El Limon Mine – Nicaragua (1)

This page is currently being updated. For the most recent company information:

Click here for B2Gold’s Q2 & FH 2019 Earnings news release
Click here for B2Gold’s Q2 & FH 2019 Management Discussion & Analysis
Click here for B2Gold’s Q2 & FH 2019 Financial Statements

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

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

  • Gold production(2) was 49,629 oz
  • Cash operating costs(3) were $926 /oz
  • All-in sustaining costs ("AISC")(3) were $1,466 /oz

First Quarter ("Q1") 2019 Performance Snapshot:

  • Gold production(2) was 12,231 oz
  • Cash operating costs were $991/oz
  • AISC were $1,524 /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

Click here for Q1 2019 Earnings news release, dated May 7, 2019
Click here for Q4 & FY 2018 Earnings news release, dated March 12, 2019

Health, Safety & Environment:

  • El Limon Mine reduced its lost-time injury frequency rate by over 45% from 2.31 in 2017 to 1.22 in 2018
  • Click here for B2Gold's 2018 Responsible Mining Report, Raising the Bar

B2Gold and Calibre Mining Join Forces in Nicaragua:

On July 2, 2019, B2Gold and Calibre Mining Corp. entered into a binding agreement for B2Gold to restructure its interests in, and for Calibre to acquire, El Limon and La Libertad mines, the Pavon Project and additional mineral concessions in Nicaragua held by B2Gold for aggregate consideration of US$100 million, which will be paid with a combination of cash, common shares and a convertible debenture. Following the completion of the transaction, B2Gold will own an approximate 31% direct equity interest in Calibre, becoming the company's largest shareholder.

Click here for B2Gold and Calibre Mining Join Forces in Nicaragua news release, dated July 2, 2019

Click here for El Limon Mine overview

Mine/Project Location Map:

Mine Overview (as at March 31, 2019):

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
Q1 2019 Production, Cash Costs, Revenue & Sales:
Q1 2019 gold production 12,231 oz
Q1 2019 cash operating costs $991 /oz
Q1 2019 AISC $1,524 /oz
Q1 2019 gold revenue $14,973
Q1 2019 gold sales 11,404 oz
Q1 2019 average realized gold price $1,313 /oz
FY 2018 Processing:
FY 2018 tonnes of ore milled 0.45 M
FY 2018 grade 3.64 g/t
FY 2018 recovery 94.9%
Q1 2019 Processing:
Q1 2019 tonnes of ore milled 0.12 M
Q1 2019 grade 3.34 g/t
Q1 2019 recovery 93.7%
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(4) 100%
Processing plant Cyanide leach/Carbon-in-pulp process
Power Purchased from the grid with diesel powered back-up
Total number of employees: Nicaragua(5) 1,093
Local employee workforce: Nicaragua(5) 98.3%
Mineral Reserve & Resource Estimates (Contained Gold) – 100% Project Basis:
Probable Mineral Reserves(6) 0.07 Moz
Indicated Mineral Resources(6) 0.91 Moz
Inferred Mineral Resources(6) 1.00 Moz

Supporting Documents:

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

  • Click here for 'B2Gold and Calibre Mining Join Forces in Nicaragua - Calibre Mining to Acquire El Limon and La Libertad Gold Mines - B2Gold to Become Calibre's Largest Shareholder' news release, dated July 2, 2019
  • Click here for 'B2Gold Reports Strong First Quarter 2019 Results; Quarterly Gold Production of 231,000 oz, 6% Above Budget; AISC of $848/oz sold, significantly below budget by $133/oz' news release, dated May 7, 2019
  • 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

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

  • Click here for Q1 2019 Management’s Discussion & Analysis ("MD&A")(7)
  • Click here for Q1 2019 Financial Statements(7)
  • Click here for Annual Information Form ("AIF") 2019, dated March 20, 2019(7)
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 FY 2018 and Q1 2019 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.
  4. 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.
  5. As at December 31, 2018. Refer to pages 51 - 54 in the Company's 'Responsible Mining Report 2018 – Raising the Bar' (click here), dated June 14, 2019. 
  6. 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. 
  7. 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

Stay Connected

Stay connected with B2Gold by signing up for email updates