Projects

Otjikoto Mine – Namibia (1)

Please note that this page is currently being updated. Please click here for B2Gold's most recent news release re: First Quarter 2019 Earnings, click here for B2Gold's Management Discussion & Analysis for the quarter ended March 31, 2019, and click here for B2Gold's Consolidated Financial Statements, for the three months ended March 31, 2019.

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, and the Otjikoto Mine made history as one of the fastest-moving mine construction projects in the country. Otjikoto achieved commercial production on February 28, 2015, also ahead of schedule. Click here for Otjikoto Mine overview. 

Recent Updates:

Fourth Quarter ("Q4") 2018 Performance Snapshot:

  • Gold production(2) was 44,766 oz
  • Cash operating costs(3) were $471 /oz
  • All-in sustaining costs ("AISC")(3) were $642 /oz

Full-Year ("FY") 2018 Performance Snapshot: 

  • Gold production(2) was 167,346 oz
  • Cash operating costs were $502 /oz
  • AISC were $719 /oz

2019 Guidance:

  • Gold production(2) is expected to be between 165 Koz - 175 Koz 
  • Cash operating costs are expected to be between $520 - $560 /oz 
  • AISC are expected to be between $905 - $945 /oz

Click here for Q4 & FY 2018 Earnings news release, dated March 12, 2019

Health, Safety & Environment: 

  • Safety performance: As at September 30, 2018, achieved 187 days without a lost-time injury
  • Click here for B2Gold's 2017 Responsible Mining Report, Raising the Bar

Click here for Otjikoto Mine overview

Mine/Project Location Map:

Mine Overview (as at December 31, 2018):

Q4 2018 Production, Cash Costs, Revenue & Sales:
Q4 2018 gold production 44,766 oz
Q4 2018 cash operating costs $471 /oz
Q4 2018 AISC $642 /oz
Q4 2018 gold revenue $54,561
Q4 2018 gold sales 44,229 oz
Q4 2018 average realized gold price $1,234 /oz
FY 2018 Production, Cash Costs, Revenue & Sales:
FY 2018 gold production 167,346 oz
FY 2018 cash operating costs $502 /oz
FY 2018 AISC $719 /oz
FY 2018 gold revenue $213,052
FY 2018 gold sales 168,296 oz
FY 2018 average realized gold price $1,266 /oz
Q4 2018 Processing: 
Q4 2018 tonnes of ore milled 0.89 M
Q4 2018 grade 1.59 g/t
Q4 2018 recovery 98.6%
FY 2018 Processing:
FY 2018 tonnes of ore milled 3.45 M
FY 2018 grade 1.53 g/t
FY 2018 recovery 98.7%
2019 Guidance:
2019 E gold production 165 Koz - 175 Koz
2019 E cash operating costs $520 - $560 /oz
2019 E AISC $905 - $945 /oz
2019 E tonnes of ore milled (budget) 3.4 M
2019 E grade (budget) 1.57 g/t (average)
2019 E recovery (budget) 98%
2019 exploration budget $5 M
General Information:
Location Namibia
Mine type Open pit
Ownership(4) 90%
Metals mined Gold
Processing plant Cyanide leach/Carbon-in-pulp process, Gravity circuit
Power Heavy fuel oil power plant with diesel powered back-up/Photovoltaic solar power plant (100% self-generated)
Number of employees (not including contractors)(5) 910
Local employee workforce(5) 98%
Mineral Reserve & Resource Estimates (Contained Gold) – 100% Project Basis:
Probable Mineral Reserves(6) 0.98 Moz
Indicated Mineral Resources(6) 1.54 Moz
Inferred Mineral Resources(6) 0.31 Moz

Supporting Documents:

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

  • Click here for 'B2Gold Reports Positive 2018 Fourth Quarter/Annual Results; Record Annual Gold Production of 953,504 Oz, Revenue of $1.2 B & Operating Cash Flows of $451 M ($0.46/share); Cash Operating Costs of $495/oz & AISC of $758/oz' news release, dated March 12, 2019

