Projects

Masbate Mine – The Philippines (1)

The Masbate Gold Project ("MGP") is located on Masbate Island in the Philippines. The Masbate Mine is located approximately 360 km southeast of the country's capital, Manila.

Click here for mine/project location map.

B2Gold acquired its interest in the Masbate Mine through its acquisition of CGA Mining Limited in January 2013.

Click here for Masbate Mine overview.

Mine Snapshot:

Second Quarter ("Q2") 2021:

  • Gold production(3): 56,878 oz 
  • Cash operating costs : $616 /oz produced
  • All-in sustaining costs ("AISC"): $899 /oz sold

First Half ("FH") 2021:

  • Gold production(3): 114,391 oz 
  • Cash operating costs : $612 /oz produced
  • AISC: $860 /oz sold

2021 Guidance:

  • Gold production:  200 Koz - 210 Koz
  • Cash operating costs: $650 - $690 /oz 
  • AISC: $955 - $995 /oz 

Click here for B2Gold’s Q2 2021 Earnings news release (dated August 4, 2021)

Mine/Project Location Map:

Masbate Project Location Map

Mine Overview (as at March 31, 2021):

FY 2021 Guidance Production, Costs:
Gold production 200 Koz - 210 Koz
Cash operating costs $650 - $690 /oz
AISC $955 - $995 /oz
FY 2020 Production, Costs, Revenue & Sales:
Gold production 204,699 oz
Cash operating costs

$629 /oz produced

AISC

$985 /oz sold

Gold revenue $368 M (approx.)
Gold sales 206,680 oz
Average realized gold price $1,783 /oz
FY 2021 Guidance Processing: 
Tonnes of ore milled (budget) 8.0 M 
Grade (budget) 1.10 g/t
Recovery (budget) 73.4 %
FY 2020 Processing:
Tonnes of ore milled 7.76 M (approx.)
Grade 1.00 g/t
Recovery 82.3%
General Information:
Location The Philippines
Mine type Open pit
Metals mined Gold
Ownership

B2Gold holds its interest in the Masbate Gold Project through indirectly owned subsidiaries. The Company has a 40% interest in Filminera Resources Corporation and a 100% interest in Philippine Gold Processing & Refining Corporation. The remaining 60% interest in Filminera is held by a Philippines-registered company, Zoom Mineral Holdings Inc.

Processing plant Conventional carbon-in-leach type facility
Power Heavy fuel oil- and diesel-fueled power plant
Total number of employees(4) 958
Local employee workforce(4) 99%
Mineral Reserve & Resource Estimates (Contained Gold)  – 100% Project Basis:
Indicated Mineral Resources(5) 3.54 Moz
Inferred Mineral Resources(5) 0.80 Moz
Probable Mineral Reserves(5) 2.17 Moz
2021 Exploration Budget
The Philippines (Masbate) $6.3 M

Supporting Documents:

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

  • Click here for B2Gold's Q2 2021 Earnings (dated August 4, 2021)

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

  • Click here for B2Gold's Q2 2021 Management Discussion & Analysis ("MD&A") (dated March 31, 2021)
  • Click here for B2Gold's Q2 2021 Financial Statements (dated March 31, 2021)
  • Click here for B2Gold's 2021 Annual Information Form ("AIF") (dated March 30, 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. Refer to “Non-IFRS measures” in the Company’s most recently filed MD&A (click here).
  3. B2Gold’s Q32019,YTD2019 and FY 2019 gold production are presented on a 100% basis, unless otherwise stated.
  4. 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.
  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 “Masbate Gold Operation, Republic of the Philippines, NI 43-101 Technical Report on Operations” (click here) that has an effective date of December 31, 2016, and was prepared by Tom Garagan, P. Geo., Ken Jones, P.E., Kevin Pemberton, P.E. and John Rajala, P.E., and from the Company's most recent AIF, dated March 20, 2019 - click hereand are based on the assumptions, qualifications and procedures set out therein.

Image 2

Mineral Resource & Mineral Reserve Estimates:

Masbate Indicated Mineral Resources Statement:

Mineral Resources are reported inclusive of Mineral Reserves.

  100% Project Basis
Area Tonnes

 

(x 1,000)

Gold Grade

 

(g/t Au)

Contained Gold Ounces
(x 1,000)
North 21,700 0.840

590

South 83,700 0.88

2,380

Stockpiles 31,000 0.57

570

Total Indicated 136,400 0.81

3,540

Masbate Inferred Mineral Resources Statement:


  100% Project Basis
Area Tonnes

 

(x 1,000)

Gold Grade

 

(g/t Au)

Contained Gold Ounces
(x 1,000)
North 5,900 0.76

140

South 25,700 0.80

660

Total Inferred 31,600 0.79 800
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 are reported on a 100% project basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements. Please see heading “− Property Description, Location, and Access” above for a further discussion of the foregoing.
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 Kevin Pemberton, P.E., our Chief Mine Planning Engineer.  
6. Mineral Resource estimates assume an open pit mining method, gold price of US$1,800/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 57–85%), and operating cost estimates of US$1.42–US$1.68/t mined (mining), US$11.33/t processed (processing) and US$2.20–US$3.70/t processed (general and administrative).
7. Mineral Resources are reported at an average cut-off grade of 0.37 g/t Au.
8. North and South designations refer to locations north and south of the Guinobatan River, respectively.

Masbate Probable Mineral Reserves Statement:

  100% Project Basis
Area Tonnes

 

(x 1,000)

Gold Grade

 

(g/t Au)

Contained
Gold Ounces
(x 1,000)
North 8,300 1.08

290

South 44,700 0.91

1,310

Stockpiles 31,000 0.57 570
Total Probable Reserves 84,000 0.80

2,170

Footnotes: (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 basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements. Please see heading “− Property Description, Location, and Access” above for a further discussion of the foregoing.
4. The Qualified Person for the reserve estimate is Kevin Pemberton, P.E., our Chief Mine Planning Engineer.
5. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,500/ounce, modeled metallurgical recovery (resulting in average LOM metallurgical recoveries by pit that range from 62–86%), and average base operating cost estimates of US$1.42–US$1.68/t mined (mining), US$11.33/t processed (processing) and US$2.22–US$3.70/t processed (general and administrative).
6. Dilution and ore loss were applied through whole block averaging such that at a cut-off of 0.45 g/t Au, there is a 5.8% increase in tonnes, a 5.5% reduction in grade and 0.1% increase in ounces when compared to the Mineral Resource model.
7. Mineral Reserves are reported at cut-offs that range from 0.36–0.51 g/t Au.
8. North and South designations refer to locations north and south of the Guinobatan River, respectively.

For more information, click here for B2Gold's 2020 Annual Information Form (pages 38-40)

Stay Connected

Stay connected with B2Gold by signing up for email updates