VANCOUVER, BC, February 22, 2022 /PRNewswire/ - B2Gold Corp.
(TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) ("B2Gold" or the
"Company") is pleased to announce its operational and
financial results for the fourth quarter and full-year ending
December 31, 2021. The Company
previously released its gold production and gold revenue results
for the fourth quarter and full-year 2021, in addition to its
production and budget guidance for 2022. In 2022, the Company is
forecasting total gold production of between 990,000 - 1,050,000
ounces. All dollar figures are in United
States dollars unless otherwise indicated.
2021 Full-Year Highlights
- Record annual total gold production of 1,047,414 ounces
(including 59,819 ounces of attributable production from Calibre
Mining Corp. ("Calibre")), marking the thirteenth consecutive year
of record annual total gold production
- Consolidated 2021 gold production from the Company's three
operating mines of 987,595 ounces, near the top end of its revised
guidance range (of between 965,000 – 995,000 ounces) and exceeding
the upper end of its original guidance range (of between 920,000 –
970,000 ounces)
- Annual consolidated gold revenues of $1.76 billion on sales of 981,401 ounces at an
average realized gold price of $1,796
per ounce
- Record annual gold production achieved by both the Masbate Mine
of 222,227 ounces and Otjikoto Mine of 197,573 ounces
- Total cash operating costs (see "Non-IFRS Measures")
(including estimated attributable results for Calibre) of
$535 per ounce produced, within the
Company's guidance range (of between $500 - $540 per
ounce), and total all-in sustaining costs ("AISC") (see
"Non-IFRS Measures") (including estimated attributable results
for Calibre) of $888 per ounce sold,
within the Company's guidance range (of between $870 - $910 per
ounce)
- Consolidated cashflows provided by operating activities from
the Company's three operating mines of $724
million, significantly exceeding the Company's last forecast
of $650 million as a result of
additional unbudgeted gold shipments and sales of approximately
$25 million, lower cash tax payments
of $40 million and the timing of
other working capital outflows
- Net income attributable to the shareholders of the Company of
$420 million ($0.40 per share); adjusted net income (see
"Non-IFRS Measures") attributable to the shareholders of the
Company of $384 million ($0.36 per share)
- For 2022, B2Gold remains well positioned for continued strong
operational and financial performance with total gold production
guidance of between 990,000 - 1,050,000 ounces (including 40,000 -
50,000 attributable ounces projected from Calibre) with total
consolidated forecast cash operating costs of between $620 - $660 per
ounce and total consolidated AISC of between $1,010 - $1,050 per
ounce
- Based on current assumptions, including a gold price of
$1,800 per ounce, the Company expects
to generate consolidated cashflows from operating activities of
approximately $625 million in 2022,
expected to be significantly weighted to the second half of
2022
- An updated mineral resource estimate is expected to be
completed for the Anaconda Area
(comprised of the Menankoto Permit and the Bantako North Permit) in
the first quarter of 2022; preliminary planning by the Company has
demonstrated that a pit situated on the Anaconda Area could provide saprolite material
to be trucked to and fed into the Fekola mill commencing in late
2022, subject to obtaining all necessary permits and completion of
a final mine plan
- On February 2, 2022 the Company
announced that B2Gold's Malian subsidiary had received the new
Menankoto permit, issued by the Government of Mali
2021 Fourth Quarter Highlights
- Total gold production of 304,897 ounces (including 16,048
ounces of attributable production from Calibre) and consolidated
gold production of 288,849 ounces from the Company's three
operating mines
- Consolidated gold revenues of $526
million on sales of 292,350 ounces at an average realized
gold price of $1,800 per ounce
- Record quarterly gold production achieved by the Otjikoto Mine
of 78,681 ounces
- Consolidated cashflows provided by operating activities from
the Company's three operating mines of $266
million
- Total cash operating costs (including estimated attributable
results for Calibre) of $484 per
ounce produced and total AISC (including estimated attributable
results for Calibre) of $860 per
ounce sold
- Net income attributable to the shareholders of the Company of
$137 million ($0.13 per share); adjusted net income
attributable to the shareholders of the Company of $113 million ($0.11
per share)
- On November 30, 2021, the Company
completed the sale of its Kiaka and Toega projects in Burkina Faso to West African Resources ("WAF")
for a combination of cash, WAF shares and production royalties
2021 Full-Year and Fourth Quarter Operational Results
Despite the continuing challenges of the COVID-19 pandemic,
B2Gold had another remarkable year of strong operational
performance in 2021, with the achievement of B2Gold's thirteenth
consecutive year of record annual total gold production. The
Company's total gold production for 2021 was an annual record of
1,047,414 ounces (including 59,819 ounces of attributable
production from Calibre) (2020 – 1,040,737 ounces), near the upper
end of its revised guidance range (of between 1,015,000 – 1,055,000
ounces) and exceeding the upper end of its original guidance range
(of between 970,000 – 1,030,000 ounces). Consolidated gold
production from the Company's three operating mines was 987,595
ounces (2020 - 995,258 ounces), near the top end of the revised
guidance range (of between 965,000 – 995,000 ounces) and exceeding
the upper end of the original guidance range (of between 920,000 –
970,000 ounces), with solid performances from each of the Company's
three mines (see "Operations" section below), including both the
Masbate and Otjikoto mines achieving record annual gold production
in 2021. In addition, the Fekola Mine achieved another strong year
in 2021, producing 567,795 ounces of gold, near the upper end of
its revised guidance range (of between 560,000 - 570,000
ounces) and exceeding the upper end of its original guidance range
(of between 530,000 - 560,000 ounces).
For the fourth quarter of 2021, the Company's total gold
production was 304,897 ounces (including 16,048 ounces of
attributable production from Calibre) and consolidated gold
production from the Company's three operating mines was 288,849
ounces, both in-line with budget and 13% higher than the fourth
quarter of 2020 resulting from higher gold production from the
Fekola and Otjikoto mines, partially offset by lower gold
production from the Masbate Mine.
For full-year 2021, total cash operating costs (including
estimated attributable results for Calibre) were $535 per ounce produced ($528 per ounce sold), within the Company's
guidance range (of between $500 -
$540 per ounce) and $112 per ounce (26%) higher than 2020, and
consolidated cash operating costs from the Company's three
operating mines were $511 per ounce
produced ($503 per ounce sold),
within the Company's guidance range (of between $480 - $520 per
ounce) and $105 per ounce (26%)
higher than 2020. Cash operating costs per ounce produced were
in-line with budget for 2021, as a result of offsetting factors, as
the impact of the strong operating results from all of the
Company's operations with above budget gold production was offset
by inflation driven higher fuel costs, stronger local currencies
and higher than budgeted processing of lower grade material at the
Fekola Mine as low-grade stockpiles were used to provide additional
unbudgeted mill feed required as a result of higher than budgeted
processed tonnes. Compared to 2020, cash operating costs were
higher due to higher input costs in 2021 resulting from higher
pre-stripping activities, inflation driven higher fuel costs and
higher import duties.
For the fourth quarter of 2021, total cash operating costs
(including estimated attributable results for Calibre) were
$484 per ounce produced ($433 per ounce sold), $79 per ounce (20%) higher than budget and
in-line with the fourth quarter of 2020, and consolidated cash
operating costs from the Company's three operating mines were
$460 per ounce produced ($406 per ounce sold), $82 per ounce (22%) higher than budget and
in-line with the fourth quarter of 2020. Consolidated cash
operating costs for the fourth quarter of 2021 were higher than
budget resulting from inflation pressures including higher fuel,
reagents and consumables costs and stronger local currencies.
For full-year 2021, total AISC (including estimated attributable
results for Calibre) were $888 per
ounce sold, within the Company's guidance range (of between
$870 - $910 per ounce) and $100 per ounce (13%) higher than 2020, and
consolidated AISC from the Company's three operating mines were
$874 per ounce sold, within the
Company's guidance range (of between $860 - $900 per
ounce) and $100 per ounce (13%)
higher than 2020. The consolidated AISC were in-line with budget
for 2021, reflecting higher than budgeted gold ounces sold, higher
than budgeted gains on settled fuel derivatives, partially offset
by higher than budgeted sustaining capital expenditures
($10 million).
For the fourth quarter of 2021, total AISC (including estimated
attributable results for Calibre) were $860 per ounce sold, $82 per ounce (11%) higher than budget and
$66 per ounce (7%) lower than the
fourth quarter of 2020, and consolidated AISC from the Company's
three operating mines were $844 per
ounce sold, $81 per ounce (11%)
higher than budget and $73 per ounce
(8%) lower than the fourth quarter of 2020. The higher than
budgeted AISC for the fourth quarter of 2021 reflect the higher
than budgeted cash operating costs and higher than budgeted
sustaining capital expenditures, partially offset by higher than
budgeted gold ounces sold and gains on settled fuel derivatives.
Higher than budgeted sustaining capital expenditures in the fourth
quarter of 2021 reflected expenditures which were delayed from
earlier quarters of 2021.
