Projects

Otjikoto Mine – Namibia (1)

The Otjikoto Mine is located in the north-central part of Namibia, approximately 300km 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 ("Q3") 2020 Performance Snapshot:

  • Gold production(2): 42,591 oz
  • Cash operating costs(3):  $423 /oz sold
  • All-in sustaining costs ("AISC")(3): $917 /oz sold
  • Gold revenue: $80 K
  • Gold sales: 46,500 oz
  • Average realized gold price: $1,911 /oz

Full-year 2020 (“FY”) Guidance :

  • Gold production(2): 165 Koz - 175 Koz
  • Cash operating costs: $480 - $520 /oz
  • AISC: $1,010 - $1,050 /oz

Click here for B2Gold's Q2 2020 Earnings news release (dated August 5, 2020)

Health, Safety & Environment:

  • As at June 1, 2020, Otjikoto had:
    • Zero lost time incident rate
    • 100% reduction in total recordable incident rate
    • 797 days lost time injury free (March 27, 2018)
    • Zero injury severity rate

Click here for B2Gold's 2019 Responsible Mining Report, Raising the Bar

Mine/Project Location Map:

Otjikoto Project Location Map

Mine Overview (as at June 30, 2020):

FY 2020 Guidance Production, Costs, Revenue & Sales:
Gold production 165 Koz - 175 Koz
Cash operating costs $480 - $520 /oz
AISC $1,010 - $1,050 /oz
FY 2019 Production, Costs, Revenue & Sales:
Gold production 177,966 oz
Cash operating costs $468 /oz sold
AISC $895 /oz sold
Gold revenue $247,251
Gold sales 175,100 oz
Average realized gold price $1,412 /oz
FY 2020 Guidance Processing:
Projected tonnes of ore milled (budget) 3.4 M
Projected grade (budget) 1.55 g/t
Projected recovery (budget) 98%
FY 2019 Processing:
Tonnes of ore milled 3.4 M
Grade 1.64 g/t
Recovery 98.7%
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) 900
Local employee workforce(5) 98.6%
Mineral Reserve & Resource Estimates (Contained Gold) –100% Project Basis:
Probable Mineral Reserves(6) 0.96 Moz
Indicated Mineral Resources(6) 1.46 Moz
Inferred Mineral Resources(6) 0.37 Moz
2020 Exploration Budget
Namibia (Otjikoto/Regional/Ondundu) $4 M

Supporting Documents:

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

  • Click here for B2Gold's Q3 and YTD Earnings news release (dated November 3, 2020)
  • Click here for B2Gold's Quarterly Gold Production of 263,813 Oz and Record Quarterly Revenue of $487 M for Q3 2020; On Track to Meet Annual Production Guidance of 1,000,000 to 1,055,000 Oz news release (dated October 15, 2020)
  • Click here for B2Gold's Q2 2020 Earnings news release (dated August 5, 2020)
  • Click here for B2Golds COVID-19 Contribution news release (dated July 22, 2020)  
  • Click here for B2Gold's Q2 and FH 2020 Production news release (dated July 13, 2020)
  • Click here for B2Gold's Q1 2020 Earnings news release (dated May 5, 2020)
  • Click here for B2Gold's COVID-19 Financial Support to Charities & Governments news release (dated April 22, 2020)

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

  • Click here for B2Gold's Q3 2020 Management Discussion & Analysis ("MD&A") (dated September 30, 2020)
  • Click here for B2Gold's Q3 2020 MD&A (dated September 30, 2019)
  • Click here for B2Gold's Q3 2020 Financial Statements (dated September 30, 2020)
  • Click here for B2Gold's Q3 2020 Financial Statements (dated  September 30, 2019)
  • Click here for B2Gold's Q2 2020 MD&A (dated June 30, 2020)
  • Click here for B2Gold's Q2 2019 MD&A (dated June 30, 2019)
  • Click here for B2Gold's Q2 2020 Financial Statements (dated June 30, 2020)
  • Click here for B2Gold's Q2 2019 Financial Statements (dated June 30, 2019)
  • Click here for B2Gold's 2020 Annual Information Form ("AIF") (dated March 20, 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. B2Gold’s Q32019, YTD2019 amd FY 2019 production results are presented on a 100% basis, unless otherwise stated.
  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, 2019. Refer to pages 70-71 in the Company's 'Responsible Mining Report 2019 – Raising the Bar' (click here), dated June 12, 2012. 
  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.

