B2Gold invested N$324 million (US$17 million) in its Otjikoto Mine in Namibia in 2024, resulting in the production of 198,142 ounces of gold.
The output aligns closely with the mid-point of its revised annual guidance of 185,000 to 205,000 ounces.
According to the mining giant, the mine produced 52,452 ounces of gold in the fourth quarter of 2024, driven by consistent contributions from the Wolfshag underground mine.
During the quarter, 788,536 tonnes of ore were milled at an average grade of 2.10 g/t gold, achieving a recovery rate of 98.6%. Gold sales for the quarter totaled 50,330 ounces.
“For the full year 2024, the Otjikoto Mine produced 198,142 ounces of gold, near the mid-point of its revised guidance range of between 185,000 and 205,000 ounces,” the gold miner said.
B2Gold projects capital expenditures for 2025 at approximately N$743 million (US$39 million), reflecting a slight increase from 2024.
Of this amount, N$553 million (US$29 million) is allocated to sustaining capital, which includes N$305 million (US$16 million) for underground development, N$134 million (US$7 million) for tailings storage facility construction, and N$115 million (US$6 million) for equipment replacement and rebuilds.
The remaining N$191 million (US$10 million) is earmarked for growth capital, primarily to initiate development activities for the Antelope deposit.
Gold production at Otjikoto in 2025 will be weighted towards the first half of the year, as open-pit mining is set to conclude by the third quarter of 2025.
A total of 3.4 million tonnes of ore is expected to be processed at an average grade of 1.63 g/t gold, with a recovery rate of 98%. Ore will be sourced from the Otjikoto pit, the Wolfshag underground mine, and stockpiles.
Underground mining at Wolfshag is projected to continue until 2027, with potential extensions into 2032 to supplement processing operations using economically viable stockpiles.
“Exploration results received to date indicate the potential to extend underground production at Wolfshag past 2027, supplementing the processing operations into 2032 when economically viable stockpiles are forecast to be exhausted,” the report noted.
The recently discovered Antelope deposit is anticipated to play a significant role in extending the mine’s life. A Preliminary Economic Assessment (PEA) for the Springbok Zone, the southernmost section of the deposit, is expected in early Q1 2025.
Subject to positive results and regulatory approvals, mining at Antelope could commence in 2028.
Initial exploration goals aim to produce an additional 80,000 to 90,000 ounces of gold annually from 2029 to 2032.
Further drilling in the Springbok and Oryx Zones could extend production beyond 2032. An initial budget of US$10 million has been approved for early development work, including planning, permitting, and procurement of long-lead items.