For 2022, B2Gold remains well positioned for continued strong
operational and financial performance. The Company's total gold
production is forecast to be between 990,000 - 1,050,000 ounces
(including 40,000 - 50,000 attributable ounces projected from
Calibre) in 2022, with total consolidated cash operating costs
forecast to be between $620 -
$660 per ounce and total consolidated
AISC forecast to be between $1,010 -
$1,050 per ounce. The Company's
consolidated gold production from its three operating mines is
forecast to be between 950,000 - 1,000,000 ounces in 2022, with
consolidated cash operating costs forecast to be between
$600 - $640 per ounce and consolidated AISC forecast to
be between $1,000 - $1,040 per ounce. While the Company's 2022
production guidance does include estimated production from
Cardinal, it does not include the potential upside to increase
Fekola's gold production in 2022 from trucking material from the
Anaconda area (comprised of the
Menankoto Permit and the Bantako North Permit) (see "Operations"
section below for additional discussion). Due to the timing of
high-grade ore mining, consolidated gold production from the
Company's three operating mines is expected to be significantly
weighted to the second half of 2022; for the first half of 2022,
consolidated gold production is forecast to be between 390,000 -
410,000 ounces, which is expected to increase significantly to
between 560,000 - 590,000 ounces during the second half of 2022.
Based mainly on the weighting of production and timing of
stripping, consolidated cash operating costs are expected to be
between $760 - $800 per ounce in the first half of 2022, before
significantly improving to between $490 - $530 per
ounce during the second half of 2022. In addition, consolidated
AISC are expected to be between $1,250 - $1,290 per
ounce in the first half of 2022 before significantly improving to
between $820 - $860 per ounce during the second half of
2022.
Operating and capital costs across all of the Company's
operations are forecast to increase in 2022, with significant
impacts from global cost inflation. Consolidated cash operating
costs per ounce produced are forecast to increase by approximately
$120 per ounce, or 24% compared to
2021. Of this increase, $71 per ounce
(or 59%), is due to inflation including fuel cost, mechanical
components and labor cost increases, coupled with a stronger
foreign exchange rate for the Namibian dollar. The remaining
$49 per ounce (41%) of the increase
in consolidated cash operating costs is driven by operational
related factors including the continued ramp up to full production
of the higher strip ratio Cardinal zone at the Fekola Mine,
commencement of operations from the Wolfshag underground mine in
the second half of 2022 and deeper open pits at the Fekola and
Otjikoto mines. These impacts are partially offset by higher
budgeted gold ounce production than 2021, led by the Fekola Mine.
Consolidated AISC are budgeted to increase by approximately
$150 per ounce, or 18%. Approximately
50% of this increase is due to the inflationary increases in cash
operating costs noted above. The remaining increase is driven by
the non-inflationary factors noted above as well as higher
sustaining capital costs to support larger mining fleets and fleet
maintenance as the open pits continue to grow and new sustaining
capital projects including planned tailings storage facility raises
at the Fekola and Masbate mines. The higher sustaining capital is
offset partially by higher budgeted consolidated production, led by
the Fekola Mine, and net lower capitalized pre-stripping costs.
Notwithstanding the ongoing sanctions on Mali announced by the Economic Community of
West African States ("ECOWAS") on January 9,
2022, including closure of borders with Mali, the Fekola Mine continues to operate
unimpeded and the Company expects to meet its 2022 production
guidance for Fekola. The Fekola Mine appears well-positioned for
any potential supply disruptions that might be caused by the border
closures. Fuel supplies are not affected by the sanctions and
continue passing through the border with Senegal and the Company continues to monitor
alternative routings to bring in other critical supplies, if
necessary. Gold sales from the Fekola Mine have continued and are
expected to continue on an ordinary course basis.
2021 Full-Year and Fourth Quarter Financial Results
For full-year 2021, consolidated gold revenue was $1.76 billion on sales of 981,401 ounces at an
average realized gold price of $1,796
per ounce, compared to $1.79 billion
on sales of 1,006,455 ounces at an average realized gold price of
$1,777 per ounce in 2020. The slight
decrease in gold revenue of 1% ($0.03
billion) was due to a 2% decrease in gold ounces sold,
partially offset by a 1% increase in the average realized gold
price.
For the fourth quarter of 2021, consolidated gold revenue was
$526 million on sales of 292,350
ounces at an average realized gold price of $1,800 per ounce, compared to $480 million on sales of 256,655 ounces at an
average realized gold price of $1,868
per ounce in the fourth quarter of 2020. The increase in gold
revenue of 10% ($46 million) was due
to a 14% increase in gold ounces sold (mainly due to the higher
gold production), partially offset by a 4% decrease in the average
realized gold price.
For full-year 2021, consolidated cashflows from operating
activities was $724 million,
significantly exceeding the Company's last forecast of $650 million as a result of additional unbudgeted
gold shipments and sales of approximately $25 million, lower cash tax payments of
$40 million as noted below and the
timing of other working capital outflows. Current income tax
payments for 2021 totaled approximately $340
million (including $18 million
which was settled by value-added tax offsets) and included
approximately $140 million related to
2020 outstanding tax liability obligations (comprised mainly of
Fekola outstanding 2020 tax liabilities of $75 million and Fekola 2020 priority dividend
obligations of $46 million). Current
income tax payments for 2021 were approximately $40 million lower than the original budgeted
guidance of $380 million mainly due
to $10 million lower than budgeted
tax obligations at Otjikoto and a rollover amount of $20 million for Fekola tax installments which had
been budgeted for the fourth quarter of 2021 but which is now
expected to be paid by the second quarter of 2022. Compared to
2020, consolidated cashflows provided by operating activities was
$227 million lower, reflecting lower
gold revenues of $27 million, higher
production costs of $86 million and
higher non-cash working capital outflows for 2021, most
significantly for current income and other taxes payables and
value-added tax receivables.
Based on current assumptions, including a gold price of
$1,800 per ounce, the Company expects
to generate consolidated cashflows from operating activities of
approximately $625 million in 2022,
expected to be significantly weighted to the second half of 2022.
In addition, the Company is forecasting to make total cash income
tax payments in 2022 of approximately $290
million, including $71 million
related to the outstanding 2021 current income tax and priority
dividend obligations which are included in current income and other
taxes payable at December 31,
2021.
For the fourth quarter of 2021, consolidated cashflows provided
by operating activities was $266
million compared to $197
million in the fourth quarter of 2020. The increase over the
fourth quarter of 2020 was mainly due to higher sales volumes (as a
result of higher production).
For full-year 2021, net income was $461
million compared to $672
million for 2020. Net income attributable to the
shareholders of the Company was $420
million ($0.40 per share)
compared to $628 million
($0.60 per share) for 2020. In the
third quarter of 2020, the Company identified a higher sustained
long-term gold price as an indicator of impairment reversal for the
Masbate Mine resulting in a net impairment reversal of $122 million (pre-tax $174
million impairment reversal less $52
million deferred tax expense). Adjusted net income
attributable to the shareholders of the Company (see "Non-IFRS
Measures") was $384 million
($0.36 per share) for 2021 compared
to adjusted net income of $515
million ($0.49 per share) for
2020.
Net income for the fourth quarter of 2021 was $153 million compared to $174 million for the fourth quarter of 2020. Net
income attributable to the shareholders of the Company was
$137 million ($0.13 per share) compared to $168 million ($0.16
per share) for the fourth quarter of 2020. Adjusted net income
attributable to the shareholders of the Company was $113 million ($0.11
per share) for the fourth quarter of 2021 compared to adjusted net
income of $147 million ($0.14 per share) for the fourth quarter of
2020.
Liquidity and Capital Resources
B2Gold continues to maintain a strong financial position and
liquidity. At December 31, 2021, the
Company had cash and cash equivalents of $673 million (December 31,
2020 - $480 million) and
working capital of $802 million
(December 31, 2020 - $465 million). In addition, the Company's
$600 million Revolving Credit
Facility ("RCF") remains fully undrawn and available.
Due to the Company's strong net positive cash position, strong
operating results and the current higher gold price environment,
B2Gold's quarterly dividend rate is expected to be maintained at
$0.04 per common share (or an
annualized rate of $0.16 per common
share), one of the highest dividend yields in the gold sector.
On December 16, 2021, the Company
entered into a revised RCF agreement with its existing syndicate of
banks. The maximum available for drawdown under the facility
remains at $600 million with an
accordion feature, available on the receipt of additional binding
commitments, for a further $200
million. The RCF bears interest on a sliding scale of
between LIBOR plus 2.00% to 2.50% based on the Company's
consolidated net leverage ratio. Commitment fees for the undrawn
portion of the facility are also on a sliding scale basis of
between 0.45% and 0.563%. The term of the RCF is four years,
maturing on December 16, 2025.
First Quarter 2022 Dividend
On February 22, 2022, B2Gold's
Board of Directors declared a cash dividend for the first quarter
of 2022 of $0.04 per common share (or
an expected $0.16 per share on an
annualized basis), payable on March 17,
2022 to shareholders of record as of March 9, 2022.
