2017 a golden year for Otjikoto

Jo-Maré Duddy – B2Gold’s Otjikoto mine in Namibia ended last year on a high note, producing an annual record of 191 534 ounces of gold.According to the Canadian-based B2Gold Corp’s latest report, Otjikoto’s 2017 production exceeded the upper end of its revised production guidance range by 6% or 11 534 ounces, and the top end of its original production guidance range by 9% or 16 534 ounces.Last year’s gold production was also 15% or 25 249 ounces compared to 2016. “Otjikoto's outperformance in 2017 was mainly the result of better than expected high-grade ore tonnage from the Wolfshag Phase 1 Pit and higher than expected mill throughput. In the fourth quarter of 2017, the Otjikoto Mine produced 52 446 ounces of gold, exceeding both budgeted and reforecast production by 10% or 4 655 ounces,” B2Gold said in its report.Otjikoto is expected to produce between 160 000 and 170 000 ounces of gold this year, primarily from the Otjikoto Pit. Production will be achieved at cash operating costs of between US$480 and US$525 per ounce and at all-in sustaining costs (AISC) of between US$700 and US$750 per ounce, B2Gold said.“In 2018, Otjikoto is budgeted to process a total of 3.3 million tonnes of ore at an average grade of 1.59 g/t and process recovery of 98%.”B2Gold said the slight drop in grade versus 2017 is due to a “negligible amount of Wolfshag ore being mined in 2018 as phase 2 of the Wolfshag Pit is being developed”. “Ore production is planned to resume from the Wolfshag Pit in 2019 which is expected to provide higher grade open-pit mill feed in the future,” the company said.Budget“Sustaining capital costs in 2018 at the Otjikoto Mine are budgeted to total US$16.6 million. Non-sustaining capital costs are budgeted to total US$28.5 million, including US$26.6 million for Wolfshag pre-stripping and US$1.7 million to complete phase one of the solar power project which is expected to decrease fuel oil consumption and power costs starting in the second quarter of 2018.”B2Gold said the total exploration budget for Namibia in 2018 is US$5.1 million. “Exploration in 2018 will include 17 000 metres of diamond drilling and 4 000 metres of RAB [rotary air blast] drilling split between the Otjikoto Project and the Ondundu joint venture.”B2Gold Corp owns 90% of the Otjikoto mine through its local subsidiary, B2Gold Namibia. Evi Gold, a local empowerment group, owns the rest. The company – which also owns the Masbate Mine in the Philippines, the Fekola Mine in Mali, as well as the La Libertad Mine and El Limon Mine in Nicaragua - is listed on the Toronto Stock Exchane (TSX) and on the Overall Index of the Namibian Stock Exchange (NSX).B2Gold ended at N$38.21 per share Monday on the NSX.

2017 a golden year for Otjikoto

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Namibian Sun 2026-03-03

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2017 a golden year for Otjikoto

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Namibian Sun 2026-03-03

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