Projects

Fekola Mine – Mali (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

The Fekola Mine is located in southwest Mali, on the border between Mali and Senegal, approximately 500 km due west of the capital city, Bamako. Click here for mine/project location map. 

B2Gold acquired the world-class Fekola Gold Project through a merger with Papillon Resources Limited in October 2014. Led by core members of B2Gold’s construction team, early work activities at the Company’s fifth and largest mine began in February 2015. On September 25, 2017, the Company announced that it had completed construction of the Fekola mill and commenced ore processing, more than three months ahead of the original construction schedule and on budget. The first gold pour at the Fekola Mine took place on October 7, 2017. Within only 60 days from start-up, the mine achieved commercial production on November 30, 2017, one month ahead of the revised schedule and four months ahead of the original schedule. Click here for Fekola Mine overview. 

Recent Updates:

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

  • Gold production(2) was 439,068 oz
  • Cash operating costs(3) were $337 /oz
  • All-in sustaining costs ("AISC")(3) were $533 /oz

First Quarter ("Q1") 2019 Performance Snapshot:

  • Gold production(2) was 110,349 oz
  • Cash operating costs were $397 /oz
  • AISC were $614 /oz

2019 Guidance:

  • Gold production(2) is expected to be between 420 Koz - 430 Koz
  • Cash operating costs are expected to be between $370 - $410 /oz
  • AISC are expected to be between $625 - $665 /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: 

  • Fekola Mine completed 2018 with only two lost-time injuries
  • Click here for B2Gold's 2018 Responsible Mining Report, Raising the Bar

Fekola Expansion Technical Report – Highlights(4):

  • Assuming an effective date of January 1, 2019, a gold price of $1,300/oz and a discount rate of 5%, project economics highlights from the Expansion Study Preliminary Economic Assessment ("PEA") include:
    • Estimated optimized life of mine (“LoM”) extended into 2030, including significant estimated increases in average annual gold production to over 550 Koz/y during the 5-year period 2020 - 2024 and over 400 Koz/y over the LoM (2019 - 2030)
    • Projected gold production of approx. 5 Moz over the new mine life of 12 years of mining and processing (including 2019)
    • Based on the post-tax cash flow results in the Expansion Study PEA, B2Gold is projecting LoM operating cash costs of approx. $465/oz and AISC of approx. $725/oz
    • Projected annual mining rate increased to a baseline of approx. 54 million tonnes per annum (“Mtpa”) and subsequently stepped up to approx. 76 Mtpa
    • Projected annual processing rate increased to a baseline of 7.5 Mtpa (current capacity of 6 Mtpa plus 1.5 Mtpa)

Click here for Fekola  Expansion Technical Report news release, dated May 13, 2019

Click here for Fekola Mine overview

Mine/Project Location Map:

Mine Overview (as at March 31, 2019):

FY 2018 Production, Cash Costs, Revenue & Sales:
FY 2018 gold production 439,068 oz
FY 2018 cash operating costs $337 /oz
FY 2018 AISC $533 /oz
FY 2018 gold revenue $560,516
FY 2018 gold sales 441,900 oz
FY 2018 average realized gold price $1,268 /oz
Q1 2019 Production, Cash Costs, Revenue & Sales:
Q1 2019 gold production 110,349 oz
Q1 2019 cash operating costs $397 /oz
Q1 2019 AISC $614 /oz
Q1 2019 gold revenue $151,485
Q1 2019 gold sales 115,800 oz
Q1 2019 average realized gold price $1,308 /oz
FY 2018 Processing:
FY 2018 tonnes of ore milled 5.59 M
FY 2018 grade 2.58 g/t
FY 2018 recovery 94.7%
Q1 2019 Processing:
Q1 2019 tonnes of ore milled 1.73 M
Q1 2019 grade 2.11 g/t
Q1 2019 recovery 94.1%
2019 Guidance:
2019 E gold production 420 Koz - 430 Koz
2019 E cash operating costs $370 - $410 /oz
2019 E AISC $625 - $665 /oz
2019 E tonnes of ore milled (budget) 5.75 M
2019 E grade (budget) 2.44 g/t (average)
2019 E recovery (budget) 94%
2019 exploration budget (all Mali) $18 M
General Information:
Location Mali
Mine type Open pit
Metals mined Gold
Ownership(5) 80%
Processing plant Cyanide leach/Carbon-in-pulp process
Power Heavy fuel oil power plant with diesel powered back-up (100% self-generated)
Total number of employees(6) 2,029
Local employee workforce(6) 95%
Mineral Reserve & Resource Estimates (Contained Gold) – 100% Project Basis:
Probable Mineral Reserves(7) 3.29 Moz
Indicated Mineral Resources(7) 5.24 Moz
Inferred Mineral Resources: Fekola(7) 1.37 Moz
Inferred Mineral Resources: Anaconda(7) 0.77 Moz

Supporting Documents:

