B2Gold Corp. (TSX: T.BTO, Stock Forum) Thursday reported record 2011 adjusted net earnings of $80.5 million, or 24 cents per share, an increase of 401% from $16.1 million, or five cents a share, during the same period of 2010.
The company also announced record gold production of 144,604 ounces for 2011. Consolidated operating cash costs for the year were $527 per ounce of gold.
B2Gold added that, based its current assumptions, it is projecting gold production to grow to over 450,000 ounces per year by 2016. The company expects to continue to fund all of its planned development, exploration and capital expenditures in 2012 without requiring external funding.
Vancouver-based B2Gold is a gold producer with two mines in Nicaragua and a portfolio of development and exploration assets in Nicaragua, Colombia, and Uruguay. The company was founded in 2007 by the former executive and management team of Bema Gold, which grew from a junior explorer to being bought out by Kinross Gold for $3.5 billion in February 2007.
B2Gold shares inched up three cents to $4.03 in early Thursday trading.