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, and the Otjikoto Mine made history as one of the fastest-moving mine construction projects in the country. Otjikoto achieved commercial production on February 28, 2015, also ahead of schedule. Click here for Otjikoto Mine overview. 

Recent Updates:

Q2 2018 Performance Snapshot:

  • Gold production(2) was 40,678 oz, approximately in line with budget
  • Cash operating costs(3) were $505/oz, approximately in line with budget
  • All-in sustaining costs ("AISC")(3) were $824/oz
  • On May 29, 2018, B2Gold celebrated the official opening of its Solar Power Plant at the Otjikoto Mine (now providing approximately 13%  of the electricity consumed onsite the heavy fuel oil-solar hybrid is expected to reduce  associated power generation fuel costs by approximately 10% in 2018)

FH 2018 Performance Snapshot: 

  • Gold production(2) was 80,177 oz3% above budget
  • Cash operating costs were $536/oz, approximately in line with budget
  • AISC were $792/oz, approximately in line with budget

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

Looking Forward:

  • B2Gold expects the Otjikoto Mine to produce between 160 Koz - 170 Koz(2) of gold in 2018, at cash operating costs of between $480 - $525/oz and AISC of between $700 - $750/oz
  • In 2018, nearly all of the processed ore will be sourced from the Otjikoto Pit 
  • Development of the second phase of the Wolfshag Pit continues, from which higher-grade ore production is expected in 2019

Click here for Otjikoto Exploration & Development section

Health, Safety & Environment: 

  • Safety performance: 0 Lost-Time-Injury (as at March 31, 2018)
  • Click here for B2Gold's 2017 Responsible Mining Report, Raising the Bar

Click here for Otjikoto Mine overview

Mine/Project Location Map:

Mine Overview (as at June 30, 2018):

Q2 2018 Production, Cash Costs, Revenue & Sales:
Q2 2018 gold production 40,678 oz
Q2 2018 cash operating costs $505 /oz
Q2 2018 AISC $824 /oz
Q2 2018 gold revenue $51,210
Q2 2018 gold sales 39,529 oz
Q2 2018 average realized gold price $1,296 /oz
FH 2018 Production, Cash Costs, Revenue & Sales:
FH 2018 gold production 80,177 oz
FH 2018 cash operating costs $536 /oz
FH 2018 AISC $792 /oz
FH 2018 gold revenue $108,245
FH 2018 gold sales 82,358 oz
FH 2018 average realized gold price $1,314 /oz
Q2 2018 Processing: 
Q2 2018 tonnes of ore milled 0.86 M
Q2 2018 grade 1.49 g/t
Q2 2018 recovery 98.7%
FH 2018 Processing:
FH 2018 tonnes of ore milled 1.69 M
FH 2018 grade 1.50 g/t
FH 2018 recovery 98.7%
2018 Guidance:
2018 E gold production 160 Koz-170 Koz
2018 E cash operating costs $480-$525 /oz
2018 E AISC $700-$750 /oz
2018 E tonnes of ore milled (budget) 3.30 M (average)
2018 E grade (budget) 1.59 g/t (average)
2018 E recovery (budget) 98% (average)
2018 exploration budget $5 M
2019 Guidance:
2019 E gold production(2) 160 Koz-170 Koz
General Information:
Location Namibia
Mine type Open pit
Ownership(4) 90%
Metals mined Gold
Processing plant Cyanide leach/Carbon-in-pulp process, Gravity circuit
Power Heavy fuel oil power plant with diesel powered back-up/Photovoltaic solar power plant (100% self-generated)
Number of employees (not including contractors) 910
Local employee workforce 98%
Mineral Reserve & Resource Estimates (Contained Gold):
Probable Mineral Reserves (90% attributable)(5) 0.99 Moz
Indicated Mineral Resources (90% attributable)(5) 1.51 Moz
Inferred Mineral Resources (90% attributable)(5) 0.25 Moz

Supporting Documents:

For the latest details and news releases pertaining to the Otjikoto 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 Celebrates the Opening of the Solar Power Plant at its Otjikoto Mine in Namibia' news release, dated June 5, 2018

