Projects

Otjikoto Mine – Namibia (1)

The Otjikoto Mine is located in the north-central part of Namibia, approximately 300 km north of the country’s capital, Windhoek. Otjikoto is the largest gold producer in the country.

Click here for mine/project location map.

B2Gold acquired the Company’s first African gold development project, the Otjikoto Gold Project, through a merger with Auryx Gold Corp. in December 2011. The Company received the Otjikoto Mining Licence in December 2012, and construction of the Otjikoto Mine commenced in April 2013. Within approximately 19 months, the first gold pour occurred on December 11, 2014, ahead of schedule. The Otjikoto Mine had record annual production in 2023, producing 208,598 gold ounces.

The Otjikoto Mine in Namibia is expected to produce between 180,000 and 200,000 ounces of gold in 2024 at cash operating costs of between $685 and $745 per ounce and all-in sustaining costs of between $960 and $1,020 per ounce. Gold production at Otjikoto is expected to be relatively consistent throughout 2024. For 2024, Otjikoto is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.77 g/t with a process gold recovery of 98.0%. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing medium and high-grade ore stockpiles.

Capital expenditures in 2024 at Otjikoto are expected to total $33 million, of which approximately $32 million is classified as sustaining capital expenditures and $1 million is classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $32 million for deferred stripping and deferred underground development.

Click here for Otjikoto Mine overview.

Mine Snapshot:

2023:

  • Gold production(2)208,598 oz 
  • Cash operating costs(3) $585 /oz produced
  • AISC(3):  $984 /oz sold

2024 Guidance:

  • Gold production: 180 Koz - 200 Koz
  • Cash operating costs: $685 - $745 /oz
  • AISC: $960 - $1,020 /oz 

Click here for B2Gold’s Q4 and Full Year 2023 Earnings news release (dated February 21, 2024)

Mine/Project Location Map:

Otjikoto Project Location Map

Mine Overview (as at December 31, 2023)

2023 Production, Costs, Revenue & Sales (2,3):
Gold production 208,598 oz
Cash operating costs

$585 /oz produced

AISC

$984  /oz sold 

Gold revenue: $418 M (approx.)
Gold sales: 214,800 oz
Average realized gold price:  $1,944 /oz
FY 2024 Guidance Production & Costs (2,3):
Gold production 180 Koz - 200 Koz
Cash operating costs $685 - $745 /oz
AISC $960 - $1,020 /oz 
2023 Processing:
Tonnes of ore milled 3.44 M (approx.)
Grade 1.91 g/t
Recovery 98.6%
FY 2024 Guidance Processing:
Tonnes of ore milled (budget) 3.4 M 
Grade (budget) 1.77 g/t
Recovery (budget) 98.0%
General Information:
Location Namibia
Mine type Open pit (and underground mine under development)
Ownership(4) 90%
Metals mined Gold
Processing plant Conventional flowsheet whereby gold is recovered by gravity concentration/intensive leaching and by an agitated cyanide leach/carbon-in-pulp process for treatment of gravity tailings
Power Since commissioning the NamPower grid link, the Otjikoto Mine has reduced its overall processing plant costs by approximately 10%. In addition, the transition away from HFO to a combination of the solar power plant and the national grid will significantly reduce GHG emissions.
Total number of employees 976
Local employee workforce 98.3%
Mineral Reserve & Resource Estimates (Contained Gold) –100% Project Basis:
Indicated Mineral Resources(5) 1.37 Moz
Inferred Mineral Resources(5) 0.38 Moz
Probable Mineral Reserves(5) 0.62 Moz
2024 Exploration Budget
Namibia (Otjikoto) $9 M

Supporting Documents:

For the latest details and news releases pertaining to the Otjikoto Mine:

  • Click here for B2Gold's Q4 and Full Year 2023 Earnings (dated February 21, 2024)

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

  • Click here for B2Gold's Q4 and Full Year 2023 Management Discussion & Analysis ("MD&A") (dated December 31, 2023)
  • Click here for B2Gold's Q4 and Full Year 2023 Financial Statements (dated December 31, 2023)
  • Click here for B2Gold's 2023 Annual Information Form ("AIF") (dated March 16, 2023)
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 FY2023 and 2024 Guidance production results are presented on a 100% basis, unless otherwise stated.
  3. Refer to “Non-IFRS measures” in the Company’s most recently filed MD&A (click here).
  4. B2Gold Namibia, the holder of the ML169 and operator of the Otjikoto Mine, is 90% owned, indirectly, by B2Gold and 10% by EVI. For more details, refer to pages 41-42 in the Company's AIF, dated March 20, 2019- click here.
  5. Refer to respective notes in the 'Mineral Resource & Mineral Reserve Estimates' section below.
  6. Also available on SEDAR  at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.
  7. Certain portions of the following information are derived from and based on the technical report entitled “Otjikoto Gold Mine Namibia NI 43-101 Technical Report” (click here) with an effective date of December 31, 2018, and was prepared by Mr. Tom Garagan, P.Geo., Mr. Peter Montano, P.E., Mr. Ken Jones, P.E. and Mr. John Rajala, P.E. of B2Gold, and from the Company's most recent AIF, dated March 16, 2023 (click here) and are based on the assumptions, qualifications and procedures set out therein.