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

  • Click here for Q4 & FY 2018 Management’s Discussion & Analysis ("MD&A")(7)
  • Click here for Q4 & FY 2018 Financial Statements(7)
  • Click here for Annual Information Form ("AIF") 2019, dated March 20, 2019(7)
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 Q4 2018 and FY 2018 production results, and 2019 annual 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. B2Gold Namibia, the holder of the ML169 and operator of the Otjikoto Mine, is 90% owned, indirectly, by B2Gold and 10% by EVI. For more details, refer to pages 41-42 in the Company's AIF, dated March 20, 2019 - click here.
  5. Refer to pages 43 and 76 in the Company's 'Responsible Mining Report 2017 – Raising the Bar' (click here), dated June 8, 2018.
  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 “NI 43-101 Technical Report Feasibility Study: Otjikoto Gold Project, Province of Otjozondjupa, Republic of Namibia” (click here) that has an effective date of February 25, 2013, and was prepared by William Lytle, P.E., Tom Garagan, P. Geo., Hermanus Kriel, Pr. Eng., Glenn Bezuidenhout, Pr. Eng., FSAIMM and Guy Wiid, Pr. Eng., among others, 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.

Mineral Resource & Mineral Reserve Estimates – 100% Project Basis:

Otjikoto Probable Mineral Reserves Statement:

Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces (x 1,000)
Otjikoto Open Pit 11,700 1.26 480
Wolfshag Open Pit 5,800 2.38 440
ROM Stockpiles 2,300 0.86 60
Total Probable Reserves 19,800 1.54 980
Notes (Click to expand)
  1. Mineral Reserves have been classified using the CIM Standards (refer to the Company's AIF, dated March 20, 2019 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 a 100% project basis; of which a 10% interest is held by EVI.
  4. The Qualified Person for the reserve estimate is Peter Montano, P.E., who is B2Gold's Project Director. 
  5. Mineral Reserves that will be mined by open pit methods assume a gold price of US$1,250/oz, metallurgical recovery of 98%, selling costs of $51.44/oz (including royalties and levies), and operating cost estimates of US$2.29/t mined (mining), US$12.99/t processed (processing) and US$3.25/t processed (general and administrative). 
  6. Dilution and ore loss was applied through block averaging such that at a cutoff of 0.45 g/t Au, there is a 2.3% decrease in tonnes, a 2.2% reduction in grade and a 4.4% reduction in ounces when compared to the Mineral Resource model.
  7. Mineral Reserves are reported at a cutoff of 0.45 g/t Au.

Otjikoto Indicated Mineral Resources Statement:

Mineral Resources are reported inclusive of Mineral Reserves.

Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces (x 1,000)
Otjikoto Open Pit 18,200 1.13 660
Wolfshag Open Pit 8,800 2.37 670
Wolfshag Underground 100 4.26 10
ROM Stockpile 2,300 0.86 60
LG Stockpile 9,000 0.43 120
Total Indicated 38,400 1.24 1,540

Otjikoto Inferred Mineral Resources Statement:

Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained Gold
Ounces (x 1,000)
Otjikoto Open Pit 500 0.65 10
Wolfshag Open Pit 2,200 0.77 60
Wolfshag Underground 1,500 5.11 240
Total Inferred 4,200 2.27 310
Notes (Click to expand)
  1. Mineral Reserves have been classified using the CIM Standards (refer to the Company's AIF, dated March 20, 2019 click here for additional information regarding these Mineral Reserves). 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; of which a 10% interest is held by EVI.
  4. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., who is B2Gold's Senior Vice President, Exploration. 
  5. The Qualified Person for the stockpile estimate is Peter Montano, P.E., who is B2Gold's Project Director.
  6. Mineral Resource estimates that are amenable to open pit mining methods assume a gold price of US$1,400/oz, metallurgical recovery of 98%, and operating cost estimates of US$2.23/t mined (mining), US$12.85/t processed (processing) and US$3.24/t processed (general and administrative).
  7. Mineral Resources that are amenable to open pit mining are reported at a cutoff of 0.40g/t Au. Mineral Resources that are amenable to underground mining are reported at cutoff of 2.6 g/t Au. 

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