B2Gold says Otjikoto gold mine produces 60 000 ounces in 4th quarter


Otjikoto mine produced 60 068 ounces of gold in the fourth quarter of 2022, according to the B2Gold report released on 18 Jan. 2023.

B2Gold operates three gold mines in various countries, including Mali, the Philippines, Namibia, Colombia, Finland and Uzbekistan.

The report says Otjikoto produced a record 30 493 ounces of gold in Dec. 2022.

Otjikoto Mine produced 161 614 ounces of gold, slightly below the revised guidance range of 165 000 to 175 000 ounces for 2022.

B2Gold says Otjikoto's quarterly gold production was slightly lower than anticipated because of the delayed ramp-up of ore production from the Wolfshag underground mine.

"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," B2Gold says in the report.

Otjikoto is expected to process 3.4 million tonnes of ore at an average grade of 1.87 g/t with a process gold recovery of 98.0% in 2023. 

The Namibian mine'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.

The capital expenditures in 2023 at Otjikoto are expected to be US$77 million, of which approximately US$74 million is classified as sustaining capital expenditures and US$3 million is classified as growth capital expenditures. 

Sustaining capital expenditures are anticipated to include, amongst other items US$71 million for capitalized stripping and capitalized development; and $3 million for mobile equipment rebuilds.

B2Gold's fourth-quarter total gold production for 2022 was 367 870 oz, a quarterly record.

The Canadian company sold 339 335 ounces at an average price of US$1 746 per ounce to earn US$592 million in the fourth quarter.

For 2022, B2Gold sold 969 155 ounces at an average price of US$1 788, earning US1 733 million.

The total consolidated cash operating costs per ounce produced were expected to be at the upper end of the company's original guidance range of US$620 to US$660, while the total consolidated all-in sustaining costs were expected to be within the original guidance range of US$1 010 to US$1 050 per gold ounce.

B2Gold expects the total gold production for 2023 to exceed 1 000 000 to 1 080 000 ounces.

The company has allocated US$64 million to exploration in 2023, with the vast majority allocated to growth exploration expenditures to support the next phase of organic growth across the portfolio.



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