Image 2

Mineral Resource & Mineral Reserve Estimates:

Otjikoto Indicated Mineral Resources Statement:

Area 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold Ounces
(x 1,000)
Attributable
(%)
Contained Gold Ounces
(x 1,000)
Otjikoto Open Pit 22,380 0.86 620 90 560
Wolfshag Underground 1,250 7.04 280 90 250
LG Stockpile 18,850 0.42 250 90 230
ROM Stockpile 1,060 1.17 40 90 40
Total Indicated Mineral Resources 43,540 0.86 1,200   1,080

Otjikoto Inferred Mineral Resources Statement:


Area 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold Ounces
(x 1,000)
Attributable
(%)
Contained Gold Ounces
(x 1,000)
Wolfshag Underground 2,150 4.25 290 90 260
Otjikoto Open Pit 1,130 0.59 20 90 20
Total Inferred Mineral Resources 3,290 2.99 320   280
Notes: (Click to expand)
1.    Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2.    All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
3.    Mineral Resources are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI, a Namibian empowerment company.
4.    The Qualified Person for the resource estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services.
5.    The Qualified Person for the stockpile estimates is Peter Montano, our Vice President, Projects.
6.    The Mineral Resource estimate for Otjikoto accounts for mining depletion as of December 31, 2022. The Mineral Resource estimate has an effective date of December 31, 2022.
7.    Mineral Resource estimates that are amenable to open pit mining methods are reported within a conceptual open pit shell based on a gold price of US$1,800/oz, metallurgical recovery of 98%, selling costs of US$75.49/oz including royalties and levies, and operating cost estimates of US$2.78/t mined (mining), US$12.73/t processed (processing) and US$3.75/t processed (general and administrative).
Mineral Resources that are potentially amenable to open pit mining are reported at a cut-off grade of 0.28 g/t Au. Mineral Resources that are potentially amenable to underground mining are reported at cut-off grades of 1.5, 2.25 or 3.25 g/t Au and a minimum thickness of 1.5 m.

Otjikoto Probable Mineral Reserves Statement:

Area 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold Ounces
(x 1,000)
Attributable
(%)
Contained Gold Ounces
(x 1,000)
Otjikoto Open Pit 5,740 1.31 240 90 220
Wolfshag Underground 1,140 5.55 200 90 180
ROM Stockpiles 1,060 1.17 40 90 40
Total Probable Mineral Reserves 7,930 1.90 480   440
Footnotes: (Click to expand)
1.    Mineral Reserves have been classified using the CIM Standards and have an effective date of December 31, 2021.
2.    All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
3.    Mineral Reserves are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by EVI, a Namibian empowerment company.
4.    The Qualified Person for the Mineral Reserve estimate within open pits, underground mining, and stockpiles is Peter Montano, our Vice President, Projects.
5.    Mineral Reserves to be mined using open pit methods or in stockpiles are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 98%, selling costs of US$63.49/oz including royalties and levies, average mining cost of US$2.78/t mined, average processing cost of US$12.80/t processed, and site general costs of US$3.75/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.45 g/t Au cut-off grade there is a 2.3% decrease in tonnes, a 2.2% reduction in grade, and a 4.4% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves that will be mined by open pit methods or are in stockpiles are reported above a cut-off grade of 0.45 g/t Au.
6.    Mineral Reserves that will be mined by underground methods assume a modified transverse longhole stoping mining method, gold price of US$1,350/oz, metallurgical recovery of 98%, selling costs of US$63.49/oz including royalties and levies, average mining cost of US$84.83/t mined, average processing cost of US$12.06/t processed, general costs of US$3.07/t processed, 10% dilution, and 90% mining recovery. Mineral Reserves that will be mined by underground methods are reported above a cut-off grade of 2.68 g/t Au.
 

For more information, click here for B2Gold's 2023 Annual Information Form (pages 47-58).

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