Projects

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, 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:

Second Quarter ("Q2") 2019 Performance Snapshot: 

  • Gold production(2) was 37,421 oz
  • Cash operating costs(3) were $582 /oz sold
  • All-in sustaining costs ("AISC")(3) were $1,174 /oz sold

First-half ("FH") 2019 Performance Snapshot:

  • Gold production(2) was 70,133 oz
  • Cash operating costs were $549 /oz sold
  • AISC were $997 /oz sold

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 Q2 & FH 2019 Earnings news release, dated August 6, 2019

Health, Safety & Environment: 

  • Otjikoto Mine is approaching two years without a lost-time-injury (as at June 30, 2019)
  • Click here for B2Gold's 2018 Responsible Mining Report, Raising the Bar

Click here for Otjikoto Mine overview

Mine/Project Location Map:

Mine Overview (as at June 30, 2019):

Q2 2019 Production, Cash Costs, Revenue & Sales:
Gold production 37,421 oz
Cash operating costs $582 /oz sold
AISC $634 /oz sold
Gold revenue $46,462
Gold sales 35,400 oz
Average realized gold price $1,312 /oz
FH 2019 Production, Cash Costs, Revenue & Sales:
Gold production 70,133 oz
Cash operating costs $549 /oz sold
AISC $1,174 /oz sold
Gold revenue $95,066
Gold sales 72,600 oz
Average realized gold price $1,309 /oz
Q2 2018 Processing: 
Tonnes of ore milled 0.87 M
Grade 1.36 g/t
Recovery 98.5%
FH 2019 Processing:
Tonnes of ore milled 1.67 M
Grade 1.33 g/t
Recovery 98.5%
2019 Guidance:
Projected gold production 165 Koz - 175 Koz
Projected cash operating costs $520 - $560 /oz
Projected AISC $905 - $945 /oz
Projected tonnes of ore milled (budget) 3.4 M
Projected grade (budget) 1.57 g/t (average)
Projected recovery (budget) 98%
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)
Total number of employees(5) 925
Local employee workforce(5) 98.5%
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 Strong Second Quarter 2019 Results; Record Quarterly Gold Production of 246,000 oz, 8% Above Budget; Beat Against Budget for Cash Operating Costs and AISC' news release, dated August 6, 2019

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

  • Click here for Q2 & FH 2019 Management’s Discussion & Analysis ("MD&A")(7)
  • Click here for Q2 & FH 2019 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 Q2 2019 and FH 2019 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).
  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. As at December 31, 2018. Refer to pages 51-54 in the Company's 'Responsible Mining Report 2018 – Raising the Bar' (click here), dated June 14, 2019. 
  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 “Otjikoto Gold Mine Namibia NI 43-101 Technical Report” (click here) with an effective date of December 31, 2018, and was prepared by Mr. Tom Garagan, P.Geo., Mr. Peter Montano, P.E., Mr. Ken Jones, P.E. and Mr. John Rajala, 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.

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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