B2Gold Corp. reports that its Otjikoto Mine produced 214,800 ounces of gold in 2023, contributing significantly to the company’s overall production.
The miner’s gold output translated to N$7.9 billion in revenue generated from gold sales at the mine during the year under review.
In 2023, 61% of Otjikoto Mine’s procurement was sourced from within Namibia, with 3.7% from local small and medium-sized enterprises.
“B2Gold Namibia’s database includes over 1,400 suppliers, with 95% registered in Namibia and 4% in South Africa. Total procurement expenditure at the national level reached US$105 million in 2023,” said the company.
Since 2022, B2Gold Namibia has facilitated cross-sector collaboration to prioritise local procurement, increasing opportunities for SMEs.
The report notes that this initiative aims to optimise resource sharing and cost efficiency among Namibian companies and suppliers.
“The program is focused on sharing resources and costs and increasing opportunities for small- and medium-sized enterprises to conduct business with industry,” the report noted.
The report further noted that B2Gold’s 2024 exploration budget is set at approximately US$63 million, focusing on the Back River Gold District and significant regional targets.
In Namibia, the Otjikoto Mine will undergo its largest exploration program since 2012.
This comes as the Otjikoto Mine is expected to produce between 180,000 and 200,000 ounces of gold in 2024 at cash operating costs of between US$685 and US$745 per ounce and all-in sustaining costs of between US$960 and US$1,020 per ounce.
Gold production at Otjikoto is expected to be relatively consistent throughout 2024.
B2Gold President and Chief Executive Officer Clive Johnson had forecasted that for 2024, Otjikoto is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.77 g/t with a process gold recovery of 98.0%.
Meanwhile, processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing medium and high-grade ore stockpiles.
“Capital expenditures in 2024 at Otjikoto are expected to total US$33 million, of which approximately US$32 million is classified as sustaining capital expenditures and US$1 million is classified as non-sustaining capital expenditures,” the CEO noted.
Similarly, sustaining capital expenditures are anticipated to include US$32 million for deferred stripping and deferred underground development as B2Gold Namibia’s Otjikoto gold mine transitioned from open-pit gold ore extraction to underground mining in a bid to improve production.
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, with operating gold mines in Mali, Namibia and the Philippine.