B2Gold, a Canada-based precious metals miner, has revised its 2024 production guidance downwards due to lower-than-expected output from its Fekola mine in Mali.
The company now forecasts total production between 800,000 and 870,000 ounces for the year, including 20,000 ounces from the recently sold Calibre Mining.
This is a reduction from the previous range of 860,000 to 940,000 ounces, which had included 40,000 to 50,000 ounces from Calibre before its sale in June.
The drop in Fekola’s output—expected to be around 50,000 ounces less for the full year—stems from delays in mining higher-grade ore in Phase 7 of the Fekola pit due to equipment availability issues. The mining and processing of this ore have been postponed to the first half of 2025.
In the second quarter of 2024, Fekola produced 111,583 ounces of gold, slightly below projections. For the full year, the mine is expected to produce between 420,000 and 450,000 ounces, down from the original guidance of 470,000 to 500,000 ounces.
Additionally, B2Gold has raised Fekola’s all-in sustaining cost (AISC) guidance to between $1,510/oz and $1,570/oz.
Overall, B2Gold’s total production for the second quarter was 212,508 ounces, including 8,267 ounces of attributable production from Calibre, with an AISC of $1,267/oz.
The company reported an attributable net loss of $24 million, or $0.02 per share, for the second quarter, mainly due to a noncash impairment of the Fekola complex. Adjusted net income for the period was $78 million, or $0.06 per share.