As part of the long-term strategy to maximize shareholder value,
B2Gold expects to declare future quarterly dividends at the same
level. This dividend is designated as an "eligible dividend" for
the purposes of the Income Tax Act (Canada). Dividends paid by B2Gold to
shareholders outside Canada (non-resident investors) will
be subject to Canadian non-resident withholding taxes.
The declaration and payment of future dividends and the amount
of any such dividends will be subject to the determination of the
Board, in its sole and absolute discretion, taking into account,
among other things, economic conditions, business performance,
financial condition, growth plans, expected capital requirements,
compliance with the B2Golds's constating documents, all applicable
laws, including the rules and policies of any applicable stock
exchange, as well as any contractual restrictions on such
dividends, including any agreements entered into with lenders to
the Company, and any other factors that the Board deems
appropriate at the relevant time. There can be no assurance that
any dividends will be paid at the intended rate or at all in the
future.
Operations
Mine-by-mine gold production in the fourth quarter and full-year
2021 (including the Company's estimated 33% share of Calibre's
production) was as follows:
Mine
|
Q4
2021 Gold
Production(ounces)
|
Full-Year
2021 Gold
Production(ounces)
|
Revised Full-Year 2021 Guidance Gold Production (ounces)
|
Original Full-Year 2021 Guidance Gold Production (ounces)
|
Fekola
|
163,539
|
567,795
|
560,000 -
570,000
|
530,000 -
560,000
|
Masbate
|
46,629
|
222,227
|
215,000 -
225,000
|
200,000 -
210,000
|
Otjikoto
|
78,681
|
197,573
|
190,000 -
200,000
|
190,000 -
200,000
|
B2Gold
Consolidated (1)
|
288,849
|
987,595
|
965,000 -
995,000
|
920,000 -
970,000
|
|
|
|
|
|
Equity
interest
in Calibre (2)
|
16,048
|
59,819
|
50,000 -
60,000
|
50,000 -
60,000
|
|
|
|
|
|
Total
|
304,897
|
1,047,414
|
1,015,000 -
1,055,000
|
970,000 -
1,030,000
|
(1)
"B2Gold Consolidated" - gold production is presented on a 100%
basis, as B2Gold fully consolidates the results of its Fekola,
Masbate and Otjikoto mines in its consolidated financial statements
(even though it does not own 100% of these
operations).
|
(2)
"Equity interest in Calibre" – For 2021, represents the
Company's approximate 33% indirect share of the operations of
Calibre's El Limon and La Libertad mines in Nicaragua. On January
12, 2022, the Company's ownership interest in Calibre was diluted
to 25%, as a result of Calibre's acquisition of Fiore Gold Ltd.
B2Gold applies the equity method of accounting for its ownership
interest in Calibre.
|
Mine-by-mine cash operating costs per ounce (on a per ounce of
gold produced basis) in the fourth quarter and full-year
2021 were as follows (presented on a 100%
basis):
Mine
|
Q4
2021 Cash Operating
Costs ($ per ounce
produced)
|
Full-Year
2021 Cash Operating
Costs ($ per ounce
produced)
|
Full-Year
2021 Guidance Cash Operating Costs ($ per ounce produced)
|
Fekola
|
$379
|
$449
|
$405 - $445
|
Masbate
|
$952
|
$682
|
$650 - $690
|
Otjikoto
|
$338
|
$493
|
$480 - $520
|
B2Gold
Consolidated
|
$460
|
$511
|
$480 -
$520
|
|
|
|
|
Equity
interest
in Calibre (1)
|
$915
|
$940
|
$920 -
$1,020
|
|
|
|
|
Total
|
$484
|
$535
|
$500 -
$540
|
Mine-by-mine cash operating costs per ounce (on a per ounce of
gold sold basis) in the fourth quarter and full-year 2021 were
as follows (presented on a 100% basis):
Mine
|
Q4
2021 Cash Operating
Costs ($ per ounce
sold)
|
Full-Year
2021 Cash Operating
Costs ($ per ounce
sold)
|
Full-Year
2021 Guidance Cash Operating Costs ($ per ounce sold)
|
Fekola
|
$314
|
$439
|
$405 - $445
|
Masbate
|
$939
|
$660
|
$650 - $690
|
Otjikoto
|
$334
|
$511
|
$480 - $520
|
B2Gold
Consolidated
|
$406
|
$503
|
$480 -
$520
|
|
|
|
|
Equity interest
in Calibre (1)
|
$915
|
$937
|
$920 -
$1,020
|
|
|
|
|
Total
|
$433
|
$528
|
$500 -
$540
|
Mine-by-mine AISC (on a per ounce of gold sold basis) in the
fourth quarter and full-year 2021 were as follows
(presented on a 100% basis):
Mine
|
Q4
2021 AISC ($
per ounce sold)
|
Full-Year
2021 AISC ($
per ounce sold)
|
Full-Year
2021 Guidance AISC ($
per ounce sold)
|
Fekola
|
$749
|
$765
|
$745 - $785
|
Masbate
|
$1,331
|
$914
|
$955 - $995
|
Otjikoto
|
$583
|
$908
|
$830 - $870
|
B2Gold
Consolidated
|
$844
|
$874
|
$860 -
$900
|
|
|
|
|
Equity interest
in Calibre (1)
|
$1,147
|
$1,120
|
$1,040 -
$1,140
|
|
|
|
|
Total
|
$860
|
$888
|
$870 -
$910
|
Fekola Gold Mine – Mali
The Fekola Mine in Mali
achieved another strong year in 2021, producing 567,795 ounces of
gold, near the upper end of its revised guidance range (of between
560,000 - 570,000 ounces) and exceeding the upper end of its
original guidance range (of between 530,000 - 560,000 ounces),
due to significantly higher than budgeted mill throughput,
partially offset by lower processed grade, as Fekola's low-grade
stockpiles were used to supplement the additional unbudgeted mill
feed required as a result of the significantly higher than budgeted
processed tonnes. As expected, compared to 2020, gold production
was lower by 9% (54,723 ounces) as a result of the higher planned
pre-stripping and lower mined ore grades in the first half of 2021,
as Phases 5 and 6 of the Fekola Pit were developed. In the fourth
quarter of 2021, the Fekola Mine produced 163,539 ounces of gold,
2% above budget (3,539 ounces), and 3% (4,991 ounces) higher
compared to the fourth quarter of 2020, mainly due to the higher
mill throughput. In September 2021,
the Fekola Mine produced its 2 millionth ounce of gold, 4 years
from the commencement of production.
For full-year 2021, mill feed grade was 2.05 grams per tonne
("g/t") compared to budget of 2.32 g/t and 2.99 g/t in 2020; mill
throughput was 9.14 million tonnes compared to budget of 7.75
million tonnes and 6.87 million tonnes in 2020; and gold recovery
averaged 94.2% compared to budget of 94.0% and 94.3% in 2020.
Throughout 2021, Fekola's processing facilities continued to
significantly outperform (following the successful completion of
the Fekola mill expansion in September
2020) resulting in record annual throughput of 9.14 million
tonnes for 2021, 18% above budget and 33% higher than 2020, and
record quarterly throughput of 2.41 million tonnes in the fourth
quarter of 2021, 23% above budget and 20% higher than the fourth
quarter of 2020. The higher than budgeted mill throughput for 2021
was due to favourable ore fragmentation and hardness, as well as
optimization of the grinding circuit. Based on the positive results
noted throughout 2021, Fekola's annualized throughput rate is now
expected to average approximately 9.0 million tonnes per annum
("Mtpa") (over the long-term), based on an ore blend including
fresh rock and weathered material (saprolite).
For full-year 2021, Fekola's cash operating costs were
$449 per ounce produced ($439 per ounce sold), slightly above the upper
end of its guidance range (of between $405 - $445 per
ounce). Fekola's higher than budgeted operating costs in 2021
resulted from inflation related fuel and consumable price
increases, lower than budgeted capitalized waste stripping and
higher than budgeted site general and camp costs related to
COVID-19 mitigation measures, partially offset by higher than
budgeted production. Compared to 2020, Fekola's cash operating
costs were $129 per ounce (40%)
higher, mainly due to lower production (54,723 ounces or 9% less
than 2020) combined with higher fuel and consumable costs, import
duties and ongoing COVID-19 related labor costs in 2021. For
the fourth quarter of 2021, Fekola's cash operating costs were
$379 per ounce produced ($314 per ounce sold) (fourth quarter of 2020
- $397 per ounce produced) which
was $60 per ounce (19%) above budget,
as a result of the inflation related cost increases discussed above
and the processing of unbudgeted low grade stock-pile material to
supplement the higher than budgeted mill throughput in the
quarter.
Fekola's AISC for full-year 2021 were $765 per ounce sold (2020 - $599 per ounce sold), at the midpoint of its
guidance range (of between $745
- $785 per ounce). For the fourth quarter of 2021, Fekola's
AISC were $749 per ounce
sold, compared to a budget of $696 per ounce sold and $736 per ounce sold in the fourth quarter of
2020. As expected, Fekola's AISC for the fourth quarter of 2021
were impacted by the catch up of budgeted sustaining capital
expenditures which were delayed from earlier quarters of 2021 and
higher than budgeted royalties (resulting from higher average
realized gold prices).
