Projects

Fekola Mine – Mali (1)

Please note that this page is currently being updated. Please click here for B2Gold's most recent news release re: Fourth Quarter & Full-Year 2018 Earnings, click here for B2Gold's Management Discussion & Analysis for the year ended December 31, 2018, and click here for B2Gold's Consolidated Financial Statements, December 31, 2018 and 2017.

To access B2Gold’s most recent Summary of Mineral Reserve & Mineral Resource Estimates, please click here for the Annual Information Form (“AIF”) , dated March 19, 2019, and click here for the Form 40-F, dated March 20, 2019.

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:

Third Quarter ("Q3") 2018 Performance Snapshot:

  • Gold production(2) was 107,002 oz, 2% above budget
  • Cash operating costs(3) were $383 /oz, 10% above budget(4)
  • All-in sustaining costs ("AISC")(3) were $607 /oz, 7% above budget(4)

Year-to-date ("YTD") 2018 Performance Snapshot:

  • Gold production(2) was 333,788  oz, 8% above budget
  • Cash operating costs were $321 /oz11% below budget
  • AISC were $511 /oz, 13% below budget

Click here for B2Gold's Q3 & YTD 2018 Earnings news release, dated November 6, 2018

Looking Forward:

  • Fekola Mine is expected to produce between 420 Koz - 430 Koz of gold in 2018(2,5), at cash operating costs of between $345 - $390 /oz and AISC of between $575 - $625 /oz
  • Fekola Expansion Study(6):
    • Infill drilling to convert Inferred Mineral Resources to Indicated Mineral Resources to recommence in early 2019
    • B2Gold operations team is designing a new mine plan based on the updated Fekola Mineral Resource to establish a new Probable Mineral Reserve
    • Engineering study is underway to evaluate the Fekola mill expansion potential and larger mining fleet options
    • Expansion study is focused on expanding mill throughput to 7.5 Mtpa – economics of this case will be compared to a baseline throughput of 5.5 Mtpa to 6.0 Mtpa
    • An internal expansion study is being completed by year-end 2018
    • Optimization expansion studies continue and are scheduled to be released at the end of the first quarter 2019

Click here for Fekola Exploration & Development section

Health, Safety & Environment: 

  • Safety performance: To September 29, 2018, Fekola achieved 800+ days without a lost-time injury
  • Click here for B2Gold's 2017 Responsible Mining Report, Raising the Bar

Click here for Fekola Mine overview

Mine/Project Location Map:

Mine Overview (as at September 30, 2018):

Q3 2018 Production, Cash Costs, Revenue & Sales:
Q3 2018 gold production 107,002 oz
Q3 2018 cash operating costs $383 /oz
Q3 2018 AISC $607 /oz
Q3 2018 gold revenue $151,628
Q3 2018 gold sales 125,400 oz
Q3 2018 average realized gold price $1,209 /oz
YTD 2018 Production, Cash Costs, Revenue & Sales:
YTD 2018 gold production 333,788 oz
YTD 2018 cash operating costs $321 /oz
YTD 2018 AISC $511 /oz
YTD 2018 gold revenue $444,810
YTD 2018 gold sales 348,100 oz
YTD 2018 average realized gold price $1,278 /oz
Q3 2018 Processing:
Q3 2018 tonnes of ore milled 1.40 M
Q3 2018 grade 2.50 g/t
Q3 2018 recovery 94.7%
YTD 2018 Processing:
YTD 2018 tonnes of ore milled 4.05 M
YTD 2018 grade 2.70 g/t
YTD 2018 recovery 95.0%
2018 Guidance:
2018 E gold production 420 Koz - 430 Koz
2018 E cash operating costs $345 - $390 /oz
2018 E AISC $575 - $625 /oz
2018 E tonnes of ore milled (budget) 5.00 M (average)
2018 E grade (budget) 2.69 g/t (average)
2018 E recovery (budget) 92.7% (average)
2018 exploration budget (all Mali) $19 M
2019 Guidance:
2019 E gold production(2) 415 Koz - 425 Koz
General Information:
Location Mali
Mine type Open pit
Metals mined Gold
Ownership(7) 80%
Processing plant Cyanide leach/Carbon-in-pulp process
Power Heavy fuel oil power plant with diesel powered back-up (100% self-generated)
Number of employees (not including contractors) 1,687
Local employee workforce 96%
Mineral Reserve & Resource Estimates (Contained Gold):
Probable Mineral Reserves (80% attributable)(8) 2.92 Moz
Indicated Mineral Resources (80% attributable)(8,9) 3.95 Moz
Inferred Mineral Resources: Fekola (80% attributable)(8,9) 0.23 Moz
Inferred Mineral Resources: Anaconda (80% attributable)(8) 0.65 Moz

Supporting Documents:

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

  • Click here for 'B2Gold Corp. Reports Positive Third Quarter 2018 Results; Quarterly Operating Cash Flows Increase by $101 M (240%) to $143 M on Record Gold Production and Significantly Reduced All-In Sustaining Costs' news release, dated November 6, 2018
  • Click here for 'B2Gold Announces a Substantial Increase in the Gold Mineral Resource Estimate for the Fekola Mine and Positive Results from the Ongoing Fekola Mill Expansion Study (Fekola Mine Ownership: 80% B2Gold, 20% State of Mali)' news release, dated October 25, 2018
  • Click here for 'B2Gold Announces that the Malian Government Has Approved the Purchase of an Additional 10% Interest in the Fekola Mine (Fekola SA)' news release, dated August 14, 2018

