November 4, 2009 / 3:57 PM / 9 years ago

UPDATE 1-Canada's B2Gold gives 2010 gold production update

* Sees 2010 production at 120,000-130,000 ounces

* Says construction of Orosi mine 95 pct complete

* To start production at Orosi mine in late Nov.

* Says 2 labor unions at Limon ready to restart work

Nov 4 (Reuters) - Canada’s mid-tier gold explorer B2Gold Corp (BTO.TO) sees production of 120,000 ounces to 130,000 ounces in 2010, with both its mines in Nicaragua in operation.

Construction at B2Gold’s Orosi mine was 95 percent complete and it expects to start production later this month, the company said in a statement.

It said the construction cost at Orosi mine, expected to produce an average of 80,000 ounces to 90,000 ounces a year on its commercial start, has gone up by 13 percent to $62 million.

B2Gold said its Limon mine in Nicaragua, where work was halted due to a labor dispute, was currently producing about 1,000 ounces a day and it was hopeful to resolve the issue.

Two of the workers’ unions, are ready to return to work, representing about 46 percent of mine’s work force, the company said in a statement.

In October, Nicaragua’s ministry of labor had declared the strike at Limon mine to be illegal.

Shares of the company were up 4 Canadian cents at 79 Canadian cents Wednesday morning on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Unnikrishnan Nair)

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