Otjikoto Gold Mine produced 161,614 ounces in 4th quarter


B2Gold has reported that its Otjikoto Mine in Namibia concluded 2022 with a production of 161,614 ounces of gold, slightly below the revised guidance range of 165,000 to 175,000 ounces.

According to B2Gold's fourth quarter and full-year 2022 results, released on February 22, the company initially set a guidance range of 175,000 to 185,000 ounces for its Otjikoto Mine in Namibia. 

However, due to a delay at the Wolfshag underground mine, the company revised its guidance to 165,000 to 175,000 ounces.

During the fourth quarter of 2022, the Otjikoto Mine in Namibia produced 60,068 ounces of gold, including a new monthly production record of 30,493 ounces in December 2022.

The Otjikoto Mine achieved a mill throughput of 3.41 million tonnes and an average gold recovery rate of 98.5% for the year ended December 31, 2022.

B2Gold has provided guidance for its Otjikoto Mine, stating that it expects to produce between 190,000 and 210,000 ounces of gold in the upcoming period. 

The company also expects to process 3.4 million tonnes of ore with an average grade of 1.87 g/t, achieving a process gold recovery rate of 98%.

In 2022, B2Gold's capital expenditures for the Otjikoto Gold Mine in Namibia amounted to US$79 million. 

This spending included US$35 million for the development of the Wolfshag underground, US$27 million for pre-stripping activities in the Otjikoto pit, US$12 million for mobile equipment rebuilds and purchases, and US$5 million for the national power grid connection line.

B2Gold's capital expenditures for the Otjikoto Gold Mine during the fourth quarter of 2022 amounted to US$20 million. 

Most of this spending, or US$8 million, was allocated to pre-stripping activities in the Otjikoto pit. 

Another US$7 million was spent on Wolfshag underground development and US$3 million on mobile equipment rebuilds and purchases.

B2Gold expects capital expenditures for the Otjikoto Gold Mine in Namibia to total US$77 million in 2023. 

Approximately US$74 million is categorised as sustaining capital expenditures, and the remaining US$3 million is classified as non-sustaining capital expenditures.

B2Gold indicated that the sustaining capital expenditures for the Otjikoto Mine in Namibia in 2023 are expected to include US$71 million for capitalized stripping and development and US$3 million for mobile equipment rebuilds.

B2Gold has a 90% stake in the Otjikoto mine, while EVI Mining has the other 10%.




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