gold’s forward-looking statements are
based on the applicable assumptions and factors management
considers reasonable as of the date hereof, based on the
information available to management at such time. These assumptions
and factors include, but are not limited to, assumptions and
factors related to B2Gold’s ability to carry on current and future
operations, including: development and exploration activities; the
timing, extent, duration and economic viability of such operations,
including any mineral resources or reserves identified thereby; the
accuracy and reliability of estimates, projections, forecasts,
studies and assessments; B2Gold’s ability to meet or achieve
estimates, projections and forecasts; the availability and cost of
inputs; the price and market for outputs, including gold; the
timely receipt of necessary approvals or permits; the ability to
meet current and future obligations; the ability to obtain timely
financing on reasonable terms when required; the current and future
social, economic and political conditions; and other assumptions
and factors generally associated with the mining industry.
B2Gold’s forward-looking statements are based on
the opinions and estimates of management and reflect their current
expectations regarding future events and operating performance and
speak only as of the date hereof. B2Gold does not assume any
obligation to update forward-looking statements if circumstances or
management’s beliefs, expectations or opinions should change other
than as required by applicable law. There can be no assurance that
forward-looking statements will prove to be accurate, and actual
results, performance or achievements could differ materially from
those expressed in, or implied by, these forward-looking
statements. Accordingly, no assurance can be given that any events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do, what benefits or liabilities B2Gold
will derive therefrom. For the reasons set forth above, undue
reliance should not be placed on forward-looking statements.
Non-IFRS Measures This news
release includes certain terms or performance measures commonly
used in the mining industry that are not defined under
International Financial Reporting Standards (“IFRS”), including
“cash operating costs” and “all-in sustaining costs” (or “AISC”).
Non-IFRS measures do not have any standardized meaning prescribed
under IFRS, and therefore they may not be comparable to similar
measures employed by other companies. The data presented is
intended to provide additional information and should not be
considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS and should be read in
conjunction with B2Gold’s consolidated financial statements.
Readers should refer to B2Gold’s Management Discussion &
Analysis, available on the Websites, under the heading “Non-IFRS
Measures” for a more detailed discussion of how B2Gold calculates
certain measures and a reconciliation of certain measures to IFRS
terms.
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