Capital expenditures for the full-year 2021 totaled $111 million, primarily consisting of
$50 million for pre-stripping,
$13 million for the development of
the Cardinal zone including mobile equipment purchases,
$10 million for the mining fleet
expansion, $9 million for the solar
plant, $7 million for mobile
equipment rebuilds and $6 million for
tailings storage facility expansion and equipment. Capital
expenditures in the fourth quarter of 2021 totaled $57 million and consisted of $29 million for pre-stripping, $9 million for the development of Cardinal
including mobile equipment purchases, $7
million for the mining fleet expansion, $4 million for mobile equipment rebuilds and
$3 million for tailings storage
facility expansion and equipment. Due to the high processing
throughput rates achieved with a blend of fresh rock and saprolite
ore, expansion of Fekola's existing tailings storage facility was
required one year ahead of schedule and commenced in the third
quarter of 2021. Design and planning for a new tailings storage
facility is also underway, with construction commencing as early as
the first quarter of 2022.
With the Fekola solar plant now 100% online (following the
successful completion of the solar plant construction early in the
second quarter of 2021), the Company expects to reduce
Fekola's Heavy Fuel Oil ("HFO") consumption by over 13 million
litres per year and lower carbon dioxide emissions by an estimated
39,000 tonnes per year. Fekola's solar power production to
date indicates that the plant has the capacity to exceed initial
power production estimates.
After review of an Environmental and Social Impact Assessment by
the Malian authorities, the existing Medinandi (Fekola) permit was
updated to include the Cardinal zone, located within 500 metres of
the current Fekola resource pit. On February
2, 2022, the Company announced an updated Mineral Resource
estimate for the Cardinal zone which, as at December 31, 2021, included an initial
Indicated Mineral Resource estimate of 8 million tonnes at
1.67 g/t gold for 430,000 ounces of gold, and an updated Inferred
Mineral Resource estimate of 19 million tonnes at 1.21 g/t
gold for 740,000 ounces of gold, constrained within a conceptual
pit run at $1,800 per ounce
gold.
Initial mining operations at the Cardinal zone have commenced
and will continue to ramp up in 2022. To December 31, 2021, 164,340 tonnes at an average
grade of 1.66 g/t have been mined at Cardinal. For 2022, oxide
mineralization within the Cardinal zone will be a low-cost source
of mill feed for the Fekola Mine, with approximately 50,000 ounces
budgeted to be produced from the Cardinal zone (included
in the Fekola Mine's 2022 annual production guidance). Based on
current engineering studies, the Cardinal zone has the potential to
add an average of approximately 60,000 ounces per year to Fekola's
annual gold production over the next 6 to 8 years. Exploration
drilling at the Cardinal zone is ongoing and recent drill
results have returned good gold grades over significant widths
below the current resource which remains open at depth and along
strike.
The low-cost Fekola Mine in Mali is expected to produce between 570,000
- 600,000 ounces of gold in 2022 at cash operating costs of
between $510 - $550 per ounce
and AISC of between $840 - $880
per ounce. Fekola's gold production is budgeted to be higher in
2022 (compared to 567,795 ounces produced in 2021) due to the
optimization of the mining sequence to provide earlier access to
high-grade ore from Phase 6 of the Fekola Pit as well as the
ramping up of mining operations at the Cardinal zone (fully
permitted and located within 500 metres of the current Fekola
resource pit) primarily in the second half of 2022. As noted above,
approximately 50,000 ounces is budgeted to be produced from the
Cardinal zone in 2022 (and has been included in Fekola's 2022
annual production guidance). The potential to truck material from
the nearby Anaconda Area
(comprised of the Menankoto Permit and the Bantako North Permit) is
currently being developed and is not included in Fekola's 2022
production guidance or the current Fekola life of mine plan.
Preliminary planning by the Company has demonstrated that a pit
situated on the Anaconda Area
could provide saprolite material to be trucked to and fed into the
Fekola mill commencing as early as late 2022, increasing the ore
processed and annual gold production from the Fekola mill, subject
to obtaining all necessary permits and completion of a final mine
plan, with the potential to add an average of approximately 80,000
to 100,000 ounces per year to Fekola's annual gold production. In
2022, a total of $33 million has been
budgeted to facilitate Phase 1 saprolite mining at the Anaconda Area. An updated Mineral Resource
estimate based on the results from the extensive 2020 and 2021
infill and exploration drill program at the Anaconda Area is expected in the first quarter
of 2022 and will include an initial Mineral Resource estimate for
the sulphide materials below the existing saprolite resource. The
Company plans on commencing a Phase II study for the Anaconda Area when the updated Mineral
Resource estimate on the sulphide material becomes available and
based on 2022 exploration drilling results to review the project
economics of trucking sulphide material to the Fekola mill as
compared to constructing another stand-alone mill near Anaconda.
As a result of the planned pre-stripping and lower mined ore
grades in the first half of 2022, as Phase 6 of the Fekola Pit
continues to be developed and Cardinal is fully integrated,
Fekola's gold production is expected to be significantly weighted
to the second half of 2022 when mining reaches the higher grade
portion of Phase 6 of the Fekola Pit and Cardinal operations are at
full capacity. For the first half of 2022, Fekola's gold production
is expected to be between 220,000 - 230,000 ounces, which is
expected to increase significantly to between 350,000
- 370,000 ounces during the second half of 2022.
Based mainly on the weighting of production and timing of
pre-stripping, Fekola's cash operating costs are expected to be
between $720 - $760 per ounce in
the first half of 2022, before significantly improving to between
$380 - $420 per ounce during the
second half of 2022. In addition, Fekola's AISC are expected to be
between $1,140 - $1,180 per
ounce in the first half of 2022, before significantly improving to
between $660 - $700 per ounce
during the second half of 2022. Approximately 50% of the budgeted
increase in Fekola's AISC for 2022 (compared to 2021 guidance of
between $745 - $785 per ounce) is driven by inflation and
reflects higher budgeted prices for fuel, equipment components and
other key consumables and higher labor costs. The remainder of the
cost increase relates to operational factors including the
continued ramp up of operations at Cardinal, fleet rebuilds and
maintenance and accelerated sustaining capital expenditures
(including $10 million budgeted for a
tailings storage facility raise).
Masbate Gold Mine – the
Philippines
The Masbate Mine in the
Philippines had a record year in 2021, producing an annual
record of 222,227 ounces of gold, near the upper end of its revised
guidance range (of between 215,000 - 225,000 ounces) and exceeding
the upper end of its original guidance range (of between 200,000 -
210,000 ounces), due to higher than budgeted mill
recoveries (11% above budget), partially offset by lower than
budgeted mill throughput (5% below budget). In addition, Masbate's
2021 annual gold production was 9% (17,528 ounces) higher compared
to 2020, mainly due to higher mined ore grades as a result of
mining through higher-grade zones of the Main Vein and Montana pits in 2021. In the fourth quarter of
2021, the Masbate Mine produced 46,629 ounces of gold (Q4 2020 –
57,566 ounces), below budget by 10% (4,918 ounces), reflecting the
fact that a portion of its budgeted fourth quarter production had
been rescheduled and mined in the third quarter of 2021, as
previously disclosed.
For full-year 2021, mill feed grade was 1.11 g/t compared to
budget of 1.10 g/t and 1.00 g/t in 2020; mill throughput was 7.60
million tonnes compared to budget of 8.00 million tonnes and 7.76
million tonnes in 2020; and gold recovery averaged 81.6% compared
to budget of 73.4% and 82.3% in 2020. Average gold recoveries were
above budget in 2021 due to higher metallurgical recoveries than
modelled and to mining a higher proportion of oxide ore than
budgeted. Masbate's mill throughput was below budget in 2021 due to
unplanned maintenance and repairs occurring mostly in the third
quarter of 2021 when the Company took the opportunity to accelerate
mill maintenance activities due to the positive variances on mill
feed grade and recoveries which benefited Masbate's gold production
in that quarter.
For full-year 2021, Masbate's cash operating costs were
$682 per ounce produced ($660 per ounce sold), within its guidance range
(of between $650 - $690 per ounce). Masbate's higher than budgeted
production largely offset the impact of higher than budgeted mining
and processing costs in 2021 (resulting mainly from inflation
driven higher diesel and HFO prices). Compared to 2020, Masbate's
cash operating costs were $53 per
ounce produced (8%) higher, mainly due to higher fuel prices,
partially offset by higher production in 2021. For the fourth
quarter of 2021, Masbate's cash operating costs were $952 per ounce produced ($939 per ounce sold) which was $302 per ounce higher compared to budget and
$367 per ounce higher than the fourth
quarter of 2020, as a result of the lower planned production in the
fourth quarter of 2021 as well as inflation driven higher than
budgeted fuel prices.
