CHAMWE KAIRA
B2Gold Corporation has announced the preliminary results of a positive preliminary economic assessment on the Antelope deposit located at the company’s Otjikoto open pit and underground gold mine.
The Antelope deposit, which comprises the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to confirmatory drilling, is located approximately 4 kilometres southwest of the existing Otjikoto open pit.
B2Gold said the Antelope deposit will have an initial life of mine of approximately five years (life of mine) with an average grade processed of 5.75 grams per tonne gold over the life of mine. Total production of gold over its life span is expected to be approximately 327 000 ounces with an average gold recovery of 95%.
The company said the average annual gold production is expected to be approximately 65 000 ounces per year over the life of mine.
“In combination with the processing of existing low-grade stockpiles, average annual Otjikoto gold production is expected to be approximately 110 000 ounces per year from 2029 through 2032,” the company said.
The company said life of mine after-tax free cash flow of US$185 million at a US$2400 per ounce gold price is expected with an estimated pre-production capital cost of US$129 million. It further disclosed that a total of US$7 million is budgeted for exploration at Otjikoto in 2025.
Otjikoto is Namibia’s largest gold mine, situated between Otavi and Otjiwarongo in Northern Namibia. The mine’s first gold pour took place in December 2014 and operations successfully transitioned to commercial production on 1 March.
In addition to its open-pit operations, development of the Otjikoto Mine’s Wolfshag Underground Mine commenced early in 2020 and the underground mine became operational at the end of 2022.
In 2023, the Otjikoto mine produced an annual record of 6,488 kilograms.
B2Gold is an international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project, under construction in northern Canada and numerous development and exploration projects in various countries, including Mali, Colombia and Finland.
B2Gold forecasts total consolidated gold production of between 970,000 and 1,075,000 ounces in 2025.
