BMO Capital Markets on Monday reiterated its outperform rating on the shares of B2Gold (BTO.TO) while cutting its price target to C$6.50 from an undisclosed prior level after the company released a mining plan for its Back River District in Nunavut.
"BTO released the life of mine plan for the Back River District, which has a slight negative impact on our estimates as we now model the district as per this release. The LOM plan suggests that Back River will have a nine-year LOM with total production of ~2.3Moz Au at operating cash costs and AISC of US$1,129/oz and US$1,547/oz, respectively.
The company also highlighted exploration upside and multiple optimization studies, one of which could expand mill throughput. We maintain our Outperform rating but lower our price target to $6.50," analyst Brian Quast wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 4.09, Change: -0.06, Percent Change: -1.45
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