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 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)
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 FY2023 and 2024 Guidance 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. Refer to respective notes in the 'Mineral Resource & Mineral Reserve Estimates' section below.
  6. Also available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.
  7. 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 16, 2023 (click here) and are based on the assumptions, qualifications and procedures set out therein.

Image 1

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
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 the Fekola Mine and Cardinal Zone are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali.
4.    For the Anaconda Area, Mineral Resources are reported on a 100% project and an 90% attributable basis for the Menankoto Permit. 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 (which option has not been exercised to date). [Mineral Resources are reported on an 90% attributable basis for the Bantako Nord Permit. 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 (which option has not been exercised to date).]
5.    Mineral Resources for the Dandoko Permit are reported on a 100% project and a 90% 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 (which option has not been exercised to date).
6.    The Qualified Person for the resource estimate is Brian Scott, P.Geo., our Vice President, Geology & Technical Services.
7.    The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects.
8.    The Mineral Resource estimates for the Fekola Mine and Cardinal Zone account for mining depletion as of December 31, 2022 and have an effective date of December 31, 2022. The Mineral Resource estimate for the Anaconda Area was prepared in early 2022 and has an effective date of January 11, 2022. The Mineral Resource estimate for the Dandoko Permit has an effective date of February 17, 2023.
9.    The Mineral Resource estimates for the Fekola Mine, Cardinal Zone, Anaconda Area and Dandoko Permit assume an open pit mining method.
10.  For the Fekola Mine, a gold price of $1,800/oz, metallurgical recovery of 94%, selling costs of US$151.13/oz including royalties, average mining cost of US$2.57/t mined based on a sinking rate of $0.03/10m at 0 RL) plus US$0.21/t mined (general and administrative), US$13.91/t processed, and site general costs of US$5.41/t processed were used for pit shell generation.
11.  For the Cardinal Zone, a gold price of $1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating cost estimates of US$2.06–US$2.57/t mined (mining) plus a sinking rate of US$0.03 per 10 m depth, and US$0.21/t mined (general and administrative), US$9.60–US$13.91/t processed (processing), US$0.50/t processed (haulage), and US$5.41/t processed (general and administrative) were used for pit shell generation.
12.  For the Anaconda Area, a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating costs of US$0.97–US$2.00/t mined (mining at surface) plus a sinking rate of US$0.035 per 10 m depth, US$8.37–US$13.11/t processed (processing), US$3.50/t processed (haulage), and US$2.33/t processed (general and administrative) were used for pit shell generation.
13.  For the Dandoko Permit, a gold price of US$1,800/oz, metallurgical recovery of 94%, selling costs of US$151.00/oz including royalties, and operating costs of US$1.25–US$2.00/t mined (mining at surface) plus a sinking rate of US$0.035 per 10 m depth and US$0.45/t mined (general and administrative), US$8.61–US$15.02/t processed (processing), US$5.00/t processed (haulage), and US$1.67/t processed (general and administrative).
14.  Mineral Resources are reported at a cut-off grade of 0.40 g/t Au for the Fekola Mine, at a cut-off grade of 0.25 g/t Au for oxide and a cut-off grade of 0.40 g/t Au for sulphide for the Cardinal Zone, at a cut-off grade of 0.30 g/t Au for oxide and a cut-off grade of 0.40 g/t Au for sulphide for the Anaconda Area, and a 0.3–0.35 g/t Au cut-off grade for oxide and a 0.45 g/t Au cut-off grade for sulphide for the Dandoko Permit.

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
Notes: (Click to expand)
1.    Mineral Reserves have been classified using the CIM Standards.
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 for the Médinandi Exploitation Licence (which hosts the Fekola Mine and Cardinal Zone) are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. Mineral Reserves for the Bantako Nord Permit are reported on a 100% project and a 90% attributable basis, the remaining 10% interest is held by the State of Mali. 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 (which option has not been exercised to date).
4.    The Qualified Person for the reserve estimate is Peter Montano, P.E., our Vice President, Projects.
5.    Mineral Reserves for the Fekola Mine 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 including royalties, average mining cost of US$2.95/t mined, average processing cost of US$15.58/t processed, and site general costs of US$7.22/t processed.
6.    Mineral Reserves for the Cardinal Zone 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 including royalties, mining costs ranging from US$1.90/t mined for saprolite to US$2.40 for fresh rock, processing costs ranging from US$10.84/t processed for saprolite to US$15.58/t processed for fresh rock, and site general costs of US$0.44/t processed.
7.    Mineral Reserves for the Bantako Nord Permit are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 94%, selling costs of US$139.13/oz including royalties, mining costs ranging from US$1.90/t mined for saprolite to US$2.40 for fresh rock, processing costs (including haulage to Fekola) ranging from US$11.87/t processed for saprolite to US$16.61/t processed for fresh rock, and site general costs of US$1.75/t processed.
8.    Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.65 g/t Au cut-off grade 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. Reserve model dilution and ore loss for the Cardinal Zone was applied through whole block averaging such that at a 0.40g/t cut-off grade there is a 26% increase in tonnes, a -24% reduction in grade, and 5.0% reduction in ounces when compared to the subcell model. Reserve model dilution and ore loss for the Bantako Nord Permit was applied to whole block resource model using 1 m edge dilution to the grade domain contacts such that at a 0.65 g/t Au cut-off grade there is a 1.7% increase in tonnes, a 6.1% reduction in grade, and 4.2% reduction in ounces when compared to the subcell model.
9.    Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au.
 
For more information, click here for B2Gold's 2023 Annual Information Form (pages 20 - 37).

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