Otjikoto produces 35 000 ounces of gold in third quarter


                                           


B2Gold says the Otjikoto Mine produced 35,068 ounces in the third quarter of 2022, lower than planned, mainly due to delays in bringing the Wolfshag underground mine into production. 


In the first quarter of 2022, Otjikoto produced 35,061 ounces, while 31,417 ounces were produced in the second quarter of 2022.


The TSX-listed company blamed the second and third quarters' reduced gold production on a slower-than-planned ramp-up in the development of the Wolfshag underground mine.


The company said to resolve the issue; they appointed a new development contractor in April 2022.

B2Gold revealed that its total gold production in the third quarter of 2022 was 227,016 ounces, including 12,113 ounces of the attributable output from Calibre Mining Corp. in Nicaragua.


B2Gold signed a definitive joint venture agreement with Calibre Mining Corp in September 2013. The deal meant that B2Gold would acquire 70% of Calibre Mining Corp's Primavera Gold-Copper project in Nicaragua for US$6 million.


 For the third quarter of 2022, B2Gold said consolidated gold revenue was US$393m on sales of 229,400 ounces at an average realised gold price of $1,711 per ounce.


The mining company also said it expected to produce anything between 990,000 to 1,050,000 ounces in 2022.


B2Gold also runs the Fekola Mine in Mali, which produced 129,933 ounces in the third quarter of 2022, lower than planned due to a challenging rainy season in West Mali, which delayed access to higher-grade ore from Fekola Phase 6.


The Masbate Mine in the Philippines remains on target to achieve its previously revised 2022 guidance and produced 49,902 ounces in the third quarter of 2022. 


The Otjikoto Mine, however, is expected to produce towards the lower end of guidance of between 165,000 and 175,000 ounces of gold in 2022.


"Development rates in the Wolfshag Underground mine have recovered, with access to initial development ore achieved in the third quarter of 2022 and stope ore production expected to commence in the fourth quarter of 2022," the Canadian-based company further said.


According to the company, the initial underground mineral reserve estimate for the down-plunge extension of the Wolfshag deposit includes 210,000 ounces of gold in 1.2 million tonnes of ore at 5.57 g/t gold. 


Wolfshag is Namibia's first underground gold mine, where work started in October 2020 after the B2Gold board had approved the project in December 2019. 


The cost of the project was estimated at US$56.5m (approximately N$847.5m) in 2020 is Namibia's first underground gold mine.



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