Otjikoto remains a B2Gold heavyweight
Otjikoto is projected to produce between 160 000 ounces and 170 000 ounces of gold this year.
Jo-Maré Duddy – The Otjikoto gold mine, majority-owned by B2Gold Corp, was the third biggest contributor to the Vancouver-based miner’s total production for the first nine months of 2018.
Production results released on the Namibian Stock Exchange (NSX) yesterday, show Otjikoto’s year-to-date production of 122 580 ounces represented nearly 17% of B2Gold’s total production of 721 817 ounces for the period under review. The Fekola mine in Mali was the biggest producer with 333 788 ounces, followed by Masbate in the Philippines with 164 943 ounces.
Otjikoto’s production for the year ended September was 4 027 ounces or 3% above budget. However, compared to the corresponding period in 2017 it dropped by 16 508 ounces or nearly 12%.
B2Gold is aiming for a consolidated gold production of between 920 000 ounces and 960 000 ounces in 2018. Of this, Otjikoto is projected to produce between 160 000 ounces and 170 000 ounces, primarily from the Otjikoto Pit.
Otjikoto’s cash operating costs are forecast at between US$480 and US$525 per ounce and its all-in sustaining costs (AISC) at between US$700 and US$750 per ounce.
Third quarter
B2Gold said Otjikoto delivered “another quarter of solid production” in the past quarter, producing 42 403 ounces of gold.
Third quarter production exceeded budget by 4% (1 568 ounces), mainly due to higher than-expected mill throughput - 870 125 tonnes compared to budget of 831 781 tonnes and 873 516 tonnes in the third quarter of 2017. Mill recoveries also remained high and averaged 98.7%, exceeding both budget of 98.0% and 98.5% in the third quarter of 2017, the company said.
Compared to the prior-year quarter, gold production was lower by 12 748 ounces or 23%, as planned, B2Gold said. The company said the lower production was due to a “negligible amount of Wolfshag ore being mined in 2018 while Phase 2 of the Wolfshag Pit is being developed”. Higher grade ore production is planned to resume from the Wolfshag Pit late in 2019.
As a result, the average grade processed in the quarter was 1.54 g/t, compared to budget of 1.52 g/t and 1.99 g/t in the third quarter of 2017.
B2Gold reported a record quarterly consolidated gold production of 242 040 ounces. This is 106 412 ounces or 78% higher than the corresponding period in 2018. Consolidated gold revenue amounted to US$324 million, a significant increase of 110% or US$170 million over the same period last year.
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 is listed on the Toronto Stock Exchane (TSX) and on the Overall Index of the NSX. It ended September at N$30.59 per share on the NSX, nearly 18% or N$6.70 a piece lower than the end of 2017.
Production results released on the Namibian Stock Exchange (NSX) yesterday, show Otjikoto’s year-to-date production of 122 580 ounces represented nearly 17% of B2Gold’s total production of 721 817 ounces for the period under review. The Fekola mine in Mali was the biggest producer with 333 788 ounces, followed by Masbate in the Philippines with 164 943 ounces.
Otjikoto’s production for the year ended September was 4 027 ounces or 3% above budget. However, compared to the corresponding period in 2017 it dropped by 16 508 ounces or nearly 12%.
B2Gold is aiming for a consolidated gold production of between 920 000 ounces and 960 000 ounces in 2018. Of this, Otjikoto is projected to produce between 160 000 ounces and 170 000 ounces, primarily from the Otjikoto Pit.
Otjikoto’s cash operating costs are forecast at between US$480 and US$525 per ounce and its all-in sustaining costs (AISC) at between US$700 and US$750 per ounce.
Third quarter
B2Gold said Otjikoto delivered “another quarter of solid production” in the past quarter, producing 42 403 ounces of gold.
Third quarter production exceeded budget by 4% (1 568 ounces), mainly due to higher than-expected mill throughput - 870 125 tonnes compared to budget of 831 781 tonnes and 873 516 tonnes in the third quarter of 2017. Mill recoveries also remained high and averaged 98.7%, exceeding both budget of 98.0% and 98.5% in the third quarter of 2017, the company said.
Compared to the prior-year quarter, gold production was lower by 12 748 ounces or 23%, as planned, B2Gold said. The company said the lower production was due to a “negligible amount of Wolfshag ore being mined in 2018 while Phase 2 of the Wolfshag Pit is being developed”. Higher grade ore production is planned to resume from the Wolfshag Pit late in 2019.
As a result, the average grade processed in the quarter was 1.54 g/t, compared to budget of 1.52 g/t and 1.99 g/t in the third quarter of 2017.
B2Gold reported a record quarterly consolidated gold production of 242 040 ounces. This is 106 412 ounces or 78% higher than the corresponding period in 2018. Consolidated gold revenue amounted to US$324 million, a significant increase of 110% or US$170 million over the same period last year.
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 is listed on the Toronto Stock Exchane (TSX) and on the Overall Index of the NSX. It ended September at N$30.59 per share on the NSX, nearly 18% or N$6.70 a piece lower than the end of 2017.
Comments
Namibian Sun
No comments have been left on this article