The Otjikoto Mine produced an annual record of 208,598 ounces of gold, at the upper end of the guidance range of 190,000 to 210,000 ounces, mainly due to improved processed grade as a result of higher-grade ore mined from the Wolfshag underground mine.
In the fourth quarter of 2023, the Otjikoto Mine produced a quarterly record of 81,111 ounces of gold.
For the fourth quarter of 2023, mill feed grade was 2.88 g/t, mill throughput was 0.89 million tonnes, and gold recovery averaged 98.5%.
For the year ended December 31, 2023, mill feed grade was 1.91 g/t, mill throughput was 3.44 million tonnes, and gold recovery averaged 98.6%.
In early 2023, Wolfshag’s probable mineral reserve estimate deposit included 203,000 ounces of gold in 1.1 million tonnes of ore at an average grade of 5.55 g/t gold.
B2Gold spent US$61 million in 2023, US$47 million for deferred stripping for the Otjikoto pit, US$10 million for Wolfshag underground development, and US$2 million in mobile equipment rebuilds.
Capital expenditures for the fourth quarter of 2023 totalled US$15 million, primarily US$10 million for deferred stripping for the Otjikoto pit and US$3 million for Wolfshag underground development.
B2Gold expects the Otjikoto Mine to produce between 180,000 and 200,000 ounces of gold in 2024 at cash operating costs of between US$685 and US$745 per ounce and all-in-sustaining costs of US$960 and US$1,020 per ounce.
According to B2Gold’s Q4 and full-year 2023 results released Thursday, Otjikoto’s capital expenditure for 2024 is US$33 million; US$32 million is classified as sustaining capital expenditures and US$1 million as non-sustaining capital expenditures.
Open-pit mining operations at the Otjikoto Mine are scheduled to ramp down throughout 2024 and conclude in 2025, while underground mining operations at Wolfshag are expected to continue through 2026.
Processing operations will continue through 2031, when economically viable stockpiles are forecast to be exhausted.
For 2024, Otjikoto could process a total of 3.4 million tonnes of ore at an average grade of 1.77 g/t with a process gold recovery of 98.0%.
B2Gold will source processed ore from the Otjikoto pit and the Wolfshag underground mine, supplemented by existing medium- and high-grade stockpiles.
Sustaining capital expenditures are anticipated to include US$32 million for deferred stripping and deferred underground development.
On January 31, 2024, B2Gold announced positive exploration drilling results from the Antelope deposit at the Otjikoto Mine.
The Antelope deposit, comprised of the Springbok Zone, the Oryx Zone, and a possible third structure, Impala, subject to further confirmatory drilling, is located approximately 3 km south of the Otjikoto Phase 5 open pit.
The Antelope deposit has the potential to be developed as an underground mining operation, which could complement the expected processing of low-grade stockpiles at the Otjikoto mill from 2026 through 2031.
