El Limon Mine – Nicaragua (1)

Please note that this page is currently being updated. Please click here for B2Gold's most recent news release re: First Quarter 2019 Earnings, click here for B2Gold's Management Discussion & Analysis for the quarter ended March 31, 2019, and click here for B2Gold's Consolidated Financial Statements, for the three months ended March 31, 2019.

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, which 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:

Fourth Quarter ("Q4") 2018 Performance Snapshot:

  • Gold production(2) was 11,893 oz
  • Cash operating costs(3) were $920 /oz
  • All-in sustaining costs ("AISC")(3) were $1,358 /oz

Full-Year ("FY") 2018 Performance Snapshot:

  • Gold production(2) was 49,629 oz
  • Cash operating costs were $926 /oz
  • AISC were $1,466 /oz

2019 Guidance:

  • Gold production(2) is expected to be between 55 Koz - 60 Koz
  • Cash operating costs are expected to be between $720 - $760 /oz 
  • AISC are expected to be between $1,005 - $1,045 /oz

El Limon Expansion Study:

  • Basis of study: On February 23, 2018, B2Gold announced a positive initial open-pit Inferred Mineral Resource at the newly-discovered Central zone of 5.13 million tonnes at a grade of 4.92 grams per tonne ("g/t"), containing 812 Koz of gold (100% basis)(4,5)
  • On October 22, 2018, B2Gold announced positive results for El Limon expansion study(6):
    • The expansion study was conducted as a preliminary economic assessment to evaluate the life of mine options for combining the remaining underground Inferred Mineral Resources with the new El Limon Central zone open-pit Inferred Mineral Resource
    • The results of this study recommend the expansion of the existing plant from 485 thousand tonnes per annum ("Ktpa") to 600 Ktpa and the addition of a third stage of milling to achieve a fine grind
    • The result would be a much longer mine life with significantly higher gold production and lower cash operating costs and AISC
    • The third stage of milling also allows for the reprocessing of old tailings at the end of the mine life
  • B2Gold's technical team is currently conducting mine optimization studies to potentially further improve the positive economics for El Limon expansion

Click here for Q4 & FY 2018 Earnings news release, dated March 12, 2019
Click here for El Limon Expansion Study news release, dated October 22, 2018

Health, Safety & Environment:

  • 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 December 31. 2018):

Q4 2018 Production, Cash Costs, Revenue & Sales:
Q4 2018 gold production 11,893 oz
Q4 2018 cash operating costs $920 /oz
Q4 2018 AISC $1,358 /oz
Q4 2018 gold revenue $15,668
Q4 2018 gold sales 12,626 oz
Q4 2018 average realized gold price $1,241 /oz
FY 2018 Production, Cash Costs, Revenue & Sales:
FY 2018 gold production 49,629 oz
FY 2018 cash operating costs $926 /oz
FY 2018 AISC $1,466 /oz
FY 2018 gold revenue $68,486
FY 2018 gold sales 53,695 oz
FY 2018 average realized gold price $1,275 /oz
Q4 2018 Processing: 
Q4 2018 tonnes of ore milled 0.12 M
Q4 2018 grade 3.23 g/t
Q4 2018 recovery 95.0%
FY 2018 Processing:
FY 2018 tonnes of ore milled 0.45 M
FY 2018 grade 3.64 g/t
FY 2018 recovery 94.9%
2019 Guidance:
2019 E gold production 55 Koz - 60 Koz
2019 E cash operating costs $720 - $760 /oz
2019 E AISC $1,005 - $1,045 /oz
2019 E tonnes of ore milled (budget) 0.5 M
2019 E grade (budget) 4.04 g/t (average)
2019 E recovery (budget) 90.9%
2019 exploration budget $3 M
General Information:
Location Nicaragua
Mine type Open pit/underground
Metals mined Gold
Ownership(7) 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)(8) 1,066
Local employee workforce(8) 98%
Mineral Reserve & Resource Estimates (Contained Gold) – 100% Project Basis:
Probable Mineral Reserves(9) 0.07 Moz
Indicated Mineral Resources(9) 0.91 Moz
Inferred Mineral Resources(9) 1.00 Moz

Supporting Documents:

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

  • Click here for 'B2Gold Reports Positive 2018 Fourth Quarter/Annual Results; Record Annual Gold Production of 953,504 Oz, Revenue of $1.2 B & Operating Cash Flows of $451 M ($0.46/share); Cash Operating Costs of $495/oz & AISC of $758/oz' news release, dated March 12, 2019
  • Click here for 'B2Gold Corp. Announces Positive Results from the Expansion Study at El Limon Mine in Nicaragua and that a Renewed Collective Agreement has been Signed with El Limon Labour Unions' news release, dated October 22, 2018

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

  • Click here for Q4 & FY 2018 Management’s Discussion & Analysis ("MD&A")(10)
  • Click here for Q4 & FY 2018 Financial Statements(10)
  • Click here for Annual Information Form ("AIF") 2019, dated March 20, 2019(10)
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 Q4 2018 and FY 2018 gold production results, 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. 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.
  6. Click here for 'B2Gold Corp. Announces Positive Results from the Expansion Study at El Limon Mine in Nicaragua and that a Renewed Collective Agreement has been Signed with El Limon Labour Unions' news release dated October 22, 2018.
  7. 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 20, 2019 (click here) and/or 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.
  8. Refer to pages 43 and 76 in the Company's 'Responsible Mining Report 2017 – Raising the Bar' (click here), dated June 8, 2018.
  9. 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. 
  10. Also available on SEDAR at and on the U.S. Securities and Exchange Commission’s website at

Certain portions of the following information are derived from the Company's most recent AIF, dated March 20, 2019 (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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