Projects

Fekola Mine – Mali (1)

This page is currently being updated. For the most recent company information: 

Click here for B2Gold's Q2 2020 Management Discussion & Analysis (dated June 30, 2020)
Click here for B2Gold's Q2 2020 Financial Statements (dated June 30, 2020)

 

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:

First Quarter ("Q1") 2020 Performance Snapshot:

  • Gold production(2): 164,011 oz
  • Cash operating costs(3): $286 /oz sold
  • All-in sustaining costs ("AISC")(3):$519 /oz sold
  • Gold revenue: $24 M
  • Gold sales: 150,700 oz
  • Average realized gold price: $1,590 /oz

Full-year (“FY”) 2020 Guidance(2) Snapshot:

  • Gold production(2): 590 Koz - 620 Koz
  • Cash operating costs: $285 - $325 /oz
  • AISC: $555 - $595 /oz

Click here for B2Gold's Q1 2020 Earnings news release (dated May 5, 2020)

Health, Safety & Environment:

  • As at June 1, 2020, Fekola had:
    • 1 lost time injury (“LTI”) (January 19, 2020)
    • 275 LTI-free days at expansion construction projects

Click here for B2Gold's 2019 Responsible Mining Report, Raising the Bar

Mine/Project Location Map:

Fekola Producing Map

Mine Overview (as at March 31, 2020):

FY 2020 Guidance Production, Costs, Revenue & Sales:
Gold production 590 Koz - 620 Koz
Cash operating costs $285 - $325 /oz 
AISC $555 - $595 /oz 
FY 2019 Production, Costs, Revenue & Sales:
Gold production 455,810 oz
Cash operating costs $380 /oz sold
AISC $641 /oz sold
Gold revenue $617 M
Gold sales 441,400 oz
Average realized gold price $1,399
FY 2020 Guidance Processing:
Projected tonnes of ore milled (budget) 6.84 M
Projected grade (budget) 2.91 g/t
Projected recovery (budget) 93.8%
FY 2019 Processing:
Tonnes of ore milled 7.0 M
Grade 2.16 g/t
Recovery 94.2%
General Information:
Location Mali
Mine type Open pit
Metals mined Gold
Ownership(4) 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(5) 2,210
Local employee workforce(5) 93.3%
Mineral Reserve & Resource Estimates (Contained Gold)  – 100% Project Basis:
Probable Mineral Reserves(6) 4.25 Moz
Indicated Mineral Resources(6) 6.05 Moz
Inferred Mineral Resources: Fekola(7) 0.28 Moz
Inferred Mineral Resources: Anaconda(7) 0.77 Moz
2020 Exploration budget
Mali (Fekola/Regional) $18 M

Supporting Documents:

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

  • Click here for B2Gold's Update on COVID-19 Cases at the Fekola Mine news release (dated May 7, 2020)
  • Click here for B2Gold's Q1 2020 Earnings Results news release (dated May 5, 2020)
  • Click here for B2Gold's COVID-19 Financial Support to Charities & Governments news release (dated April 22, 2020)
  • Click here for B2Gold's Positive COVID-19 Case at Exploration Camp news release (dated April 16, 2020)

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

  • Click here for B2Gold's Q1 2020 Management Discussion & Analysis ("MD&A") (dated March 31, 2020)
  • Click here for B2Gold's FY 2019 MD&A (dated December 31, 2019)
  • Click here for B2Gold's Q1 2020 Financial Statements (dated March 31, 2020)
  • Click here for B2Gold's FY 2019 Financial Statements (dated December 31, 2019)
  • Click here for B2Gold's 2020 Annual Information Form ("AIF") (dated March 20, 2020)
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, 2020.
  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.

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Mineral Resource & Mineral Reserve Estimates:

Fekola 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 105,800 1.72 5,870 80 84,700 1.72 4,700
Stockpiles 4,800 1.19 180 80 3,800 1.19 150
Total Indicated 110,600 1.70 6,050 80 88,500 1.70 4,840

Fekola & 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 7,000 1.23 280 80 5,600 1.23 220
Anaconda 21,600 1.11 770 85 18,300 1.11 650
Total Inferred 28,600 1.14 1,050 Variable 24,000 1.14 870
Notes: (Click to expand)
  1. Mineral Resources have been classified using the Canadian Institute of Mining ("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. For Fekola, Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali.
  4. For Anaconda, Mineral Resources are reported on a 100% project and an 85% attributable 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., our Senior Vice President, Exploration.
  6. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Project Director.
  7. Mineral Resource estimates for Fekola and Anaconda assume an open pit mining method. For Fekola, a gold price of US$1,500/oz, a metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative) were used for pit shell generation. For Anaconda, 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.
  8. Mineral Resources are reported at a cut-off grade of 0.5 g/t Au for Fekola and at a cut-off grade of 0.35 g/t Au for Anaconda.

Fekola 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 55,400 2.29 4,080 80 44,300 2.29 3,260
Stockpiles 4,100 1.27 170 80 3,300 1.27 130
Total Probable Reserves 59,500 2.22 4,250 80 47,600 2.22 3,400

Notes: (Click to expand)
  1. Mineral Resources 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 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$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27/t mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed.
  6. Reserve model dilution and ore loss was applied through whole block averaging such that at an 0.8 g/t Au cut-off there is a 0.7% increase in tonnes, a 1.7% 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 0.8 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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