SADC Mining & Construction News

Namibia: Otjikoto Mine records increased gold production, N$331m CAPEX in Q1 2023

Canadian gold miner B2Gold’s Otjikoto Mine which is currently undergoing a phased closure due to depleted resources, produced 38,491 ounces of gold in the first quarter of 2023, an increase from 35,061 produced prior year.

The Otjikoto Mine is expected to yield between 190,000 and 210,000 ounces of gold in 2023, at a cash operating costs of between US$590 and US$650 per ounce and all-in sustaining costs of between US$1,080 and US$1,140 per ounce.

The mine will source processed ore from the Otjikoto pit and the Wolfshag underground mine in the first half of 2023, along with existing medium and high-grade ore stockpiles.

“The anticipated decrease in Otjikoto’s all-in sustaining costs for 2023 reflects the benefits of processing higher grade ore from the Otjikoto pit and the Wolfshag underground mine in the second half of 2023,” the company said.

Capital expenditures for the Otjikoto Mine totaled N$331 million (US$17 million) in Q1 2023.

This included N$272.2 million (US$14 million) for pre-stripping in the Otjikoto pit, N$39 million (US$2 million) for Wolfshag underground mine development, and N$19.4 million (US$1 million) for mobile equipment rebuilds.

Open pit mining operations at Otjikoto Mine are scheduled to ramp down in 2024 and conclude in 2025, while processing operations will continue until economically viable stockpiles are exhausted in approximately 2031.

The underground operations are projected to continue until 2026, with potential to extend underground operations if the ongoing underground exploration program is successful in identifying more mineral deposits.

B2Gold recorded total gold production of 266,856 ounces in Q1 2023.

B2Gold Namibia, which owns 90% of Otjikoto Mine, is a subsidiary of B2Gold Corp, with the remaining 10% owned by EVI Mining Company Limited, a Namibian broad-based economic empowerment group.

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