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Canadian gold miner B2Gold has invested US$33 million into its Otjikoto Mine in Namibia as part of capital expenditure in the first two quarters of 2023. During the second quarter of 2023, the gold miner pumped US$16 million into the mine.
Canadian gold miner B2Gold has invested US$33 million into its Otjikoto Mine in Namibia as part of capital expenditure in the first two quarters of 2023. During the second quarter of 2023, the gold miner pumped US$16 million into the mine.
Out of the investment, US$13 million was allocated for pre-stripping in the Otjikoto pit, while US$2 million was directed towards the Wolfshag underground mine development. In the six months to June 30, the listed miner spent US$1.5 million on exploration activities, with US$996,000 in Q2.
During the reviewed period, Otjikoto Mine produced 44,056 ounces of gold, bringing the total production for the six months to 82,547 ounces. The mine is expected to produce between 190,000 and 210,000 ounces of gold in 2023, with cash operating costs ranging from US$590 to US$650 per ounce and all-in-sustaining costs ranging from US$1,080 to US$1,140 per ounce.
For 2023, the Otjikoto Mine is expected to process a total of 3.4 million tonnes of ore at an average grade of 1.87 g/t gold, with a process gold recovery rate of 98.0%.Otjikoto’s gold production is still expected to be weighted 60% towards the second half of 2023 due to the timing of high-grade ore mining from the Otjikoto pit and increased ore volumes from the Wolfshag underground mine. According to the company, production from the Wolfshag underground mine remained consistent during the second quarter of 2023, averaging over 1,000 tonnes per day at an average grade of 4.31 g/t.
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As of the beginning of 2023, the Probable Mineral Reserve estimate for the Wolfshag deposit includes 203,000 ounces of gold in 1.1 million tonnes of ore at an average grade of 5.55 g/t gold.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.