Masbate's AISC for the full-year 2021 were $914 per ounce sold (2020 - $985 per ounce sold), $41 per ounce (4%) below the lower end of its
guidance range (of between $955 -
$995 per ounce). This was
attributable to higher than budgeted gold ounces sold and realized
gains on fuel derivatives in 2021, partially offset by higher than
budgeted cash operating costs discussed above. For the fourth
quarter of 2021, Masbate's AISC were $1,331 per ounce sold compared to a budget of
$966 per ounce sold and $930 per ounce sold in the fourth quarter of
2020. As expected, Masbate's AISC for the fourth quarter of 2021
were higher than budget as a result of the planned lower
production, higher than budgeted operating costs resulting from
inflation driven higher fuel prices and the expected catch up of
budgeted sustaining capital, which was delayed from earlier
quarters of 2021, partially offset by higher than budgeted realized
gains on fuel derivatives.
Capital expenditures totaled $31
million in 2021, including mobile equipment rebuilds and
purchases of $8 million, processing
equipment replacement costs of $8
million, tailings storage facility related projects of
$8 million and pre-stripping costs of
$3 million. Capital expenditures for
the fourth quarter of 2021 totaled $10
million consisting primarily of $5
million of processing equipment replacement costs, tailings
storage facility related projects of $2
million and $3 million of
mobile equipment rebuilds.
The Masbate Mine is expected to produce between 205,000 -
215,000 ounces of gold in 2022 at cash operating costs of between
$740 - $780 per ounce and AISC of between $1,070 - $1,110 per
ounce. Masbate's gold production is scheduled to be relatively
consistent throughout 2022. Approximately 60% of the budgeted
increase in Masbate's AISC for 2022 (compared to 2021 guidance of
between $955 - $995 per ounce) is driven by inflation, including
higher budgeted fuel and consumable costs. The remainder of the
increase is driven mainly by higher sustaining capital expenditures
including fleet rebuilds and the planned addition of a powerhouse
plant generator budgeted for approximately $10 million.
Otjikoto Gold Mine – Namibia
The Otjikoto Mine in Namibia
had a strong second half in 2021 and finish to the year, resulting
in new quarterly and annual gold production records. For full-year
2021, the Otjikoto Mine produced an annual record of 197,573 ounces
of gold, near the upper end of its guidance range (of between
190,000 - 200,000 ounces), and 18% (29,532 ounces) higher compared
to 2020. In the fourth quarter of 2021, the Otjikoto Mine produced
a quarterly record of 78,681 ounces of gold, in-line with budget,
and significantly higher by 96% (38,476 ounces) over the fourth
quarter of 2020. As planned, with the completion of the
pre-stripping campaigns at the Wolfshag and Otjikoto pits in the
first half of 2021, Otjikoto's gold production increased
significantly in the second half of 2021, as mining reached the
higher-grade zone at the base of the Wolfshag Pit in the third
quarter of 2021.
For full-year 2021, mill feed grade was 1.76 g/t compared to
budget of 1.77 g/t and 1.52 g/t in 2020; mill throughput was 3.54
million tonnes compared to budget of 3.40 million tonnes and 3.51
million tonnes in 2020; and gold recovery averaged 98.6% compared
to budget of 98.1% and 98.4% in 2020.
For full-year 2021, Otjikoto's cash operating costs were
$493 per ounce produced ($511 per ounce sold), well within its guidance
range (of between $480 - $520 per ounce). Otjikoto's cash operating costs
on a per ounce basis was in-line with budget in 2021 as a result of
higher than budgeted production together with only slightly above
budgeted operating costs. Otjikoto's 2021 operating costs were
impacted by inflation driven higher than budgeted fuel prices and a
stronger than budgeted Namibian dollar, which were offset by higher
than budgeted capitalized pre-stripping resulting in an overall
cost per ounce which was in-line with budget. Compared to 2020,
Otjikoto's cash operating costs were $40 per ounce produced (9%) higher, due to higher
fuel prices and a stronger Namibian dollar in 2021. For the fourth
quarter of 2021, Otjikoto's cash operating costs were $338 per ounce produced ($334 per ounce sold), $19 per ounce (6%) above budget, due to higher
than budgeted fuel prices and a stronger than budgeted Namibian
dollar. Compared to the fourth quarter of 2020, Otjikoto's cash
operating costs were significantly lower by $182 per ounce (35%), due to higher production in
2021.
Otjikoto's AISC for the full-year 2021 were $908 per gold ounce sold (2020 - $920 per ounce sold), above the high end of its
guidance range (of between $830 -
$870 per ounce), due to higher than
budgeted sustaining capital expenditures ($8
million higher than budgeted, consisting of higher than
budgeted pre-stripping of $5 million
and mobile equipment rebuilds of $3
million) partially offset by higher than budgeted ounces
sold and realized fuel derivative gains. For the fourth quarter of
2021, AISC were $583 per ounce sold
comparable to the budget of $563 per
ounce sold and significantly lower than $1,200 per ounce sold in the fourth quarter of
2020, due to higher production in 2021.
Capital expenditures totaled $81
million in 2021, primarily consisting of $41 million for pre-stripping for the Otjikoto
Pit Phase 4 and Wolfshag Pit Phase 3, $21
million for Wolfshag underground development, $11 million in mobile equipment rebuilds and
purchases and $7 million for the
national power grid connection line. Capital expenditures for the
fourth quarter of 2021 totaled $22
million primarily consisting of $8
million for pre-stripping for the Otjikoto Pit Phase 4,
$7 million for Wolfshag underground
development, $4 million for the
national power grid connection line and $3
million in mobile equipment rebuilds and purchases.
Development of the Wolfshag underground mine continues to
progress with ore production expected to begin in the first half of
2022. The initial underground Mineral Reserve estimate for the
down-plunge extension of the Wolfshag deposit includes 210,000
ounces of gold in 1.2 million tonnes of ore at 5.57 g/t gold.
The Otjikoto Mine is expected to produce between 175,000 -
185,000 ounces of gold in 2022 at cash operating costs of between
$740 - $780 per ounce and AISC of between $1,120 - $1,160 per
ounce. Otjikoto's gold production is budgeted to be lower in 2022
(compared to Otjikoto's record annual gold production of 197,573
ounces in 2021) as lower grade ore is anticipated to be processed
in 2022 following the planned completion of mining at the higher
grade Wolfshag Pit Phase 3 in the first quarter of 2022.
Approximately 30% of the budgeted increase in Otjikoto's AISC for
2022 (compared to 2021 guidance of between $830 and $870 per
ounce) is driven by inflation and reflects higher budgeted prices
for fuel, labor and other key consumables while a stronger Namibian
dollar accounts for approximately 10% of the cost increase. The
remainder of the increase is the result of operational related
issues including higher mining costs as underground mining at
Wolfshag ramps up and mining out of the higher grade Wolfshag Pit
Phase 3 in the first quarter of 2022.
In the first half of 2022, processed ore is expected to be
sourced from Phase 3 of the Wolfshag Pit (scheduled to be completed
in the first quarter of 2022) and Phase 3 of the Otjikoto Pit,
supplemented by medium and high-grade ore stockpiles, expected to
result in an average head grade of approximately 1.26 g/t. In the
second half of 2022, head grade is expected to increase and average
approximately 2.10 g/t, when mining is scheduled to reach the
higher-grade portions of Phase 3 of the Otjikoto Pit and high-grade
ore production ramps up at the Wolfshag underground mine. As a
result of this timing of high-grade ore mining, Otjikoto's gold
production is expected to be significantly weighted to the second
half of 2022. For the first half of 2022, Otjikoto's gold
production is expected to be between 65,000 - 70,000 ounces, which
is expected to increase significantly to between 110,000 - 115,000
ounces during the second half of 2022. Based mainly on the
weighting of the planned production and timing of pre-stripping,
Otjikoto's cash operating costs are expected to be between
$960 - $1,000 per ounce in the first half of 2022,
before significantly improving to between $620 - $660 per
ounce during the second half of 2022. In addition, Otjikoto's AISC
are expected to be between $1,460 -
$1,500 per ounce in the first half of
2022, before significantly improving to between $930 - $970 per
ounce during the second half of 2022.
Development
Anaconda Area (comprised of the
Menankoto and Bantako North permits) - Mali
In December 2021, B2Gold and the
Government of Mali were pleased to
reach an agreement in principle relating to the dispute on the
Menankoto Permit, where the Government of Mali agreed that it would grant a new
exploration permit covering the same perimeter as the Menankoto
Permit to a new Malian subsidiary of B2Gold, and B2Gold would
withdraw the international arbitration proceedings that its Malian
subsidiary previously commenced against the Republic of
Mali. On February 2, 2022 the Company announced that
B2Gold's Malian subsidiary had received the new Menankoto Permit,
issued by the Government of Mali
in compliance with the procedures and requirements set out under
the Malian 2019 Mining Code (previous permit had been issued under
the Malian 2012 Mining Code), which provides for an initial term of
three years and renewable for two additional three year periods.
B2Gold's Malian subsidiary has now withdrawn the international
arbitration proceedings against the Republic of Mali.
