Chamwe Kaira
B2Gold Corporation says its Otjikoto Mine has reduced diesel consumption following the transition to underground mining in the fourth quarter of 2025.
B2Gold said the shift forms part of efforts to lower operating costs and strengthen production across its mining operations.
B2Gold said the Otjikoto Mine now receives power from Namibia’s national electricity grid.
The company added that solar projects at the Otjikoto, Fekola and Masbate mines are helping reduce exposure to fuel price increases.
According to the company, about 36% of its remaining fuel requirements for 2026 are hedged at or below budgeted fuel prices.
B2Gold said exploration remains a priority as it works to expand reserves and resources at existing mines while also pursuing new exploration opportunities.
The company reported consolidated gold production of 237 763 ounces during the first quarter of 2026.
B2Gold said the Fekola, Goose, Masbate and Otjikoto mines all performed above expectations during the period.
Higher production helped lower cash operating costs and all-in sustaining costs across the company’s operations.
B2Gold expects total gold production for 2026 to range between 820 000 and 970 000 ounces.
The company said its 2026 operating plan includes completing phase one of crusher upgrades at the Goose Mine and starting mining operations at Fekola Regional once an exploitation permit is approved.
B2Gold also reported generating free cash flow of US$362 million during the first quarter of 2026 and expects further growth during the year.
On 23 April 2026, the company completed the sale of its 70% stake in Fingold, which holds mining claims in northern Finland, for US$325 million in cash.
B2Gold said the transaction strengthened its financial position and improved its ability to fund capital projects, exploration activities and shareholder returns.
The company said it has already repurchased 20 million shares in 2026 under its share buyback programme at a cost of US$98 million.
B2Gold added that it expects further share buybacks and dividend payments during the year.
