By:Staff writer
B2Gold’s Wolfshag underground mine in Otjikoto has helped the mining company report a new quarterly production record, with fourth-quarter output of 367 880 oz.
According to the company, gold production from the Otjikoto Mine of 60,068 ounces in the fourth quarter of 2022, with gold production benefitting from contribution of the Wolfshag underground mine.
“In December 2022, Otjikoto achieved a monthly record of 30,493 ounces of gold produced, setting the operation up well for production growth in 2023. Full year 2022 gold production from Otjikoto was 161,614 ounces, slightly below the revised guidance range of 165,000 to 175,000 ounces,” the company said.
A delayed ramp-up of ore production from the Wolfshag underground mine was the reason for the the country’s largest gold producer recorded slightly lower than anticipated quarterly gold production.
This month, Wolfshag underground ore production rates are at expected levels, open pit high grade ore stockpile balances are well buffered, and mined ore tonnage and grade continue to reconcile well with Otjikoto’s resource model.
For the full year 2022, the Otjikoto Mine produced 161,614 ounces of gold, slightly below the revised guidance range of 165,000 to 175,000 ounces.
The mine is, this year, expected to process a total of 3.4 million tonnes of ore at an average grade of 1.87 g/t with a process gold recovery of 98.0%.
In the first half of 2023, processed ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing medium and high-grade ore stockpiles.
Otjikoto’s gold production is expected to be weighted approximately 60% to the second half of 2023 due to the timing of high-grade ore mining from the Otjikoto pit and increased ore volumes from the Wolfshag underground mine.
Record performances at its Fekola mine, in Mali, a strong operational quarter at Masbate, in the Philippines also assisted the Vancouver-based mining company’s output.
The company is targeting gold production of 1-million to 1.08-million his year at a total cash operating cost guidance of $670/oz to $730/oz, slightly higher than the 2022 guidance range, owing to minor inflationary impacts from fuel, labour and other consumables.
Total AISC will be between $1 195/oz and $1 255/oz, reflecting the increased investments in Mali to support future growth of the Fekola Complex and increased capital stripping expenditures at Fekola and Otjikoto.
B2Gold will spend $352-million at Fekola in 2023, of which $214-million is sustaining capital expenditure and $138-million is growth capital.
Meanwhile, the miner is planning extensive exploration in 2023, with a budget of $64-million. Its focus will be in proximity to its operating mines in Mali, Namibia and the Philippines.
Ongoing exploration will continue to advance early-stage projects in Finland and Cote d’Ivoire.
B2Gold says it will pursue new opportunities in prospective gold regions in Africa, South America, the Philippines, Central Asia and Canada. This initiative could include equity placements and new joint ventures with junior companies, similar to the 2022 agreement with Matador Mining on its Cape Ray gold project in Newfoundland, Canada.
