Fekola Mine – Mali (1)
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 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 third 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. On April 27, 2023, the Fekola Mine produced its three millionth ounce of gold, five years and seven months from construction completion.
The Fekola Complex in Mali includes both the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits), and the Dandoko permit). The Fekola Complex is expected to produce between 470,000 and 500,000 ounces of gold in 2024 at cash operating costs of between $835 and $895 per ounce and all-in sustaining costs of between $1,420 and $1,480 per ounce. The Fekola Complex’s total 2024 gold production is anticipated to decrease relative to 2023, predominantly as a result of the delay in receiving an exploitation license for Fekola Regional from the Government of Mali, delaying the 80,000 to 100,000 ounces that were scheduled in the life of mine plan to be trucked to the Fekola mill and processed in 2024. The contribution of this gold production from Fekola Regional is now assumed to commence at the beginning of 2025. If an exploitation license is received in the first half of 2024, there is potential for 2024 Fekola Complex production to be supplemented with up to 18,000 ounces of higher-grade ore from Fekola Regional.
Fekola is expected to process 9.4 million tonnes of ore during 2024 at an average grade of 1.77 g/t gold with a process gold recovery of 90.9%. Gold production is expected to be evenly weighted between the first half of 2024 and the second half of 2024. In the second half of 2024, gold production is expected to be weighted approximately 40% to the third quarter and approximately 60% to the fourth quarter.
The expected increase in Fekola’s all-in sustaining costs for 2024 relative to 2023 reflects the expected decrease in production at Fekola in 2024 due to the delay in receiving an exploitation license for Fekola Regional and higher sustaining capital expenditures. Capital expenditures in 2024 at Fekola are expected to total approximately $309 million, of which approximately $202 million is classified as sustaining capital expenditures and $107 million is classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $80 million for deferred stripping, $45 million for ongoing construction of a new tailings storage facility (expected to be completed in the second quarter of 2025), $39 million for new and replacement Fekola mining equipment, including capitalized rebuilds, and $19 million for the expansion of the Fekola solar plant (expected to be completed in the third quarter of 2024). Non-sustaining capital expenditures are anticipated to include $64 million for underground mine developmente and $43 million for mine development and infrastructure at Fekola Regional.
Click here for Fekola Mine overview.
Mine Snapshot:
2023:
- Gold production(2): 590,243 oz
- Cash operating costs(3): $572 /oz produced
- AISC(3): $1,194 /oz sold
2024 Guidance:
- Gold production: 470 Koz - 500 Koz
- Cash operating costs: $835 - $895 /oz
- AISC: $1,420- $1,480 /oz
Click here for B2Gold’s Q4 and Full Year 2023 Earnings news release (dated February 21, 2024)
Mine/Project Location Map:
Mine Overview (as at December 31, 2023):
2023 Production, Costs, Revenue & Sales(2,3): | |
Gold production | 590,243 oz |
Cash operating costs | $572 /oz produced |
AISC | $1,194/oz sold |
Gold revenue | $1,144 M (approx.) |
Gold sales | 588,460 oz |
Average realized gold price | $1,944 /oz |
FY 2024 Guidance Production & Costs(2,3): | |
Gold production | 470 Koz - 500 Koz |
Cash operating costs | $835 - $895 /oz |
AISC | $1,420 - $1,480 /oz |
2023 Processing: | |
Tonnes of ore milled | 9.41 M (approx.) |
Grade | 2.13 g/t |
Recovery | 92.3% |
FY 2024 Guidance Processing: | |
Tonnes of ore milled (budget) | 9.40 M |
Grade (budget) | 1.77 g/t |
Recovery (budget) | 90.9% |
General Information: | |
Location | Mali |
Mine type | Open pit |
Metals mined | Gold |
Ownership(4) | 80% |
Processing plant | Conventional flowsheet, consisting of: single-stage primary crushing; a semi-autogenous primary grinding mill with pebble crushing and a secondary ball mill; leach feed thickening with thickener overflow treated through a carbon in column circuit; agitated leaching followed by carbon-in-pulp adsorption; elution, electrowinning and gold recovery to doré; and cyanide destruction, tailings thickening and disposal circuits |
