Projects

El Limon Mine – Nicaragua (1)

El Limon Mine is located in northwestern Nicaragua, approximately 100 km northwest of the country's capital, Managua. Click here for mine/project location map. 

B2Gold became a gold producer when the Company acquired its first gold mine, El Limon, through a merger with Central Sun Mining Inc. in March 2009. EL Limon is a historic mine; it has been in operation as an underground and open-pit mine since 1941. When B2Gold assumed ownership of El Limon, the mine was operating with an aged mill and mining equipment. The Company therefore embarked on a program of investment and exploration, designed to revitalize the mine, by renewing the production fleet, the process facility and the mine infrastructure. Click here for El Limon Mine overview. 

Recent Updates:

Q2 2018 Performance Snapshot:

  • Q2 2018 gold production(2) was 11,109 oz
  • Cash operating costs(3) were $893/oz
  • All-in sustaining costs ("AISC")(3) were $1,614/oz
  • In May 2018, B2Gold purchased the remaining 5% interest in El Limon Mine for $2.5 M, thereby increasing ownership interest in El Limon from 95% to 100%

FH 2018 Performance Snapshot:

  • Gold production(2) was 24,638 oz
  • Cash operating costs were $956/oz
  • AISC were $1,599/oz

Click here for B2Gold's Q2 & FH 2018 Earnings news release, dated August 7, 2018

Looking Forward:

  • Based on B2Gold's original guidance, El Limon Mine was projected to produce between 55 Koz - 60 Koz of gold in 2018, at cash operating costs of between $700 - $750/oz and AISC of between $1,135 - $1,185/oz. Due to the illegal blockades in June 2018, El Limon is now forecasting gold production of between 50 Koz - 55 Koz(2)
  • On February 23, 2018, B2Gold announced a positive initial open-pit Inferred Mineral Resource at the newly-discovered Central zone of 5.13 Mt at a grade of 4.92 g/t of gold, containing 812 Koz of gold(4,5) (100% basis). The Central zone, at its closest point, is approximately 150 m from El Limon mill facility
  • Mining this large, good grade resource has the potential to decrease El Limon’s cash operating costs/oz and AISC/oz, and significantly extend the mine life
  • B2Gold is currently conducting engineering and metallurgical studies on the Central zone to evaluate the potential to expand the mill throughput, thereby increasing annual gold production – results are expected in Q3 2018

Click here for El Limon Exploration & Development section

Health, Safety & Environment:

  • Safety performance: As at December 31, 2017, a 35% reduction in Lost-Time-Injury frequency rate – 2016 (2.6) v 2017 (1.7)
  • Click here for B2Gold's 2017 Responsible Mining Report, Raising the Bar

Click here for El Limon Mine overview

Mine/Project Location Map:

Mine Overview (as at June 30. 2018):

Q2 2018 Production, Cash Costs, Revenue & Sales:
Q2 2018 gold production 11,109 oz
Q2 2018 cash operating costs $893 /oz
Q2 2018 AISC $1,614 /oz
Q2 2018  gold revenue $15,857
Q2 2018  gold sales 12,225 oz
Q2 2018  average realized gold price $1,297 /oz
FH 2018 Production, Cash Costs, Revenue & Sales:
FH 2018 gold production 24,638 oz
FH  2018 cash operating costs $956 /oz
FH 2018 AISC $1,599 /oz
FH 2018  gold revenue $37,149
FH 2018  gold sales 28,075 oz
FH 2018  average realized gold price $1,323 /oz
Q2 2018 Processing: 
Q2 2018 tonnes of ore milled 0.09 M
Q2 2018 grade 4.07 g/t
Q2 2018 recovery 94.8%
FH 2018 Processing:
FH 2018 tonnes of ore milled 0.21 M
FH 2018 grade 3.92 g/t
FH 2018 recovery 95.0%
2018 Guidance:
2018 E gold production 50 Koz-55 Koz
2018 E cash operating costs $700-$750 /oz
2018 E AISC $1,135-$1,185 /oz
2018 E tonnes of ore milled (budget) 0.5 M (average)
2018 E grade (budget) 3.96 g/t (average)
2018 E recovery (budget) 94% (average)
2018 exploration budget $7 M
2019 Guidance:
2019 E gold production(2) 60 Koz-70 Koz
General Information:
Location Nicaragua
Mine type Open pit/underground
Metals mined Gold
Ownership(6) 100%
Processing plant Cyanide leach/Carbon-in-pulp process
Power Purchased from the grid with diesel powered back-up
Number of employees El Limon/La Libertad (not including contractors)  1,066
Local employee workforce 98%
Mineral Reserve & Resource Estimates (Contained Gold):
Probable Mineral Reserves (95% attributable)(7) 0.11 Moz
Indicated Mineral Resources (95% attributable)(7) 0.38 Moz
Inferred Mineral Resources (95% attributable)(7) 0.92 Moz

