B2Gold says its Otjikoto Mine outperformed production expectations, delivering 52,131 ounces of gold in the third quarter of 2024.
According to the company’s quarterly review, this achievement was driven by higher-than-anticipated mill feed grades and increased mill throughput.
“For the third quarter of 2024, mill feed grade was 1.88 g/t, mill throughput was 0.87 million tonnes, and gold recovery averaged 98.8%. Ore production from the Wolfshag underground mine for the third quarter of 2024 averaged over 1,800 tonnes per day at an average grade of 3.64 g/t gold,” the report read.
B2Gold committed a N$17.7 million (C$1 million) investment toward developing the Wolfshag underground mine at the Otjikoto Mine site in Namibia.
“Capital expenditures for the third quarter of 2024 totalled C$1 million for Wolfshag underground mine development,” the review read.
The company reported that cost efficiency also improved during the quarter, with cash operating costs reduced to N$12,930 (C$740) per ounce of gold produced.
All-in sustaining costs were similarly optimised, coming in at N$15,656 (C$896) per ounce, well below initial projections, driven by a combination of lower production costs and increased gold sales volume.
Furthermore, B2Gold’s continued development of Wolfshag and its capital investments are projected to support Otjikoto Mine’s long-term output targets.
Looking ahead, the company anticipates producing between 185,000 and 205,000 ounces of gold at the Otjikoto site by the end of 2024.
“The Otjikoto Mine is expected to produce between 185,000 and 205,000 ounces of gold in 2024 at cash operating costs of between C$685 and C$745 per ounce and all-in sustaining costs at or below the lower end of its guidance range of between C$960 and C$1,020 per ounce,” the company said.
Additionally, exploration and development initiatives around the Antelope deposit’s Springbok Zone, located south of the main Otjikoto site, are ongoing, with a preliminary economic assessment (PEA) expected in early 2025.
If successful, this project could enhance Otjikoto’s production potential until 2031, extending the mine’s productive future and contributing to B2Gold’s broader operational goals.
“The Antelope deposit has the potential to supplement the processing of low-grade stockpiles at the Otjikoto Mine until 2031, with the goal of increasing gold production levels to over 100,000 ounces per year from 2026 to 2031,” the review reads.
