Otjikoto Mine wraps up 2024 with solid gold output

The B2Gold Otjikoto Mine recorded strong performance in the fourth quarter of 2024, producing 52 452 ounces of gold.

Additionally, production from the Wolfshag underground mine remained consistent throughout the quarter.

For the whole of last year, Otjikoto Mine, in which B2Gold holds a 90% interest, produced 198 142 ounces of gold – close to the midpoint of its revised guidance range of between 185 000 and 205 000 ounces.

According to a Total Consolidated Gold Production report for 2024, issued by B2Gold president and chief executive Clive Johnson, Otjikoto Mine made a significant contribution to the company’s total global production of 804 778 ounces for 2024.

“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,” he says.

Johnson says Otjikoto is projected to process a total of 3.4 million tonnes of ore at an average grade of 1.63 g/t gold, with a process gold recovery of 98% for the whole of 2025.

“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,” he says.

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, Johnson says.

Following the 2024 release of an initial inferred mineral resource estimate for the Springbok zone, the southernmost shoot of the recently discovered Antelope deposit, the company commenced a preliminary economic assessment (PEA), which is expected to be completed early in the first quarter of 2025.

Subject to receipt of a positive PEA and the necessary permits and approvals, mining of the Springbok zone could begin to contribute to gold production at Otjikoto as early as in 2028.

“An initial budget of up to US$10 million (about N$190 million) has been approved to derisk 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 Otjikoto Mine, with an initial goal of adding between 80 000 and 90 000 ounces of gold production per year from 2029 through 2032.

This holds the potential to extend mine life further through additional drilling at the Springbok and Oryx zones at the Antelope deposit,” Johnson says in the report.

Capital expenditure in 2025 at Otjikoto is expected to total US$39 million (about N$793 million), a small increase from total estimated capital expenditures in 2024.

Approximately US$29 million (about N$550 million) would be classified as sustaining capital expenditures and US$10 million (about N$190 million) would be classified as growth capital expenditures.

A total of US$7 million (about N$133 million) is budgeted for exploration at Otjikoto in 2025.

The focus of the exploration programme will be drilling to expand and refine the recently discovered Antelope deposit, with a total of 44 000m of drilling planned.

– matthew@namibian.com.na