Otjikoto ends 2023 with record

B2Gold Corp. plans to spend US$33 million, about N$619 million, in capital expenditures on its Otjikoto Mine in Namibia this year, the Canadian-based company said on the JSE yesterday.The announcement coincided with the release of B2Gold’s quarterly results, which showed Otjikoto produced 81 111 ounces of gold in the fourth quarter of last year. This is a quarterly record, B2Gold said.Production from the Wolfshag underground mine remained consistent through the last quarter of the year, it added.B2Gold said the Otjikoto Mine produced 208 598 ounces of gold in total last year, near the upper end of its guidance range of 190 000 to 210 000 ounces. The company holds a 90% interest in Otjikoto.B2Gold also owns the Fekola Mine in Mali, which produced 590 243 ounces of gold last year. Its Masbate Mine in the Philippines delivered 193 502 ounces.In total, B2Gold’s mines produced 992 343 ounces of gold last year, of which Otjikoto contributed 21%.2024 and beyondGold production at Otjikoto is expected to be relatively consistent throughout this year, B2Gold said. The mine is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.77 g/t gold 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, B2Gold said. Open pit mining operations are scheduled to ramp down throughout 2024 and conclude in 2025, while underground mining operations at Wolfshag will continue through 2026, it added.Exploration“Exploration results received to date indicate the potential to extend underground production at Wolfshag past 2026, supplementing the processing operations which will continue until 2031 when economically viable stockpiles are forecast to be exhausted,” B2Gold said.B2Gold added that recently received positive exploration drilling results from a new area, located approximately 3 km south of the Otjikoto Mine Phase 5 open pit, referred to as the Antelope deposit. More details will be announced soon, it said.Of the planned capital expenditures of US$33 million this year, about US$32 million is classified as sustaining capital expenditures and US$1 million as growth capital expenditures. Sustaining capital expenditures are anticipated to include US$32 million for capitalised stripping and deferred underground development.A total of US$9 million – nearly N$169 million – is budgeted for exploration at Otjikoto this year.This is the largest programme since the definition of the Wolfshag discovery in 2012, B2Gold said. The focus of the exploration programme will be drilling the recently discovered Antelope deposit, with a total of 39 000 m of drilling planned, it added.B2Gold is dual-listed on the Overall Index of the Namibian Stock Exchange (NSX). It closed at N$51.29 per share on Friday.

Otjikoto ends 2023 with record

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