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: Fourth Quarter & Full-Year 2018 Earnings, click here for B2Gold's Management Discussion & Analysis for the year ended December 31, 2018, and click here for B2Gold's Consolidated Financial Statements, December 31, 2018 and 2017.

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:

Third Quarter ("Q3") 2018 Performance Snapshot:

  • Gold production(2) was 13,098 oz, 16% below budget
  • Cash operating costs(3) were $875 /oz, 43% above budget
  • All-in sustaining costs ("AISC")(3) were $1,315 /oz, 40% above budget

Year-to-date ("YTD") 2018 Performance Snapshot:

  • Gold production(2) was 37,736 oz, 14% below budget
  • Cash operating costs were $928 /oz, 24% above budget
  • AISC were $1,500 /oz, 22% above budget

Click here for B2Gold's Q3 & YTD 2018 Earnings news release, dated November 6, 2018

Looking Forward:

  • El Limon Mine is expected to produce between 50 Koz - 55 Koz of gold in 2018(2,4), at cash operating costs of between $850 - $900 /oz(5) and AISC of between $1,385 - $1,435 /oz(5)
  • 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, containing 812 Koz of gold (100% basis)(6,7)
    • On October 22, 2018, B2Gold announced positive results for El Limon expansion study(8):
      • The study evaluated a projected annual processing rate increase to 600 K tpa from current rate of 485 K tpa
      • Life of mine is estimated at 10 years based on Inferred Mineral Resources from open pit and underground sources, with an additional 11+ years by processing historic mine tailings
      • Estimated significant increase in average annual gold production to approx. 75 Koz/y of mining – an average of over 18 Koz/y of gold when subsequently processing tailings from historic high-grade mining
      • Lower estimated average cash operating costs below $600 /oz and lower estimated AISC of approx. $900 /oz of gold (excluding expansion capital costs)
    • Optimization studies continue

Click here for El Limon Exploration & Development section

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 September 30. 2018):

Q3 2018 Production, Cash Costs, Revenue & Sales:
Q3 2018 gold production 13,098 oz
Q3 2018 cash operating costs $875 /oz
Q3 2018 AISC $1,315 /oz
Q3 2018  gold revenue $15,669
Q3 2018  gold sales 12,994 oz
Q3 2018  average realized gold price $1,206 /oz
YTD 2018 Production, Cash Costs, Revenue & Sales:
YTD 2018 gold production 37,736 oz
YTD 2018 cash operating costs $928 /oz
YTD 2018 AISC $1,500 /oz
YTD 2018  gold revenue $52,818
YTD 2018  gold sales 41,059 oz
YTD 2018  average realized gold price $1,286 /oz
Q3 2018 Processing: 
Q3 2018 tonnes of ore milled 0.12 M
Q3 2018 grade 3.56 g/t
Q3 2018 recovery 94.4%
YTD 2018 Processing:
YTD 2018 tonnes of ore milled 0.33 M
YTD 2018 grade 3.79 g/t
YTD 2018 recovery 94.8%
2018 Guidance:
2018 E gold production 50 Koz - 55 Koz
2018 E cash operating costs $850 - $900 /oz
2018 E AISC $1,385 - $1,435 /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(9) 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)(10) 0.11 Moz
Indicated Mineral Resources (95% attributable)(10) 0.38 Moz
Inferred Mineral Resources (95% attributable)(10) 0.92 Moz

Supporting Documents:

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

  • Click here for 'B2Gold Corp. Reports Positive Third Quarter 2018 Results; Quarterly Operating Cash Flows Increase by $101 M (240%) to $143 M on Record Gold Production and Significantly Reduced All-In Sustaining Costs' news release, dated November 6, 2018
  • 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 Q3 & YTD 2018 Management’s Discussion & Analysis ("MD&A")(11)
  • Click here for Q3 & YTD 2018 Financial Statements(11)
  • Click here for Annual Information Form ("AIF") 2018, dated March 23, 2018(11)
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 Q3 2018 and YTD 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. Guidance revised: Click here for 'B2Gold Reports Continued Very Strong Second Quarter & First-Half 2018 Gold Production; Second Quarter Gold Production Doubles to 240,000 Ounces; Gold Revenues Increase by $121 Million to $285 Million' news release, dated July 11, 2018
  5. Guidance revised: Click here for 'B2Gold Corp. Reports Positive Third Quarter 2018 Results; Quarterly Operating Cash Flows Increase by $101 M (240%) to $143 M on Record Gold Production and Significantly Reduced All-In Sustaining Costs' news release, dated November 6, 2018
  6. 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).
  7. 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
  8. 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
  9. 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/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.
  10. 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. 
  11. Also available on SEDAR and at and on the U.S. Securities and Exchange Commission’s website at

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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