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Mineral Resource & Mineral Reserve Estimates:

Otjikoto Indicated Mineral Resources Statement:

  100% Project Basis Attributable Ownership Basis
Area Tonnes

 

(x 1,000)

Gold Grade

 

(g/t Au)

Contained Gold Ounces
(x 1,000)
Ownership

 

Percentage
(%)

Tonnes

 

(x 1,000)

Gold Grade

 

(g/t Au)

Contained Gold Ounces
(x 1,000)
Otjikoto Open Pit 19,200 1.04 640 90 17,300 1.04 580
Wolfshag Open Pit 3,300 2.52 270 90 3,000 2.52 240
Wolfshag Underground 1,100 8.29 290 90 1,000 8.29 260
ROM Stockpiles 3,600 0.82 100 90 3,300 0.82 90
LG Stockpile 12,000 0.43 170 90 10,800 0.43 150
Total Indicated 39,200 1.16 1,460 90 35,300 1.16 1,310

Otjikoto Inferred Mineral Resources Statement:
  100% Project Basis Attributable Ownership Basis
Area Tonnes

 

(x 1,000)

Gold Grade

 

(g/t Au)

Contained Gold Ounces
(x 1,000)
Ownership

 

Percentage
(%)

Tonnes

 

(x 1,000)

Gold Grade

 

(g/t Au)

Contained Gold Ounces
(x 1,000)
Otjikoto Open Pit 2,100 0.94 60 90 1,900 0.94 60
Wolfshag Open Pit 1,000 0.89 30 90 900 0.89 30
Wolfshag Underground 1,400 6.28 280 90 1,200 6.28 250
Total Inferred 4,500 2.55 370 90 4,100 2.55 330
Notes: (Click to expand)
  1. Mineral Resources have been classified using the Canadian Institute of Mining  ("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 and a 90% attributable basis; the remaining 10% interest is held by EVI.
  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 Peter Montano, P.E., our Project Director.
  6. Mineral Resource estimates that are amenable to open pit mining methods assume a gold price of US$1,500/oz, metallurgical recovery of 98%, and operating cost estimates of US$2.29/t mined (mining), US$12.26/t processed (processing) and US$3.15/t processed (general and administrative).
  7. Mineral Resources that are amenable to open pit mining are reported at a cut-off of 0.40 g/t Au. Mineral Resources that are amenable to underground mining are reported at cut-off grade of 2.4 or 3 g/t Au.

Otjikoto Probable Mineral Reserves Statement:

  100% Project Basis Attributable Ownership Basis
Area Tonnes

 

(x 1,000)

Gold Grade

 

(g/t Au)

Contained Gold Ounces
(x 1,000)
Ownership

 

Percentage
(%)

Tonnes

 

(x 1,000)

Gold Grade

 

(g/t Au)

Contained Gold Ounces
(x 1,000)
Otjikoto Open Pit 9,500 1.26 390 90 8,500 1.26 350
Wolfshag Open Pit 3,100 2.60 260 90 2,800 2.60 240
Wolfshag Underground 1,200 5.57 210 90 1,100 5.57 190
ROM Stockpiles 3,600 0.82 100 90 3,300 0.82 90
Total Probable Reserves 17,500 1.70 960 90 15,700 1.70 860
Footnotes: (Click to expand)
  1. Mineral Reserves have been classified using the CIM Standards.
  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 and a 90% attributable basis; the remaining 10% interest is held by EVI.
  4. The Qualified Person for the Mineral Reserve estimate within open pits and stockpiles is Peter Montano, P.E., our Project Director. The Qualified Person for the Mineral Reserve estimate that will be mined using underground methods is Kyle Foster, P. Eng., our Senior Mine Engineer.
  5. Mineral Reserves that will be mined by open pit methods and Mineral Reserves held in stockpiles assume a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 98%, selling costs of US$57.44/oz including royalties and levies, average mining cost of US$2.29/t mined, average processing cost of US$12.26/t processed, and site general costs of US$3.15/t processed. Dilution and ore loss were applied through block averaging such that at a cut-off 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. Mineral Reserves are reported at a cut-off grade of 0.45 g/t Au.
  6. Mineral Reserves that will be mined by underground methods assume a modified transverse longhole stopping mining method, gold price of US$1350/oz, metallurgical recovery of 98%, selling costs of US$57.44/oz including royalties and levies, average mining cost of US$83.60/t mined, average processing cost of $12.26/t processed, general costs of $3.15/t processed, 10% dilution, and 90% mining recovery. Underground Mineral Reserves are reported above a cut-off grade of 2.68 g/t Au.

For more information on Otjikoto's Mineral Reserves & Resource Estimates, click here for B2Gold's 2020 AIF (pages 45 - 48) 

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