In 2022, a total of $33 million
has been budgeted to commence Phase 1 saprolite mining at the
Anaconda Area (comprised of the
Menankoto Permit and the Bantako North Permit). Saprolite ore could
be mined and hauled to Fekola commencing as early as late 2022. The
budget includes $12 million for
mining fleet and haulage equipment, $6
million for roads infrastructure and earthworks,
$2 million for buildings and
$3 million for project management and
engineering costs.
In 2022, approximately $17 million
is also budgeted to be spent on exploration in the Anaconda Area. With the receipt of the
Menankoto Permit, exploration on the Menankoto Permit has
commenced, initially with two drill rigs operating, which will
build on the $31 million that the
Company has spent to date on the Menankoto Permit, with additional
drill rigs to be deployed shortly. The Company plans to continue
focusing on upgrading and expanding the existing saprolite Inferred
Mineral Resource estimate of 21.6 million tonnes at 1.11 g/t for
770,000 ounces for the Anaconda
Area (originally released in June
2017). An updated Mineral Resource estimate for the
Anaconda Area based on the results
from the extensive 2020 and 2021 infill and exploration drill
program is expected in the first quarter of 2022 and will feed into
engineering studies currently underway. This new resource estimate
will also include an initial Mineral Resource estimate for the
sulphide material below the saprolite. The Company will continue to
follow up on the sulphide mineralization at the Mamba, Adder and
several other targets below the saprolite mineralization in 2022.
Additionally, the Company has completed environmental and social
studies to support permitting efforts.
Gramalote Project (B2Gold – 50%/AngloGold Ashanti Limited
("AngloGold") – 50%) - Colombia
Following a review of Gramalote's feasibility study work to
date, B2Gold believes that there is strong potential to improve the
economics of the project (economic highlights were previously
released on May 4, 2021 based on the
feasibility study work to date), which could be developed by
revisiting the original Gramalote Project design parameters
included in the existing mining permit (as applied in the Gramalote
Preliminary Economic Assessment in January
2020 and historical AngloGold studies) and further
optimizing project design. Review of the updated Gramalote Ridge
Mineral Resource also shows that further value can be created
through additional drilling of the Inferred portions of the Mineral
Resource area, both within and adjacent to the designed pit.
As the evaluation of the different optimization opportunities
advances, B2Gold is reviewing what changes in the design could
require minor and major permit amendments of the approved
Environmental and Social Impact Assessment (ESIA). The supporting
environmental and social studies continue to move forward as
planned.
Currently under review by B2Gold and its partner, AngloGold, is
the 2022 budget for the Gramalote Project in Colombia which will fund the Gramalote
Feasibility Study optimization, exploration, community support,
continued advancement of key social initiatives and compliance with
regulatory and Environmental Impact Assessment requirements. A
separate construction budget is expected to be developed
subsequently upon a positive (optimized) Gramalote Feasibility
Study and construction decision.
B2Gold now expects that the results of final feasibility study
for the Gramalote Project will be available by the end of the
second quarter of 2022 with a final feasibility study delivered in
the third quarter of 2022. If the final economics of the
feasibility study are positive and B2Gold and AngloGold make the
decision to develop Gramalote as an open-pit gold mine (decision
date now expected by the end of the third quarter of 2022), B2Gold
would utilize its proven internal mine construction team to build
the mine and mill facilities and operate the mine on behalf of the
Gramalote Project.
The Gramalote Project continues to benefit from strong federal
and local government support as well as continuing support from
local communities.
Summary and Outlook
Despite the continuing challenges of the COVID-19 pandemic,
B2Gold had another remarkable year of strong operational
performance in 2021, with the achievement of B2Gold's thirteenth
consecutive year of record annual total gold production. The
Company's total gold production for 2021 was an annual record of
1,047,414 ounces (including 59,819 ounces of attributable
production from Calibre) (2020 - 1,040,737 ounces), near the upper
end of its revised guidance range (of between 1,015,000 - 1,055,000
ounces) and exceeding the upper end of its original guidance range
(of between 970,000 - 1,030,000 ounces).
Looking forward to 2022, B2Gold remains well positioned for
continued strong operational and financial performance. The
Company's total gold production is forecast to be between 990,000 -
1,050,000 ounces (including 40,000 and 50,000 attributable ounces
projected from Calibre) in 2022, with total consolidated cash
operating costs forecast to be between $620 - $660 per
ounce and total consolidated all-in sustaining costs forecast to be
between $1,010 - $1,050 per ounce.
Due to the Company's strong net positive cash position, strong
operating results and cash flows and the current higher gold price
environment, B2Gold's quarterly dividend rate is expected to be
maintained at $0.04 per common share
(or an annualized rate of $0.16 per
common share), one of the highest dividend yields in the gold
sector.
Following the receipt of the Menankoto Permit in Mali, the Company plans to expand the scope of
its exploration activities on the Anaconda Area (comprised of the Menankoto
Permit and the Bantako North Permit) to build on the successful
exploration programs already completed to date. The Company plans
to continue focusing on upgrading and expanding the existing
Anaconda Area saprolite Inferred
Mineral Resource estimate of 21.6 million tonnes at 1.11 g/t for
770,000 ounces for the Anaconda
Area (originally released in June
2017). An updated Mineral Resource estimate based on the
results from the extensive 2020 and 2021 infill and exploration
drill program is expected in the first quarter of 2022 and will
feed into engineering studies currently underway. This new resource
estimate will also include an initial Mineral Resource estimate for
the sulphide material below the existing saprolite resource. The
Company will continue to follow up on the sulphide mineralization
at the Mamba, Adder and several other targets below the saprolite
mineralization in 2022.
The potential to truck material from the Anaconda Area in late 2022 is currently being
developed and is not included in Fekola's 2022 production guidance
or the current Fekola life of mine plan. Preliminary planning by
the Company has demonstrated that a pit situated on the
Anaconda Area could provide
saprolite material to be trucked to and fed into the Fekola mill
commencing as early as late 2022, increasing the ore processed and
annual gold production from the Fekola mill, subject to obtaining
all necessary permits and completion of a final mine plan. This has
the potential to add an average of approximately 80,000 to 100,000
ounces per year to Fekola's annual gold production. In 2022, a
total of $33 million has been
budgeted to facilitate Phase 1 saprolite mining at the Anaconda Area. The Company plans on commencing
a Phase II study when the updated Mineral Resource estimate on the
sulphide material becomes available and based on 2022 exploration
drilling results to review the project economics of trucking
sulphide material to the Fekola mill as compared to constructing
another stand-alone mill near the Anaconda Area.
On February 2, 2022 the Company
announced an updated mineral resource estimate for the Cardinal
zone, adjacent to the main Fekola Mine open pit in Mali. The updated resource included a
significantly increased Mineral Resource estimate for Cardinal zone
as at December 31, 2021 with an
initial Indicated Mineral Resource estimate of 8,000,000 tonnes at
1.67 g/t gold for 430,000 ounces of gold, and an updated Inferred
Mineral Resource estimate of 19,000,000 tonnes at 1.21 g/t gold for
740,000 ounces of gold, constrained within a conceptual pit run at
$1,800 per ounce gold. Approximately
50,000 ounces are budgeted to be produced from the Cardinal zone in
2022 and have been included in Fekola's 2022 production guidance.
Based on engineering studies completed to date, the Cardinal Zone
has the potential to add an average of approximately 60,000 ounces
per year over the next 6 to 8 years to Fekola's annual gold
production.
The Company also continues to advance its other development
projects while at the same time reviewing its portfolio and
divesting non-core assets which it determines do not meet the
Company's investment criteria. Work continues on the Gramalote
Project and based on a review of the feasibility study work to
date, B2Gold believes that there is strong potential for a more
robust project. Results from the Gramalote feasibility study are
now expected to be available by the end of the second quarter of
2022 with a full feasibility study completed by the end of the
third quarter of 2022. If the final economics of the feasibility
study are positive and B2Gold and AngloGold make the decision to
develop Gramalote as an open-pit gold mine (decision date now
expected by the end of the third quarter of 2022), B2Gold would
utilize its proven internal mine construction team to build the
mine and mill facilities and operate the mine on behalf of the
Gramalote Project. In addition, on November
30, 2021, the Company completed the sale of the Company's
Kiaka and Toega projects in Burkina
Faso to WAF for a combination of cash, WAF shares and
production royalties, which enables the Company to both monetize
its investment in the Kiaka and Toega projects to-date while at the
same time benefitting from the future development of the
projects.
After a very successful year for exploration in 2021, B2Gold is
conducting an aggressive exploration campaign in 2022 with a budget
of approximately $65 million
(excluding the Gramalote Project). Exploration will focus
predominantly in Mali, other
operating mine sites in Namibia
and the Philippines, and continued
focus on grassroots targets around the world. Many years of target
generation and pursuing opportunities in prospective gold regions
has culminated in the Company allocating a record $29 million for its grassroots exploration
programs, including several new regions.
The Company's ongoing strategy is to continue to maximize
profitable production from its mines, further advance its pipeline
of development and exploration projects, evaluate new exploration,
development and production opportunities and continue to pay an
industry leading dividend yield.
