CHAMWE KAIRA
B2Gold plans to spend a total of US$7 million (N$131 million) for exploration at its Otjikoto mine in 2025. The focus of the exploration programme will be drilling to expand and refine the recently discovered Antelope deposit, located approximately 3 km south of phase 5 of the Otjikoto open pit, with a total of 44 000 meters of drilling planned, the company announced.
Gold production at Otjikoto will be weighted towards the first half of 2025 due to the conclusion of open pit mining activities in the third quarter of 2025. For the full year 2025, Otjikoto is projected to process a total of 3,4 million tonnes of ore at an average grade of 1.63 grams per tonne of gold with a process gold recovery of 98%.
The company said processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing ore stockpiles.
“Open pit mining operations are scheduled to conclude in the third quarter of 2025, while underground mining operations at Wolfshag are expected to continue into 2027. 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 company said.
Following the 2024 release of an initial Inferred Mineral Resource Estimate for the Springbok Zone, the southernmost shoot of the recently discovered Antelope deposit, located approximately three km south of the Otjikoto Phase 5 open pit at the Otjikoto Mine in Namibia, the company commenced a PEA, which is expected to be completed early in the first quarter of 2025.
The company said that, subject to receipt of a positive preliminary economic assessment (PEA) and necessary permits and approvals, mining of the Springbok Zone could begin to contribute to gold production at Otjikoto as early as 2028.
“An initial budget of up to US$10 million has been approved to de-risk the Antelope deposit development schedule by advancing early work planning, project permits, and long lead orders. Exploration of the greater Antelope deposit has the potential to supplement the processing of ore stockpiles at the Otjikoto Mine, with an initial goal of adding between 80 000 and 90 000 ounces of additional gold production per year from 2029 through 2032, with potential to extend mine life further through additional drilling at the Springbok and Oryx Zones at the Antelope deposit.”
Capital expenditures in 2025 at Otjikoto are expected to total US$39 million, a small increase from total estimated capital expenditures in 2024. Approximately US$29 million would be classified as sustaining capital expenditures and US$10 million would be classified as growth capital expenditures.
The company said the preliminary economic assessment on the Antelope deposit at Otjikoto is expected early in the first quarter of 2025.
Exploration of the greater Antelope deposit has the potential to supplement the processing of low-grade stockpiles at Otjikoto, with an initial goal of adding between 80 000 and 90 000 ounces of additional gold production per year from 2029 through 2032, with the potential to extend mine life further through additional drilling at the Springbok and Oryx Zones at the Antelope deposit, the company said.
The Otjikoto Mine, in which the company holds a 90% interest, also had a strong performance, producing 52 452 ounces of gold in the fourth quarter of 2024, with production from the Wolfshag underground mine remaining consistent through the quarter.
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.
