Projects

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 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. In September 2021, the Fekola Mine produced its two millionth ounce of gold, marking four years since it commenced production.

The Fekola mill has the potential to sustain an annualized throughput rate which is higher than the original assumed mill expansion throughput rate of 7.5 million tonnes per annum ("Mtpa"). Mill processing trials conducted in the fourth quarter of 2020 demonstrated the potential to optimize the grind-throughput capacity of the expanded facility and increase hard-rock throughput and support the addition of saprolite ore tonnage in excess of the hard-rock capacity.  Fekola's processing facilities continued to outperform in the third quarter of 2021 (following the successful completion of the Fekola mill expansion in September 2020) with record quarterly throughput of 2.36 million tonnes, 24% above budget and 51% higher than the third quarter of 2020. The higher than budgeted mill throughput was due to favourable ore fragmentation and hardness, as well as optimization of the grinding circuit. Based on the positive results noted to date through to the third quarter of 2021, Fekola's annualized throughput rate is now expected to average 8.3 million tonnes per annum ("Mtpa") for 2021 and average approximately 9.0 Mtpa (over the long-term), based on an ore blend including fresh rock and weathered material (saprolite).

After review of an Environmental and Social Impact Assessment by the Malian authorities, the existing Medinandi (Fekola) permit has been updated to include the Cardinal zone, located within 500 metres of the current Fekola resource pit (the initial Inferred Mineral Resource estimate for Cardinal is 640,000 ounces of gold in 13.0 million tonnes of ore at 1.54 grams per tonne ("g/t") gold). Exploration drilling at Cardinal is ongoing and recent drill results have returned good gold grades over significant widths below the current resource which remains open at depth and along strike. Initial mining operations at Cardinal have commenced and will continue to ramp up. To September 30, 2021, 95,489 tonnes at an average grade of 1.45 g/t have been mined at Cardinal. The Company is in the process of updating the Fekola Mine plan to include production from Cardinal which has the potential to add an average of approximately 60,000 ounces per year over the next six to eight years (based on Cardinal's Inferred Mineral Resource only) to Fekola's annual gold production. Grade control drilling at Cardinal is ongoing to upgrade a portion of the Mineral Resource estimate to the Indicated category for 2022 production budget purposes.

Based on Fekola's strong year-to-date performance, the Company has increased Fekola's annual production guidance range to between 560,000 to 570,000 ounces of gold (original guidance range was between 530,000 to 560,000 ounces). Cash operating costs for the year are expected to be at the upper end of Fekola's guidance range of between $405 and $445 per ounce and all-in sustaining costs ("AISC") are also expected to be at the upper end of Fekola's guidance range of between $745 and $785 per ounce.

Click here for Fekola Mine overview.

Mine Snapshot

Third Quarter ("Q3") 2021: 

  • Gold production(2): 165,557 oz (quarterly record)
  • Cash operating costs(3): $363 /oz produced
  • AISC(3)$716 /oz sold

First Nine Months ("FNM") 2021:

  • Gold production(2): 404,256 oz
  • Cash operating costs(3): $478 /oz produced
  • AISC(3)$772 /oz sold

2021 Guidance:

  • Gold production: 560 Koz - 570 Koz
  • Cash operating costs: $405 - $445 /oz 
  • AISC: $745 - $785 /oz 

Click here for B2Gold’s Q3 2021 Earnings news release (dated November 2, 2021)

Mine/Project Location Map:

Mine Overview (as at November 2, 2021):

FY 2021 Guidance Production & Costs:
Gold production 560 - 570 Koz
Cash operating costs $405 - $445 /oz 
AISC $745 - $785 /oz 
FY 2020 Production, Costs, Revenue & Sales:
Gold production 622,518 oz
Cash operating costs $320 /oz produced
AISC $599 /oz sold
Gold revenue $1.11 B (approx.)
Gold sales 626,300 oz
Average realized gold price $1,778 /oz
FY 2021 Guidance Processing:
Tonnes of ore milled (budget) 7.75 M
Grade (budget) 2.32 g/t
Recovery (budget) 94%
FY 2020 Processing:
Tonnes of ore milled 6.87 M (approx.)
Grade 2.99 g/t
Recovery 94.3%
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 ball mill crusher grinding circuit; leach feed thickening with thickener overflow treated through a carbon in column circuit; leaching followed by carbon-in-pulp adsorption; elution and gold recovery to doré; and cyanide destruction, tailings thickening and disposal circuits
Power

Combination of a heavy fuel oil (“HFO”) and diesel-fueled power station. The Fekola Solar Power Plant is now 100% online and expected to reduce Fekola’s HFO consumption by over 13 million litres per year and lower carbon dioxide emissions by an estimated 39,000 tonnes per year

Total number of employees(5) 2,053
Local employee workforce(5) 94%
Mineral Reserve & Resource Estimates (Contained Gold)  – 100% Project Basis:
Indicated Mineral Resources(6) 5.70 Moz
Inferred Mineral Resources: Fekola(7) 0.51 Moz
Inferred Mineral Resources: Anaconda(7) 0.77 Moz
Inferred Mineral Resources: Cardinal(7) 0.64 Moz
Probable Mineral Reserves(6) 4.22 Moz
2021 Exploration Budget
Mali (Anaconda area/Cardinal/FMZ/Fekola North) $27 M

