Otjikoto Mine – Namibia (1)
The Otjikoto Mine is located in the north-central part of Namibia, approximately 300 km north of the country’s capital, Windhoek. Otjikoto is the largest gold producer in the country.
Click here for mine/project location map.
B2Gold acquired the Company’s first African gold development project, the Otjikoto Gold Project, through a merger with Auryx Gold Corp. in December 2011. The Company received the Otjikoto Mining Licence in December 2012, and construction of the Otjikoto Mine commenced in April 2013. Within approximately 19 months, the first gold pour occurred on December 11, 2014, ahead of schedule. The Otjikoto Mine had record annual production in 2023, producing 208,598 gold ounces.
The Otjikoto Mine in Namibia is expected to produce between 180,000 and 200,000 ounces of gold in 2024 at cash operating costs of between $685 and $745 per ounce and all-in sustaining costs of between $960 and $1,020 per ounce. Gold production at Otjikoto is expected to be relatively consistent throughout 2024. For 2024, Otjikoto is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.77 g/t with a process gold recovery of 98.0%. Processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing medium and high-grade ore stockpiles.
Capital expenditures in 2024 at Otjikoto are expected to total $33 million, of which approximately $32 million is classified as sustaining capital expenditures and $1 million is classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $32 million for deferred stripping and deferred underground development.
Click here for Otjikoto Mine overview.
Mine Snapshot:
2023:
- Gold production(2): 208,598 oz
- Cash operating costs(3): $585 /oz produced
- AISC(3): $984 /oz sold
2024 Guidance:
- Gold production: 180 Koz - 200 Koz
- Cash operating costs: $685 - $745 /oz
- AISC: $960 - $1,020 /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 | 208,598 oz |
Cash operating costs |
$585 /oz produced |
AISC |
$984 /oz sold |
Gold revenue: | $418 M (approx.) |
Gold sales: | 214,800 oz |
Average realized gold price: | $1,944 /oz |
FY 2024 Guidance Production & Costs (2,3): | |
Gold production | 180 Koz - 200 Koz |
Cash operating costs | $685 - $745 /oz |
AISC | $960 - $1,020 /oz |
2023 Processing: | |
Tonnes of ore milled | 3.44 M (approx.) |
Grade | 1.91 g/t |
Recovery | 98.6% |
FY 2024 Guidance Processing: | |
Tonnes of ore milled (budget) | 3.4 M |
Grade (budget) | 1.77 g/t |
Recovery (budget) | 98.0% |
General Information: | |
Location | Namibia |
Mine type | Open pit (and underground mine under development) |
Ownership(4) | 90% |
Metals mined | Gold |
Processing plant | Conventional flowsheet whereby gold is recovered by gravity concentration/intensive leaching and by an agitated cyanide leach/carbon-in-pulp process for treatment of gravity tailings |
Power | Since commissioning the NamPower grid link, the Otjikoto Mine has reduced its overall processing plant costs by approximately 10%. In addition, the transition away from HFO to a combination of the solar power plant and the national grid will significantly reduce GHG emissions. |
Total number of employees | 976 |
Local employee workforce | 98.3% |
Mineral Reserve & Resource Estimates (Contained Gold) –100% Project Basis: | |
Indicated Mineral Resources(5) | 1.37 Moz |
Inferred Mineral Resources(5) | 0.38 Moz |
Probable Mineral Reserves(5) | 0.62 Moz |
2024 Exploration Budget | |
Namibia (Otjikoto) | $9 M |
Supporting Documents:
For the latest details and news releases pertaining to the Otjikoto Mine:
- Click here for B2Gold's Q4 and Full Year 2023 Earnings (dated February 21, 2024)
For a more detailed overview of the Otjikoto 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 2023 Annual Information Form ("AIF") (dated March 16, 2023)
Mineral Resource & Mineral Reserve Estimates:
Otjikoto Indicated Mineral Resources Statement:
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) |
|
Otjikoto Open Pit | 22,380 | 0.86 | 620 | 90 | 560 |
Wolfshag Underground | 1,250 | 7.04 | 280 | 90 | 250 |
LG Stockpile | 18,850 | 0.42 | 250 | 90 | 230 |
ROM Stockpile | 1,060 | 1.17 | 40 | 90 | 40 |
Total Indicated Mineral Resources | 43,540 | 0.86 | 1,200 | 1,080 |
Otjikoto Inferred Mineral Resources Statement:
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) |
|
Wolfshag Underground | 2,150 | 4.25 | 290 | 90 | 260 |
Otjikoto Open Pit | 1,130 | 0.59 | 20 | 90 | 20 |
Total Inferred Mineral Resources | 3,290 | 2.99 | 320 | 280 |
Otjikoto Probable Mineral Reserves Statement:
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) |
|
Otjikoto Open Pit | 5,740 | 1.31 | 240 | 90 | 220 |
Wolfshag Underground | 1,140 | 5.55 | 200 | 90 | 180 |
ROM Stockpiles | 1,060 | 1.17 | 40 | 90 | 40 |
Total Probable Mineral Reserves | 7,930 | 1.90 | 480 | 440 |
For more information, click here for B2Gold's 2023 Annual Information Form (pages 47-58).