Power | Combination of a heavy fuel oil (HFO), diesel and solar power hybrid plant. The new 30 MWac solar power plant was commissioned in early 2021. Reduced GHG emissions by ~38,000 tonnes in 2022; expansion announced Jan 2023 expected to further reduce GHG emissions by ~24,000 tonnes per year when completed |
Total number of employees | 3,061 |
Local employee workforce | 97.2% |
Mineral Reserve & Resource Estimates (Contained Gold) – 100% Project Basis: | |
Indicated Mineral Resources(5) | 6.54 Moz |
Inferred Mineral Resources: Fekola(5) | 0.40 Moz |
Inferred Mineral Resources: Anaconda(5) | 2.28 Moz |
Inferred Mineral Resources: Cardinal(5) | 0.74 Moz |
Probable Mineral Reserves(5) | 3.71 Moz |
2024 Exploration Budget | |
Mali (Fekola Complex) | $10 M |
Supporting Documents:
For the latest details and news releases pertaining to the Fekola Mine:
- Click here for B2Gold's Q4 and Full Year 2023 Earnings (dated February 21, 2024)
- Click here for B2Gold Announces Updated and Significantly Increased Mineral Resource Estimate for the Anaconda Area, Located Near the Fekola Mine, Mali (dated June 21, 2023)
- Click here for B2Gold Announces Positive Exploration Drilling Results from the Fekola Regional Area news release (dated April 27, 2023)
- Click here for B2Gold Targets 30% Reduction in GHG Emissions by 2030 and Announces Expansion of the Fekola Solar Plant news release (dated January 23, 2023)
For a more detailed overview of the Fekola Mine, please refer to the following most recent company documents:
- Click here for B2Gold's Q4 and Full Year 2023 Management Discussion & Analysis ("MD&A") (dated December 31, 2023)
- Click here for B2Gold's Q4 and Full Year 2023 Financial Statements (dated December 31, 2023)
- Click here for B2Gold's 2022 Annual Information Form ("AIF") (dated March 16, 2023)
Mineral Resource & Mineral Reserve Estimates:
Fekola Complex Indicated Mineral Resources Statement:
Region | Area | 100% Project Basis | Attributable Ownership Basis | |||
Tonnes (x 1,000) |
Gold Grade (g/t) | Contained Gold Ounces (x1,000) | Attributable (%) | Contained Gold Ounces (x 1,000) |
||
Fekola Mine | Fekola Open Pit | 84,060 | 1.47 | 3,980 | 80 | 3,190 |
Fekola Mine | Fekola Stockpile | 15,440 | 0.84 | 420 | 80 | 330 |
Fekola Mine | Cardinal Zone | 7,510 | 1.69 | 410 | 80 | 330 |
Total Fekola Mine | Sub-Total | 107,020 | 1.40 | 4,810 | 80 | 3,850 |
Fekola Regional | Anaconda Area | 32,400 | 1.08 | 1,130 | 90 | 1,020 |
Fekola Regional | Dandoko | 8,190 | 1.49 | 390 | 90 | 350 |
Total Fekola Regional | Sub-Total | 40,580 | 1.17 | 1,520 | 90 | 1,370 |
Fekola Complex | Total Indicated Mineral Resources | 147,600 | 1.33 | 6,330 | 5,220 |
Fekola Complex Inferred Mineral Resources Statement:
Region | Area | 100% Project Basis | Attributable Ownership Basis | |||
Tonnes (x 1,000) |
Gold Grade (g/t) | Contained Gold Ounces (x1,000) | Attributable (%) | Contained Gold Ounces (x 1,000) |
||
Fekola Mine | Fekola Open Pit | 6,800 | 0.94 | 200 | 80 | 160 |
Fekola Mine | Cardinal Zone | 13,720 | 1.25 | 550 | 80 | 440 |
Total Fekola Mine | Sub-Total | 20,520 | 1.15 | 760 | 80 | 610 |
Fekola Regional | Anaconda Area | 63,680 | 1.12 | 2,280 | 90 | 2,060 |
Fekola Regional | Dandoko | 1,300 | 0.79 | 33 | 90 | 30 |
Total Fekola Regional | Sub-Total | 64,980 | 1.11 | 2,320 | 90 | 2,090 |
Fekola Complex | Total Inferred Mineral Resources | 85,510 | 1.12 | 3,070 | 2,690 |
Fekola Complex Probable Mineral Reserves Statement:
Region | Area | 100% Project Basis | Attributable Ownership Basis | |||
Tonnes (x 1,000) |
Gold Grade (g/t Au) |
Contained Gold Ounces (x 1,000) |
Attributable (%) |
Contained Gold Ounces (x 1,000) |
||
Fekola Mine | Fekola Open Pit | 43,910 | 1.89 | 2,670 | 80 | 2,130 |
Fekola Mine | Cardinal Zone | 1,390 | 2.00 | 90 | 80 | 70 |
Fekola Mine | Sub-Total | 45,300 | 1.90 | 2,760 | 2,200 | |
Fekola Regional | Bantako Nord Permit | 1,430 | 2.01 | 90 | 90 | 80 |
Stockpiles | 10,000 | 0.99 | 320 | 80 | 260 | |
Fekola Complex | Total Probable Mineral Reserves | 56,730 | 1.74 | 3,170 | 2,550 |