BTO.V (B2Gold) 2nd Qtr Results are out.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2011) - B2Gold Corp. (TSX:BTO)(OTCQX:BGLPF) ("B2Gold" or the "Company") reports its results from its operations for the second quarter ended June 30, 2011. All dollar figures are in United States dollars unless otherwise indicated. Highlights from the second quarter include:
2011 Second Quarter Results
Adjusted net earnings of $22.0 million ($0.07 per share)
Record cash flow from operations of $28.8 million ($0.09 per share)
Increase of cash and cash equivalents to $78.9 million at quarter end
Record gold revenue of $54.5 million
Gold sales of 36,030 ounces
Gold production of 36,760 ounces exceeding budget
Consolidated operating cash cost of $507 per ounce of gold
Financial Results
B2Gold reported adjusted net earnings for the quarter, of $22.0 million ($0.07 per share) compared with an adjusted net loss of $3.4 million in the same period last year (negative $0.01 per share). Adjusted net income in the second quarter of 2011 was calculated by excluding a non-cash deferred income tax expense of $6.3 million, resulting mainly from a decrease in non-capital tax loss carry-forwards, and a non-cash share based payments expense (relating to stock options) of $0.7 million.
Cash flow from operating activities for the second quarter of 2011 was $28.8 million, compared to $1.1 million in the second quarter of 2010. The second quarter operating cash flow was the highest quarterly cash flow in the Company's history, reflecting the Company's strong operating performance and continued strength in gold prices.
Gold Revenue
Gold revenue for the second quarter of 2011 increased to a fifth consecutive record of $54.5 million on sales of 36,030 ounces compared to $53.5 million on sales of 38,754 ounces in the 2011 first quarter and to $23.3 million on sales of 19,319 ounces in the 2010 second quarter. The increase in revenue over the prior quarter in 2011 was attributable to a higher average realized gold price of $1,513 per ounce, which exceeded the first quarter average realized gold price of $1,381 per ounce. The significant increase in revenue compared to the second quarter of 2010 was mainly due to higher gold production from Libertad Mine which continued to successfully ramp-up throughout 2010 after commencing commercial production on February 1, 2010 and also to higher average realized gold prices. The increase in realized prices reflect the increase in market gold prices, which averaged $1,506 per ounce for the three months ended June 30, 2011 compared to market gold prices of $1,386 and $1,197 for the three months ended March 31, 2011 and June 30, 2010, respectively.
La Libertad Mine accounted for $35.6 million of gold revenue from the sale of 23,490 ounces while $18.9 million was contributed by the Limon Mine from the sale of 12,540 ounces.