Fourth Quarter and Year-end 2021 Financial Results -
Conference Call/Webcast Details
B2Gold executives will host a conference call to discuss the
results on Wednesday, February 23,
2022, at 10:00am
PST/1:00pm EST. You may access
the call by dialing the operator at +1 (778) 383-7413 (Vancouver), +1 (416) 764-8659 (Toronto) or +1 (888) 664-6392 (North American
toll free) prior to the scheduled start time or you may listen to
the call via webcast by clicking here. A playback version will be
available for two weeks after the call at +1 (416) 764-8677 (local
or international) or +1 (888) 390-0541 (North America toll free) (passcode
062821 #).
Qualified Persons
Bill Lytle, Senior Vice President
and Chief Operating Officer, a qualified person under NI 43-101,
has approved the scientific and technical information related to
operations matters contained in this news release.
On Behalf of B2GOLD CORP.
"Clive T. Johnson"
President and Chief Executive
Officer
For more information on B2Gold, please visit the Company website
at www.b2gold.com or
contact:
Ian
MacLean
|
Katie
Bromley
|
Vice President,
Investor Relations
|
Manager, Investor
Relations & Public Relations
|
+1
604-681-8371
|
+1
604-681-8371
|
imaclean@b2gold.com
|
kbromley@b2gold.com
|
The Toronto Stock Exchange and NYSE American LLC neither
approve nor disapprove the information contained in this news
release.
Production results and production guidance presented in this
news release reflect total production at the mines B2Gold operates
on a 100% project basis. Please see our Annual Information Form
dated March 30, 2021 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: projections; outlook; guidance;
forecasts; estimates; and other statements regarding future or
estimated financial and operational performance, gold production
and sales, revenues and cash flows, and capital costs (sustaining
and non-sustaining) and operating costs, including projected cash
operating costs and AISC, and budgets on a consolidated and mine by
mine basis; the impact of the COVID-19 pandemic on B2Gold's
operations, including any restrictions or suspensions with respect
to our operations and the effect of any such restrictions or
suspensions on our financial and operational results; the ability
of the Company to successfully maintain our operations if they are
temporarily suspended, and to restart or ramp-up these operations
efficiently and economically, the impact of COVID-19 on the
Company's workforce, suppliers and other essential resources and
what effect those impacts, if they occur, would have on our
business, our planned capital and exploration expenditures; future
or estimated mine life, metal price assumptions, ore grades or
sources, gold recovery rates, stripping ratios, throughput, ore
processing; statements regarding anticipated exploration, drilling,
development, construction, permitting and other activities or
achievements of B2Gold; and including, without limitation: B2Gold
generating operating cashflows of approximately $625 million in 2022 which are expected to be
significantly weighted to the second half of 2022; remaining well
positioned for continued strong operational and financial
performance for 2022; projected gold production, cash operating
costs and AISC on a consolidated and mine by mine basis in 2022,
including production being weighted heavily to the second half of
2022; total consolidated gold production of between 990,000 and
1,050,000 ounces in 2022 with cash operating costs of between
$620 and $660 per ounce and AISC of between $1,010 and $1,050
per ounce; the Fekola mill being expected to run at an annualized
throughput rate of approximately 9.0 Mtpa (over the
long-term); the completion of an updated mineral
resource estimate for the Anaconda
area in the first quarter of 2022; the potential upside to increase
Fekola's gold production in 2022 by trucking material from the
Anaconda area, including the
potential to add approximately 80,000 to 100,000 per year to
Fekola's annual production profile, and for the Anaconda area to provide saprolite material to
feed the Fekola mill starting in late 2022; the commencement of a
Phase II study for the Anaconda
area upon completion of the updated mineral resource estimate on
the sulphide material becomes and based on 2022 exploration
drilling results to review the project economics of trucking
sulphide material to the Fekola mill as compared to constructing
another stand-alone mill near Anaconda; the potential for production from
the Cardinal zone to add approximately 50,000 ounces in 2022 to the
Company's production profile and approximately 60,000 per year over
the next 6 to 8 years; the Fekola Mine to be well-positioned for
any potential supply disruptions caused by the border closures
following the ECOWAS sanctions;; the development of the
Wolfshag underground mine at Otjikoto, including the results of
such development and the costs and timing thereof; stope ore
production at the Wolfshag underground mine at Otjikoto commencing
in the first half of 2022; the completion of the Gramalote
Feasibility Study and the results therein, and a construction
decision to be made shortly thereafter; the potential payment of
future dividends, including the timing and amount of any such
dividends, and the expectation that quarterly dividends will be
maintained at the same level; and B2Gold's attributable share at El
Limon and La Libertad. 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
duration and extent of the COVID-19 pandemic, the effectiveness of
preventative measures and contingency plans put in place by the
Company to respond to the COVID-19 pandemic, including, but not
limited to, social distancing, a non-essential travel ban, business
continuity plans, and efforts to mitigate supply chain disruptions;
escalation of travel restrictions on people or products and
reductions in the ability of the Company to transport and refine
doré; the volatility of metal prices and B2Gold's common shares;
changes in tax laws; 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 and other
studies; the ability to obtain and maintain any necessary permits,
consents or authorizations required for mining activities;
environmental regulations or hazards and compliance with complex
regulations associated with mining activities; climate change and
climate change regulations; 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 and Colombia
and including risks related to changes in foreign laws and changing
policies related to mining and local ownership requirements or
resource nationalization generally, including in response to the
COVID-19 outbreak; 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; 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 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, and sanctions or other
similar measures; social media and B2Gold's reputation; risks
affecting Calibre having an impact on the value of the Company's
investment in Calibre, and potential dilution of our equity
interest in Calibre; 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 (the "SEC"), 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: the
duration and effects of COVID-19 on our operations and workforce;
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; foreign exchange
rates; taxation levels; 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 and Analysis, available on the Websites, under the
heading "Non-IFRS Measures" for a more detailed discussion of how
B2Gold calculates certain of such measures and a reconciliation of
certain measures to IFRS terms.
B2GOLD CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Expressed in thousands of United States dollars, except per share
amounts)
(Unaudited)
|
|
|
For the
three months
ended Dec. 31,
2021
|
For the
three months
ended Dec. 31,
2020
|
|
For the
twelve months
ended Dec. 31,
2021
|
For the
twelve months
ended Dec. 31,
2020
|
|
|
|
|
|
|
|
|
|
|
Gold
revenue
|
$
|
526,113
|
$
|
479,525
|
|
$
|
1,762,264
|
$
|
1,788,928
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
|
|
|
|
|
|
|
|
Production