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

  • Click here for Q2 2018 Management’s Discussion & Analysis ("MD&A")(6)
  • Click here for Q2 2018 Financial Statements(6)
  • Click here for Annual Information Form ("AIF") 2018, dated March 23, 2018(6)
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 production results, and 2018 and 2019 annual 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. B2Gold Namibia, the holder of the Otjikoto Mine, is 90% owned, indirectly, by B2Gold and 10% by EVI Mining (Proprietary) Ltd. For further details, refer to the Company's AIF 2018.
  5. Refer to respective footnotes in Summary of Mineral Reserve and Mineral Resource Estimates  - click here and see 'Mineral Resource & Mineral Reserve Estimates' section below.
  6. 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 and based on the technical report entitled “NI 43-101 Technical Report Feasibility Study: Otjikoto Gold Project, Province of Otjozondjupa, Republic of Namibia” (click here) that has an effective date of February 25, 2013, and was prepared by William Lytle, P.E., Tom Garagan, P. Geo., Hermanus Kriel, Pr. Eng., Glenn Bezuidenhout, Pr. Eng., FSAIMM and Guy Wiid, Pr. Eng., among others, and from our most recent AIF, dated March 28, 2018 - click here for AIF, and are based on the assumptions, qualifications and procedures set out therein.

Mineral Resource & Mineral Reserve Estimates:

Probable Mineral Reserves Statement:

Area Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold
Ounces (oz)
Contained Gold
Kilograms (kg)
Otjikoto 14,420,000 1.27 589,000 18,300
Wolfshag 4,290,000 2.70 372,000 11,600
Stockpiles 820,000 0.89 24,000 700
Total 19,530,000 1.57 985,000 30,600
Footnotes (Click to expand)
  1. Mineral Reserves have been classified using the Canadian Institute of Mining (“CIM”) Standards (refer to the Company's AIF, dated March 23, 2018 (click here for additional information regarding these Mineral Reserves)).
  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 90% attributable basis; the remaining 10% interest is held by EVI.
  4. The Qualified Person for the reserve estimate is Peter Montano, P.E., who is B2Gold’s Project Director. 
  5. Mineral Reserves that will be mined by open pit methods assume a gold price of US$1,250/oz, metallurgical recovery of 98%, and operating cost estimates of US$1.79/t mined (mining), US$12.27/t processed (processing) and US$3.67/t processed (general and administrative). 
  6. Dilution and ore loss was applied through block averaging such that at a cutoff of 0.45 g/t Au, there is a 1% decrease in tonnes, a 4% reduction in grade and 5% reduction in ounces when compared to the Mineral Resource model.
  7. Mineral Reserves are reported at a cutoff of 0.45 g/t Au.

Otjikoto Indicated Mineral Resources Statement:

Area Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold
Ounces (oz)
Contained Gold
Kilograms (kg)
Otjikoto Open Pit 23,460,000 1.11 840,000 26,100
Wolfshag Open Pit 5,740,000 2.97 549,000 17,100
Wolfshag Underground 170,000 4.87 27,000 800
ROM Stockpile 820,000 0.89 24,000 700
LG Stockpile 5,200,000 0.44 74,000 2,300
Total 35,390,000 1.33 1,513,000 47,100

Otjikoto Inferred Mineral Resources Statement:

Area Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold
Ounces (oz)
Contained Gold
Kilograms (kg)
Otjikoto Open Pit 2,030,000 0.64 42,000 1,300
Wolfshag Open Pit 1,600,000 0.64 33,000 1,000
Wolfshag Underground 970,000 5.64 176,000 5,500
Total 4,600,000 1.70 251,000 7,800
Footnotes (Click to expand)
  1. Mineral Resources have been classified using the CIM Standards (refer to the Company's AIF, dated March 23, 2018 (click here for additional information regarding these Mineral Resources). 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 90% attributable basis; the remaining 10% interest is held by EVI.
  4. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold’s Senior Vice President, Exploration. 
  5. The Qualified Person for the stockpile estimate is Peter Montano, P.E., who is B2Gold’s Project Director.
  6. Mineral Resource estimates that are amenable to open pit mining methods assume a gold price of US$1,400/oz, metallurgical recovery of 98%, and operating cost estimates of US$1.79/t mined (mining), US$12.27/t processed (processing) and US$3.67/t processed (general and administrative).
  7. Mineral Resources that are amenable to open pit mining are reported at a cutoff of 0.40g/t Au.  Mineral Resources that are amenable to underground mining are reported at cutoff of 2.6 g/t Au.

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