B2Gold Namibia expects to make a final investment decision (FID) on its Antelope Project in the third quarter of 2025, with first gold production anticipated in late 2028 or early 2029.
The project, aimed at extending the life of the Otjikoto Mine, carries an estimated capital cost of N$1.99 billion (US$110 million).
“It will require about US$110 million in development spending over the next two and a half years, mainly in 2026 and 2027, with first gold expected in late 2028 or early 2029,” said B2Gold Namibia Country Manager and Director, John Roos.
The company has already allocated N$180.05 million (US$10 million) for early works in 2025, before investment approval, to de-risk the project’s schedule.
Once operational, the Antelope Mine is expected to produce around 65,000 ounces of gold annually over a five-year mine life — a reduction from Otjikoto’s current 180,000-ounce output. Roos said the company plans to “right-size” its operations to maintain profitability.
“The reduced headcount will improve the project’s economics, with the workforce expected to stabilise at about 400 permanent employees by year-end,” he said.
Addressing perceptions that Namibia’s mines are dominated by foreign staff, Roos said B2Gold remains committed to local empowerment and will continue investing in small and medium enterprises to build sustainable local businesses throughout the mine’s operational life, which is set to run until 2032.
“At Otjikoto, 63% of procurement is local, and 99% of the workforce is Namibian — figures that set the industry benchmark. These statistics will hold through the mine’s 2032 lifespan, similar to other operations like Rössing and Husab, countering the misconception that Namibia’s mines are run by foreigners,” he said.