costs
|
|
(118,694)
|
|
(114,430)
|
|
|
(493,389)
|
|
(407,865)
|
Depreciation and
depletion
|
|
(122,588)
|
|
(78,207)
|
|
|
(378,892)
|
|
(301,491)
|
Royalties and
production taxes
|
|
(37,080)
|
|
(30,775)
|
|
|
(121,431)
|
|
(121,285)
|
Total cost of
sales
|
|
(278,362)
|
|
(223,412)
|
|
|
(993,712)
|
|
(830,641)
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
|
247,751
|
|
256,113
|
|
|
768,552
|
|
958,287
|
|
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
(19,159)
|
|
(18,585)
|
|
|
(50,185)
|
|
(45,605)
|
Share-based
payments
|
|
(6,736)
|
|
(1,729)
|
|
|
(22,571)
|
|
(17,129)
|
Net gain on disposal of
Burkina Faso assets
|
|
22,463
|
|
—
|
|
|
22,463
|
|
—
|
(Impairment) reversal
of impairment of long-lived assets
|
|
(5,905)
|
|
—
|
|
|
(5,905)
|
|
174,309
|
Write-down of mineral
property interests
|
|
(15)
|
|
98
|
|
|
(15)
|
|
(11,353)
|
Community
relations
|
|
(903)
|
|
(1,568)
|
|
|
(3,072)
|
|
(6,484)
|
Foreign exchange
losses
|
|
(2,137)
|
|
(7,299)
|
|
|
(5,895)
|
|
(15,301)
|
Share of net income of
associates
|
|
4,345
|
|
8,655
|
|
|
17,543
|
|
22,167
|
Other
|
|
(2,310)
|
|
(529)
|
|
|
(6,282)
|
|
(5,957)
|
Operating
income
|
|
237,394
|
|
235,156
|
|
|
714,633
|
|
1,052,934
|
|
|
|
|
|
|
|
|
|
|
Interest and financing
expense
|
|
(2,741)
|
|
(2,846)
|
|
|
(11,798)
|
|
(15,803)
|
Gains (losses) on
derivative instruments
|
|
1,349
|
|
6,427
|
|
|
24,373
|
|
(5,706)
|
Other
|
|
(1,140)
|
|
1,016
|
|
|
(981)
|
|
3,003
|
Income from
operations before taxes
|
|
234,862
|
|
239,753
|
|
|
726,227
|
|
1,034,428
|
|
|
|
|
|
|
|
|
|
|
Current income tax,
withholding and other taxes
|
|
(96,049)
|
|
(79,662)
|
|
|
(270,669)
|
|
(309,913)
|
Deferred income tax
recovery (expense)
|
|
14,327
|
|
14,314
|
|
|
5,267
|
|
(52,102)
|
Net income for the
period
|
|
153,140
|
|
174,405
|
|
|
460,825
|
|
672,413
|
|
|
|
|
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
|
|
|
|
|
Shareholders of the
Company
|
$
|
136,943
|
$
|
168,462
|
|
$
|
420,065
|
$
|
628,063
|
Non-controlling
interests
|
|
16,197
|
|
5,943
|
|
|
40,760
|
|
44,350
|
Net income for the
period
|
$
|
153,140
|
$
|
174,405
|
|
$
|
460,825
|
$
|
672,413
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share (attributable to shareholders of the Company)
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.13
|
$
|
0.16
|
|
$
|
0.40
|
$
|
0.60
|
Diluted
|
$
|
0.13
|
$
|
0.16
|
|
$
|
0.40
|
$
|
0.59
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares
outstanding (in
thousands)
|
|
|
|
|
|
|
|
|
|
Basic
|
|
1,055,833
|
|
1,050,752
|
|
|
1,053,809
|
|
1,043,385
|
Diluted
|
|
1,062,139
|
|
1,064,599
|
|
|
1,061,542
|
|
1,056,302
|
B2GOLD CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of United States dollars)
(Unaudited)
|
|
|
For the
three months
ended Dec. 31,
2021
|
For the
three months
ended Dec. 31,
2020
|
|
For the
twelve months
ended Dec. 31,
2021
|
For the twelve
months
ended Dec. 31,
2020
|
Operating
activities
|
|
|
|
|
|
|
|
|
|
Net income for the
period
|
$
|
153,140
|
$
|
174,405
|
|
$
|
460,825
|
$
|
672,413
|
Mine restoration
provisions settled
|
|
(343)
|
|
(217)
|
|
|
(343)
|
|
(425)
|
Non-cash charges,
net
|
|
104,252
|
|
48,735
|
|
|
369,556
|
|
198,058
|
Changes in non-cash
working capital
|
|
8,492
|
|
(26,099)
|
|
|
(104,615)
|
|
86,777
|
Changes in long-term
value added tax receivables
|
|
751
|
|
(134)
|
|
|
(1,310)
|
|
(6,178)
|
Cash provided by
operating activities
|
|
266,292
|
|
196,690
|
|
|
724,113
|
|
950,645
|
|
|
|
|
|
|
|
|
|
|
Financing
activities
|
|
|
|
|
|
|
|
|
|
Revolving credit
facility, drawdowns net of transaction costs
|
|
(3,368)
|
|
—
|
|
|
(3,368)
|
|
250,000
|
Repayment of revolving
credit facility
|
|
—
|
|
—
|
|
|
—
|
|
(450,000)
|
Equipment loan
facilities, drawdowns net of transaction costs
|
|
—
|
|
41,416
|
|
|
—
|
|
41,416
|
Repayment of equipment
loan facilities
|
|
(6,991)
|
|
(7,446)
|
|
|
(28,797)
|
|
(28,445)
|
Interest and
commitment fees paid
|
|
(532)
|
|
(1,613)
|
|
|
(6,232)
|
|
(12,451)
|
Cash proceeds from
stock option exercises
|
|
2,658
|
|
3,017
|
|
|
6,435
|
|
46,152
|
Dividends
paid
|
|
(42,221)
|
|
(42,046)
|
|
|
(168,372)
|
|
(115,266)
|
Distributions to
non-controlling interests
|
|
(3,776)
|
|
(9,206)
|
|
|
(36,187)
|
|
(9,206)
|
Loan repayments from
non-controlling interests
|
|
5,312
|
|
—
|
|
|
5,312
|
|
—
|
Principal payments on
lease arrangements
|
|
(1,265)
|
|
(727)
|
|
|
(3,889)
|
|
(3,637)
|
Changes in restricted
cash accounts
|
|
78
|
|
1,341
|
|
|
870
|
|
2,572
|
Cash used by
financing activities
|
|
(50,105)
|
|
(15,264)
|
|
|
(234,228)
|
|
(278,865)
|
|
|
|
|
|
|
|
|
|
|
Investing
activities
|
|
|
|
|
|
|
|
|
|
Expenditures on mining
interests:
|
|
|
|
|
|
|
|
|
|
Fekola Mine
|
|
(56,559)
|
|
(28,378)
|
|
|
(110,637)
|
|
(184,037)
|
Masbate
Mine
|
|
(10,378)
|
|
(14,619)
|
|
|
(30,743)
|
|
(34,041)
|
Otjikoto
Mine
|
|
(21,599)
|
|
(25,119)
|
|
|
(80,936)
|
|
(66,815)
|
Gramalote
Property
|
|
(7,218)
|
|
(3,924)
|
|
|
(23,887)
|
|
(19,498)
|
Other exploration and
development
|
|
(16,748)
|
|
(15,661)
|
|
|
(56,116)
|
|
(48,182)
|
Cash proceeds from
sale of mineral properties, net of transaction costs
|
|
31,684
|
|
15,525
|
|
|
31,684
|
|
24,525
|
Purchase of common
shares of associate
|
|
—
|
|
—
|
|
|
(5,945)
|
|
—
|
Funding of reclamation
accounts
|
|
(3,439)
|
|
(2,878)
|
|
|
(8,009)
|
|
(11,575)
|
Other
|
|
(236)
|
|
1,106
|
|
|
(1,688)
|
|
1,667
|
Cash used by
investing activities
|
|
(84,493)
|
|
(73,948)
|
|
|
(286,277)
|
|
(337,956)
|
|
|
|
|
|
|
|
|
|
|
Increase in cash and
cash equivalents
|
|
131,694
|
|
107,478
|
|
|
203,608
|
|
333,824
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
|
(5,202)
|
|
6,747
|
|
|
(10,294)
|
|
5,265
|
Cash and cash
equivalents, beginning of period
|
|
546,507
|
|
365,460
|
|
|
479,685
|
|
140,596
|
Cash and cash
equivalents, end of period
|
$
|
672,999
|
$
|
479,685
|
|
$
|
672,999
|
$
|
479,685
|
|
|
|
|
|
|
|
|
|
|
B2GOLD CORP.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of United States dollars)
|
|
|
As at December
31,
2021
|
|
As at December
31,
2020
|
Assets
|
|
|
|
|
|
Current
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
672,999
|
|
$
|
479,685
|
Accounts receivable,
prepaids and other
|
|
32,112
|
|
|
21,306
|
Deferred consideration
receivable
|
|
41,559
|
|
|
—
|
Value-added and other
tax receivables
|
|
14,393
|
|
|
11,797
|
Inventories
|
|
272,354
|
|
|
238,055
|
Assets classified as
held for sale
|
|
12,700
|
|
|
11,855
|
|
|
1,046,117
|
|
|
762,698
|
|
|
|
|
|
|
Long-term
investments
|
|
32,118
|
|
|
9,354
|
Value-added tax
receivables
|
|
63,165
|
|
|
35,383
|
Mining
interests
|
|
|
|
|
|
Owned by subsidiaries
and joint operations
|
|
2,231,831
|
|
|
2,387,020
|
Investments in joint
ventures and associates
|
|
104,236
|
|
|
76,235
|
Other
assets
|
|
82,371
|
|
|
67,142
|
Deferred income
taxes
|
|
1,455
|
|
|
24,547
|
|
$
|
3,561,293
|
|
$
|
3,362,379
|
Liabilities
|
|
|
|
|
|
Current
|
|
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
111,716
|
|
$
|
89,062
|
Current income and
other taxes payable
|
|
92,275
|
|
|
154,709
|
Current portion of
long-term debt
|
|
25,408
|
|
|
34,111
|
Current portion of
mine restoration provisions
|
|
734
|
|
|
—
|
Other current
liabilities
|
|
1,056
|
|
|
8,211
|
|
|
231,189
|
|
|
286,093
|
|
|
|
|
|
|
Long-term
debt
|
|
49,726
|
|
|
75,911
|
Mine restoration
provisions
|
|
116,547
|
|
|
104,282
|
Deferred income
taxes
|
|
187,887
|
|
|
220,903
|
Employee benefits
obligation
|
|
7,115
|
|
|
5,874
|
Other long-term
liabilities
|
|
7,822
|
|
|
8,726
|
|
|
600,286
|
|
|
701,789
|
Equity
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Share
capital
|
|
2,422,184
|
|
|
2,407,734
|
Contributed
surplus
|
|
67,028
|
|
|
48,472
|
Accumulated other
comprehensive loss
|
|
(136,299)
|
|
|
(138,533)
|
Retained
earnings
|
|
507,381
|
|
|
254,343
|
|
|
2,860,294
|
|
|
2,572,016
|
Non-controlling
interests
|
|
100,713
|
|
|
88,574
|
|
|
2,961,007
|
|
|
2,660,590
|
|
$
|
3,561,293
|
|
$
|
3,362,379
|
|
|
|
|
|
|
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SOURCE B2Gold Corp.