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

  • Click here for 'B2Gold has Filed a Technical Report for the Fekola Mine Expansion Confirming Very Positive Results from the Expansion Study PEA for the Fekola Mine in Mali (owned 80% B2Gold: 20% State of Mali)' news release, dated May 13, 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 Corp. Announces Very Positive Results from the Expansion Study Preliminary Economic Analysis for the Fekola Mine in Mali (owned 80% B2Gold: 20% State of Mali)' news release, dated March 26, 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 the Fekola Mine, please refer to the following most recent company documents:

  • Click here for Q1 2019 Management’s Discussion & Analysis ("MD&A")(8)
  • Click here for Q1 2019 Financial Statements(8)
  • Click here for Annual Information Form ("AIF") 2019, dated March 20, 2019(8)
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. The Fekola Expansion Study PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
  5. On August 8, 2018, B2Gold was informed that the Malian Council of Ministers approved the participation of the State of Mali in Fekola S.A. for a total of 20% (being the 10% free carried interest plus the additional 10% interest), through an ordinance and a decree of the Council of Ministers, signed by the President of Mali. In light of such, the Company transferred ownership of 20% of Fekola S.A. to the State of Mali. The first non-participating 10% of the State of Mali's ownership entitles it to an annual priority dividend equivalent to 10% of calendar net income of Fekola S.A. The second fully participating 10% of the State of Mali's interest entitles it to ordinary dividends payable on the same basis as any ordinary dividends declared and payable to us for our 80% interest. Refer to pages 8-10  in the Company's AIF, dated March 20, 2019, for more details - click here.
  6. 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. 
  7. Refer to respective notes in the 'Mineral Resource & Mineral Reserve Estimates' section below.
  8. Also available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

Certain portions of the information provided herein are derived from and based on the technical report entitled “NI 43-101 Technical Report Feasibility Study on the Fekola Gold Project in Mali” (click here) that has an effective date of June 30, 2015, and was prepared by Tom Garagan, P.Geo, William Lytle, P.E, Peter Montano, P.E., Ken Jones, P.E., Sandra Hunter, MAusIMM(CP), and David J. T. Morgan, MIEAust CPEng, and from the Company's most recent AIF – click here, dated March 20, 2019, and are based on the assumptions, qualifications and procedures set out therein. 

Mineral Resource & Mineral Reserve Estimates – 100% Project Basis:

Fekola Probable Mineral Reserves Statement:

Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces (x 1,000)
Open Pit 39,300 2.43 3,070
Stockpiles 3,600 1.88 220
Total Probable Reserves 43,000 2.38 3,290
Notes (Click to expand)
  1. Mineral Reserves have been classified using the CIM Standards (refer to the Company's AIF, dated March 20, 2019 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 100% project basis; of which a 20% interest is held by the State of Mali. 
  4. The Qualified Person for the reserve estimate is Peter D. Montano, P.E., who is B2Gold's Project Director. 
  5. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,250/oz, metallurgical recovery of 94%, selling costs of $112.29/oz, (including royalties), average operating cost estimates of US$2.49/t mined (mining), US$17.17/t processed (processing) and US$4.39/t processed (general and administrative). 
  6. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.8 g/t Au cutoff there is a 1.4% increase in tonnes, a 2.1% reduction in grade and 0.7% reduction in ounces when compared to the Mineral Resource model. 
  7. Mineral Reserves are reported above a cutoff grade of 0.8 g/t Au. 

Fekola Indicated Mineral Resources Statement:

Mineral Resources are reported inclusive of Mineral Reserves.

Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces (x 1,000)
Fekola 83,000 1.88 5,010
Stockpiles 4,000 1.77 230
Total Indicated 87,100 1.87 5,240

Fekola & Anaconda Inferred Mineral Resources Statement:

Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces (x 1,000)
Fekola 26,500 1.61 1,370
Anaconda 21,600 1.11 770
Total Inferred 48,100 1.38 2,140
Notes (Click to expand)
  1. Mineral Reserves have been classified using the CIM Standards (refer to the Company's AIF, dated March 20, 2019 click here for additional information regarding these Mineral Reserves). 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. For Fekola, Mineral Resources are reported on a 100% project basis, of which a 20% interest is held by the State of Mali. 
  4. For Anaconda, Mineral Resources are reported on a 100% project basis; under the 2012 Mining Code, the State of Mali has the right to a 10% free carried interest and has an option to acquire an additional 10% participating interest, and 5% is held by a third party.
  5. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold's Senior Vice President, Exploration.
  6. The Qualified Person for the stockpile estimate is Peter Montano, P.E., who is B2Gold's Project Director.
  7. Mineral Resource estimates for Fekola and Anaconda assume an open pit mining method and a gold price of US$1,400/oz. For Fekola, a metallurgical recovery of 94.5%, and average operating cost estimates of US$2.00/t mined (mining), US$14.50/t processed (processing) and US$4.50/t processed (general and administrative) were used for pit shell generation. For Anaconda, a metallurgical recovery of 95%, and average operating cost estimates of US$1.75/t mined (mining), US$8.10/t processed (processing) and US$2.75/t processed (general and administrative) were used for pit shell generation.
  8. Mineral Resources are reported at a cutoff of 0.6 g/t Au for Fekola and at a cutoff of 0.35 g/t Au for Anaconda.

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