Supporting Documents:

For the latest details and news releases pertaining to El Limon Mine:

  • Click here for 'B2Gold Reports Positive Second Quarter & First-Half 2018 Results; Strong Growth in Gold Production/Revenues and Operating Cash Flows; Significant Beat Against Budget for Cash Operating Costs and AISC' news release, dated August 7, 2018
  • Click here for 'B2Gold Announces an Increased Exploration Budget at the Fekola North Extension Zone, Mali; and Updates on El Limon and La Libertad Mines, Nicaragua'  news release, dated June 28, 2018
  • Click here for 'B2Gold Announces Positive Initial Open-Pit Resource at the Newly-Discovered El Limon Central Zone, Nicaragua' news release, dated February 23, 2018

For a more detailed overview of El Limon Mine, please refer to the following, most recent company documents:

  • Click here for Q2 2018 Management’s Discussion & Analysis ("MD&A")(8)
  • Click here for Q2 2018 Financial Statements(8)
  • Click here for Annual Information Form ("AIF") 2018, dated March 23, 2018(8)
Footnotes (Click to expand)
  1. The disclosure contains forward-looking statements. Refer to the Legal section of the website (click here) for caution regarding forward-looking statements and the basis for presentation of mineral reserves, mineral resources and other technical disclosures.
  2. B2Gold’s Q2 2018 and FH 2018 gold production results, and 2018 and 2019 annual gold production guidance are presented on a 100% basis.
  3. Refer to “Non-IFRS measures” in the Company’s most recently filed MD&A. Click here for MD&A.
  4. Amenable to open-pit mining methods, $1,400/oz gold pit shell, estimated average gold recovery of 83.8% (based on preliminary metallurgical testing using current mill parameters).
  5. Please refer to 'B2Gold Announces Positive Initial Open-Pit Resource at the Newly-Discovered El Limon Central Zone, Nicaragua' news release dated February 23, 2018 - click here.
  6. In May 2018, B2Gold purchased the remaining 5% interest in El Limon Mine for $2.5 million, thereby increasing its ownership interest in El Limon to 100% from 95%. (Prior to this date, the Company held an indirect 95% interest in Triton Minera S.A. (“Triton”), the mine operator. The remaining 5% of Triton was held by Inversiones Mineras S.A.) For further details, refer to the Company's AIF, dated March 23, 2018 (click here), and click here for 'B2Gold Reports Positive Second Quarter & First-Half 2018 Results; Strong Growth in Gold Production/Revenues and Operating Cash Flows; Significant Beat Against Budget for Cash Operating Costs and AISC' news release, dated August 7, 2018.
  7. Refer to respective footnotes in Summary of Mineral Reserve and Mineral Resource Estimates  - click here for information regarding the categories, grade and tonnage of these Mineral Reserves and Mineral Resources., and other related information. 
  8. Also available on SEDAR and at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Certain portions of the following information are derived from our most recent AIF, dated March 28, 2018 (click here), and are based on the assumptions, qualifications and procedures set out therein.

El Limon

Mineral Resource & Mineral Reserve Estimates:

Click here for Summary of Mineral Resource and Mineral Reserve Estimates

El Limon

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