B2Gold has halved its quarterly dividend to 2 cents per share, citing the need for greater financial flexibility to support its organic growth initiatives and a new share buyback program. The company aims to repurchase up to 5% of its outstanding shares over the next year.
B2Gold has made the decision to reduce its quarterly dividend by half, aiming to bolster its financial flexibility for ongoing organic growth initiatives and support a share buyback program. The company will decrease its dividend from 4 cents per share, previously resulting in a yield exceeding 6%, to 2 cents per share. Since the inception of its dividend in 2020, B2Gold has distributed approximately $870 million in dividends to shareholders.
B2Gold's relatively high yield is partially attributed to the underperformance of its share price, a situation the new normal course issuer bid (NCIB) is intended to address. The company plans to repurchase up to 5% of its outstanding 1.3 billion shares over the next 12 months. As B2Gold embarks on a phase of organic production growth, commencing shortly with the anticipated start of gold production at both the Fekola regional development and the Goose mine, maintaining a strong financial position and operational flexibility for future internal growth projects is crucial. In addition to the Fekola regional development in Mali, B2Gold is nearing the completion of construction at Goose in Nunavut, Canada. The company is also exploring the development of the Antelope deposit at Otjikoto in Namibia and is set to finalize a feasibility study on Gramalote in Antioquia, Colombia.In 2024, B2Gold produced 804,778 ounces of gold, aligning with its downwardly revised guidance range. The company anticipates 2025 production to reach 970,000 to 970,001 ounces. Goose is projected to begin producing first gold in the June quarter of 2025. Production at Fekola fell short of expectations due to ongoing delays in accessing higher-grade ore from phase 7, coupled with lower realized production from the Fekola phase 7 and Cardinal pits. The mining and processing of these higher-grade tons are now anticipated to commence in 2025. B2Gold expects to release a life-of-mine plan for Goose by the end of the March quarter, based on updated reserves. This year, it projects production from Goose to be between 120,000 and 150,000 ounces, with an increase to 310,000 ounces per annum through 2031.
B2gold Dividend Share Buyback Organic Growth Gold Production
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Northern Ireland Pensioners to Receive £100 Payment After Winter Fuel CutsThe number of pensioners in Northern Ireland expected to receive a one-off £100 payment following cuts to winter fuel payments has been revealed. The Communities Minister, Gordon Lyons, announced the payment in November 2024, after the UK government introduced means-testing for winter fuel payments. The payment is set to help pensioners impacted by the cuts and is expected to be paid out by March 2025.
Read more »
Scottish Labour to Challenge Keir Starmer Over Winter Fuel Payment CutsScottish Labour is set to clash with Keir Starmer over the UK Government's decision to means-test Winter Fuel Payments. A motion calling for the scrapping of the means-test will be debated at the Scottish Labour conference in February.
Read more »
Scottish Labour to Challenge Winter Fuel Payment CutsScottish Labour is set to clash with Keir Starmer over cuts to the Winter Fuel Payment. A motion calling for the removal of means-testing will be debated at the party's conference in February.
Read more »
New Winter Fuel Payment update on legal bid to reverse cuts for all pensionersThe case against the Scottish and UK Governments could see the eligibility rule change deemed ‘unlawful’.
Read more »
Thousands could be still eligible for fuel help after Winter Fuel Payment axeThe Winter Fuel Payment was scrapped for millions of pensioners in but there are other schemes available to help with heating costs
Read more »
Pension Withdrawals: Tax-Free Lump Sum and Dividend IncomeA reader seeks clarification on the tax implications of withdrawing dividend income from a pension pot after taking the tax-free lump sum.
Read more »