Supporting Documents:

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

  • Click here for B2Gold's Q3 2021 Earnings (dated November 2, 2021)
  • Click here for B2Gold Commences International Arbitration Proceedings Against the Republic of Mali Relating to the Menankoto Permit (dated June 24, 2021) 

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

  • Click here for B2Gold's Q3 2021 Management Discussion & Analysis ("MD&A") (dated September 30, 2021)
  • Click here for B2Gold's Q3 2021 Financial Statements (dated September 30, 2021)
  • Click here for B2Gold's 2021 Annual Information Form ("AIF") (dated March 30, 2021)
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 Q32019 and YTD 2019 and FY 2019 gold production are presented on a 100% basis, unless otherwise stated.
  3. Refer to “Non-IFRS measures” in the Company’s most recently filed MD&A (click here).
  4. On August 8, 2018, B2Goldwas 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.
  5. As at December 31, 2019. Refer to pages70-71 in the Company's' Responsible Mining Report 2019– Raising the Bar'(click here), dated June 12, 2012.
  6. Refer to respective notes in the 'Mineral Resource & Mineral Reserve Estimates' section below.
  7. 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 following information are derived from and based on the technical report entitled “Fekola Gold Mine Mali NI 43-101 Technical Report” (click here) with an effective date of March 26, 2019, and was prepared by Mr. Tom Garagan, P.Geo., Mr. Peter Montano, P.E., Mr. John Rajala, P.E. and Mr. Ken Jones, P.E. of B2Gold, and 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.

Image 1

Mineral Resource & Mineral Reserve Estimates:

Fekola Mine Indicated Mineral Resources Statement:

  100% Project Basis Attributable Ownership Basis
Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Fekola 108,000 1.56 5,420 80 86,400 1.56 4,340
Fekola Stockpiles 9,100 0.95 280 80 7,300 0.95 220
Total Indicated 117,100 1.51 5,700 80 93,700 1.51 4,560

Fekola Mine, Cardinal and Anaconda Inferred Mineral Resources Statement:

  100% Project Basis Attributable Ownership Basis
Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Fekola 13,900 1.15 510 80 11,100 1.15 410
Cardinal  13,000 1.54 640 80 10,400 1.54 510
Anaconda Area 21,600 1.11 770 85 18,300 1.11 650
Total Inferred 48,500 1.23 1,920  Variable 39,800 1.23 1,580
Notes: (Click to expand)
1. Mineral Resources have been classified using the CIM Standards. 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. Mineral Resources at Fekola and Cardinal are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. For the Anaconda Area, Mineral Resources are reported on a 100% project and an 85% attributable basis; under the applicable Malian mining legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest, and 5% is held by a third party. For a discussion regarding the current status of the Menankoto Sud exploration permit, see “Material Properties – Fekola Mine – Property Description, Location, and Access” above.
4. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration.
5. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Project Director.
6. The Mineral Resource estimates for Fekola, Cardinal and Anaconda Area assume an open pit mining method.
7. For Fekola, a gold price of US$1,800/oz, a metallurgical recovery of 94%, and average operating cost estimates of US$2.04/t mined (mining), US$14.84/t processed (processing) and US$6.62/t processed (general and administrative) were used for pit shell generation.
8. For Cardinal, a gold price of $1,800/oz, a metallurgical recovery of 94%, and operating cost estimates of US$2.00–US$2.25/t mined (mining) for oxide and US$2.50/t mined (mining) for sulphide, US$7.54–US$9.42/t processed (processing) for oxide and US$12.50/t processed (processing) for sulphide, US$0.48/t processed (haulage), and US$0.52/t processed (general and administrative) were used for pit shell generation.
9. For the Anaconda Area, a gold price of US$1,400/oz, 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.
10. Mineral Resources are reported at a cut-off grade of 0.4 g/t Au for Fekola, at a cut-off grade of 0.25 g/t Au for oxide and a cut-off grade of 0.50 g/t Au for sulphide for Cardinal, and at a cut-off grade of 0.35 g/t Au for the Anaconda Area.

Fekola Mine Probable Mineral Reserves Statement:

  100% Project Basis Attributable Ownership Basis
Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Open Pit 62,200 1.99 3,970 80 49,800 1.99 3,180
Stockpiles 7,300 1.05 250 80 5,800 1.05 200
Total Probable
Reserves
69,500 1.89 4,220 80 55,600 1.89 3,380
Notes: (Click to expand)
1. Mineral Reserves have been classified using the CIM Standards and have an effective date of December 31, 2020.
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 and an 80% attributable basis; the remaining 20% interest is held by the State of Mali.
4. The Qualified Person for the reserve estimate is Peter D. Montano, P.E., our Project Director.
5. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 94%, selling costs of US$126.38/oz Au including royalties, average mining cost of US$2.04/t mined, average processing cost of US$14.84/t processed, and site general costs of US$6.62/t processed.
6. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.65 g/t Au cut-off there is a 0.3% increase in tonnes, a 1.3% reduction in grade, and 1.0% reduction in ounces when compared to the Mineral Resource model.
7. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au.
For more information on Fekola's Mineral Reserves & Resource Estimates, click here for B2Gold's 2020 AIF (pages 24 - 27)

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