November 10, 2011 / 2:39 PM / 6 years ago

UPDATE 1-B2Gold Q3 profit up on strong gold prices

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Nov 10 (Reuters) - B2Gold Corp's third-quarter adjusted profit more than doubled, helped by higher production and strong prices.

The Canadian gold producer, which has two mines in Nicaragua -- La Libertad and Limon -- said the gold production was 34,303 ounces at an operating cash cost of $529 per ounce, compared with 30,675 ounces at $517 per ounce, last year.

On an adjusted basis, the Vancouver, British Columbia-based company's net profit in the quarter was $18.3 million, or 5 cents a share, compared with $8.8 million, or 3 cents a share, last year.

Gold revenue rose 26 percent to $50.5 million. The company sold 29,672 ounces at an average price of $1,701 per ounce, while it sold 32,300 ounces at $1,244 per ounce last year.

Shares of the company were down 1 Canadian cent at C$3.89 in early trading on the Toronto Stock Exchange. (Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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