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

  • Click here for Q3 & YTD 2018 Management’s Discussion & Analysis ("MD&A")(10)
  • Click here for Q3 & YTD 2018 Financial Statements(10)
  • Click here for Annual Information Form ("AIF") 2018, dated March 23, 2018(10)
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 Q3 2018 and YTD 2018 gold production results, and 2018 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 for MD&A.
  4. Q3 2018 variance was mainly attributable to higher fuel costs and slightly higher than budgeted processing throughput. Diesel prices were 18% higher than budget and fuel oil prices were 13% above budget, increasing cash operating costs by approx. $15/oz. Fekola is now running consistently at an annualized throughput of over 5.5 Mtpa, 10% higher than name plate and budget. In Q3 2018, a decision was made to feed this additional throughput using medium and low-grade ore stockpiles which had two benefits: i) it allowed Fekola to increase its overall production levels (without utilizing high-grade stockpiles which are scheduled for processing in 2019); and ii) it allowed B2Gold to complete a limited medium and low-grade ore campaign to confirm that the Fekola mill recoveries continue to remain above design predictions over a broad range of ore types
  5. Guidance revised: Click here for 'B2Gold Reports Continued Very Strong Second Quarter & First-Half 2018 Gold Production; Second Quarter Gold Production Doubles to 240,000 Ounces; Gold Revenues Increase by $121 Million to $285 Million' news release, dated July 11, 2018
  6. Click here for 'B2Gold Announces a Substantial Increase in the Gold Mineral Resource Estimate for the Fekola Mine and Positive Results from the Ongoing Fekola Mill Expansion Study (Fekola Mine Ownership: 80% B2Gold, 20% State of Mali)' news release, dated October 25, 2018
  7. Click here for 'B2Gold Announces that the Malian Government Has Approved the Purchase of an Additional 10% Interest in the Fekola Mine (Fekola SA)' news release, dated August 14, 2018.
  8. Refer to respective footnotes in Summary of Mineral Reserve and Mineral Resource Estimates  - click here and/or see 'Mineral Resource & Mineral Reserve Estimates' section below.
  9. Excluding updated Fekola Indicated Mineral Resource and Inferred Mineral Resource. Click here for 'B2Gold Announces a Substantial Increase in the Gold Mineral Resource Estimate for the Fekola Mine and Positive Results from the Ongoing Fekola Mill Expansion Study (Fekola Mine Ownership: 80% B2Gold, 20% State of Mali)' news release, dated October 25, 2018 
  10. Also available on SEDAR and 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 our most recent AIF – click here for AIF, dated March 23, 2018, and are based on the assumptions, qualifications and procedures set out therein. 

Mineral Resource & Mineral Reserve Estimates:

Fekola Probable Mineral Reserves Statement:

Area Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold
Ounces (oz)
Contained Gold
Kilograms (kg)
Open Pit 36,100,000 2.32 2,687,000 83,600
Stockpiles 2,550,000 2.79 229,000 7,100
Total Probable 38,660,000 2.35 2,917,000 90,700
Footnotes (Click to expand)
  1. Mineral Reserves have been classified using the Canadian Institute of Mining (“CIM”) Standards (refer to the Company's AIF, dated March 23, 2018 (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 an 80% attributable basis; B2Gold expects that the State of Mali will hold a 20% interest in the Fekola Mine. For further details of B2Gold’s interest in the Fekola Mine, see the heading “Material Properties – Fekola Mine – Property Description, Location and Access” in the Company's AIF, dated March 23, 2018.
  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 93%, and average operating cost estimates of US$2.65/t mined (mining), US$15.81/t processed (processing) and US$3.13/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 2.8% increase in tonnes, a 3.1% reduction in grade and 0.5% reduction in ounces when compared to the Mineral Resource model.  An additional 5% dilution and 2% ore loss was applied during pit optimization and scheduling. 
  7. Mineral Reserves are reported above a cutoff grade of 0.8 g/t Au.

Fekola Indicated Mineral Resources Statement:

Area Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold
Ounces (oz)
Contained Gold
Kilograms (kg)
Fekola 56,610,000 2.04 3,719,000 115,700
ROM Stockpiles 2,550,000 2.79 229,000 7,100
Total Indicated 59,170,000 2.08 3,948,000 122,800

Fekola & Anaconda Inferred Mineral Resources Statement:

Area Tonnes
(t)
Gold Grade
(g/t Au)
Contained Gold
Ounces (oz)
Contained Gold
Kilograms (kg)
Fekola 4,190,000 1.69 227,000 7,100
Anaconda 18,350,000 1.11 652,000 20,300
Total Inferred 22,530,000 1.22 879,000 27,300
Footnotes (Click to expand)
  1. Mineral Resources have been classified using the CIM Standards (refer to the Company's AIF, dated March 23, 2018 (click here for additional information regarding these Mineral Resources)). 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 an 80% attributable basis; B2Gold expects that the State of Mali will hold a 20% interest in the Fekola Mine. For further details of B2Gold’s interest in the Fekola Mine, see the heading “Material Properties – Fekola Mine – Property Description, Location and Access” in the Company's AIF, dated March 23, 2018.
  4. For Anaconda, Mineral Resources are reported on an 85% attributable basis; under the Mali Mining Code (2012), 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 93%, and average operating cost estimates of US$2.65/t mined (mining), US$15.81/t processed (processing) and US$3.13/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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