B2Gold Corp. (NYSE MKT:BTG) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 01:00 pm ET


B2Gold Corp. (NYSE MKT:BTG) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning or afternoon, ladies and gentlemen. Welcome to B2Gold's Second Quarter and First Half 2020 Financial Results Conference Call.

I would now like to turn the call over to Mr. Clive Johnson, President and CEO. You may proceed, Mr. Johnson.

Clive T. Johnson

Thank you, operator, and thank you, all, for listening in.

We've got the B2Gold executive team either here in Vancouver in the boardroom or on the phone. We're here to talk about the second quarter results for -- financial results for 2020 and for the first half of the year.

Obviously, another very strong quarter for us. We had records for both revenue and operating cash flow, both quarterly records, and we had a good beat in the budget on our -- our operating cash cost per ounce and our all-in sustaining costs per ounce.

And we are announcing as well that we are doubling our dividend again from $0.02 to $0.04 a share, and that reflects the remarkable record strong financial position we find ourselves in. Obviously, gold price has helped. And we're in a very strong position, and we're announcing that we intend to fully repay our revolving corporate facility in the third quarter of the year. We're in a net positive cash position today. It's a great place to be in, given our projected -- remarkable projected total cash operations this year we're expecting, thought it was very appropriate to increase the dividend to $0.04 a share.

So before I hand it over to Mike Cinnamond to give you a rundown on the financial results and then we'll have a quick update on the Fekola expansion and then we'll open it up for any questions that you have, I'll just talk a little bit about COVID.

We've done extremely well as the financial results and the operating results suggest over the last couple of quarters despite COVID, and I think there's a couple of reasons for that -- that we've done so. One of the -- I think the first one is experience. One of the things about our group that's quite strong is the amount of experience we've had in this industry, not only in the industry. We're working together through the Bema years and into the B2Gold years.

And when you do that internationally, you learn a lot. And you learn a lot about things like logistics and moving people. And we've chased -- we've faced a lot of challenges over the years. We welcome a good challenge, and we took COVID on very early and took it very seriously very early. But I think the experience of our team and the experience of our people on-site really came to the forefront in terms of our ability to adjust, to manage and saw that problem solved during COVID.

The other thing that's key, I think, is the culture. We talk a lot about endeavoring to treat people with fairness, respect and transparency when we run our business. And I think the fact that we've done