Otjikoto achieves record annual gold production

Gold mining company, B2Gold achieved a record annual consolidated gold production in 2016 of 550,423 ounces of gold, achieving revised production guidance (of 535,000 to 575,000 ounces) and surpassing initial guidance (of 510,000 to 550,000 ounces), according to the mine’s recent announcement.

The gold producer made their announcement of their fourth quarter and full-year 2016 gold production and revenue as well as production and cash cost guidance for 2017, on the Namibia stock exchange platform.

The company in the statement said that, their Namibian venture, the Otjikoto Mine achieved record annual gold production of 166,285 ounces, 14% (or 20,562 ounces) higher than 2015.

B2Gold said mine-by-mine gold production in the fourth quarter and full-year 2016, consolidated gold revenue was a record US$683.3 million on record sales of 548,281 ounces at an average price of $1,246 per ounce compared to $553.7 million (or US$576.8 million including US$23.1 million of pre-commercial sales from Otjikoto) on sales of 481,185 ounces (or 499,651 ounces including 18,466 ounces of pre-commercial sales from Otjikoto) at an average price of US$1,151 per ounce in 2015.

According to them, the 23% (or US$129.6 million) increase in annual gold revenue was mainly attributable to a 14% increase in gold sales volume and a 8% increase in the average realized gold price.

Meanwhile, The Company´s 2016 year-end consolidated financial statements will be released on March 16, 2017.