Otjikoto remains a crock of gold

Staff Reporter – B2Gold Corp’s majority-held Otjikoto Mine produced 40 678 ounces of gold in the second quarter, bringing its total production for the first six months of the year to 80 177 ounces.This is 3% or 2 459 ounces above budget, but 4% or 3 760 ounces lower than production in the same half-year in 2017, B2Gold said in its latest financial results.B2Gold said it recorded quarterly consolidated gold production of 240 093 ounces, “a significant increase of 98% (118 645 ounces) over the same period last year and 7% (16 308 ounces) above budget, due to the continued strong performances of the Fekola Mine in Mali, the Masbate Mine in the Philippines and the Otjikoto Mine in Namibia”.According to B2God, the average grade processed at Otjikoto in the quarter was 1.49 g/t, compared to budget of 1.56 g/t and 1.50 g/t in the second quarter of 2017. “Mill throughput for the quarter was 860 474 tonnes compared to budget of 822 740 tonnes and 867 170 tonnes in the second quarter of 2017. Mill recoveries remained high and averaged 98.7%, exceeding budget of 98.0% and 98.6% in the second quarter of 2017,” the company said.CostsFor second quarter 2018, Otjikoto's cash operating costs were US$505 per ounce, approximately in-line with budget and US$19 per ounce (4%) lower compared with the second quarter of 2017. Otjikoto's all-in sustaining costs (AISC) for the quarter were US$824 per ounce, US$58 per ounce (8%) above budget and US$156 per ounce (23%) higher compared with the second quarter of 2017. “AISC were above budget and the prior-year quarter mainly due to the timing of mobile equipment rebuilds (which had been originally scheduled for later in the year),” B2Gold said.In 2018, nearly all of the processed ore will be sourced from the Otjikoto Pit. Development of the second phase of the Wolfshag Pit continues, from which higher-grade ore production is expected in 2019, the company said.Year-to-date, Otjikoto's cash operating costs were US$536 per ounce (YTD 2017: US$467 per ounce) and AISC were US$792 per ounce (YTD 2017: US$721 per ounce), both approximately in-line with budget.Capital expenditures in the second quarter of 2018 totalled US$18 million, mainly consisting of US$9 million for pre-stripping, US$7 million in mobile equipment rebuilds and US$1 million for the new solar power plant. Capital expenditures for the six months ended June 30 totalled US$30 million, mainly consisting of US$15 million for pre-stripping, US$9 million in mobile equipment rebuilds and US$3 million for the new solar power plant.For full-year 2018, the Otjikoto Mine is expected to produce between 160 000 and 170 000 ounces of gold, primarily from the Otjikoto Pit, at cash operating costs of between US$480 and US$525 per ounce and AISC of between US$700 and US$750 per ounce.B2Gold Corp, the majority shareholder in Otjikoto, is listed on the Overall Index of the Namibian Stock Exchange (NSX). It closed at N$32.93 on Tuesday.

Otjikoto remains a crock of gold

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Republikein 2025-06-18

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Otjikoto remains a crock of gold

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