B2Gold Namibia, operator of the Otjikoto Gold Mine in the Otjozondjupa Region, has launched an environmental assessment process to develop new underground surface infrastructure for the recently discovered Antelope deposit — a project expected to secure the mine’s future production and extend its economic contribution well into the next decade.
B2Gold Namibia (Pty) Ltd, a Namibian-registered company, is a subsidiary of B2Gold Corporation of Vancouver, Canada, jointly owned by B2Gold Corporation (90%) and EVI Namibia (10%). The company is listed on the Toronto Stock Exchange, the Namibian Stock Exchange, and the NYSE American, and operates four gold mines worldwide.
The Otjikoto Gold Mine (OGM), located about 70 kilometres northeast of Otjiwarongo and 50 kilometres southwest of Otavi, began operations in late 2014 following the granting of Mining Licence 169 and environmental clearance by the Ministry of Environment, Forestry and Tourism (MEFT). Since then, the mine has undergone several ECC amendments and renewals, including major transitions such as the 2017 conversion of its heavy-fuel-oil power plant into a photovoltaic (solar) power system and the inclusion of underground mining activities in 2020. The current ECC remains valid until March 2026.
The OGM operates two main pits: the Otjikoto pit, mined via open-pit methods, and the Wolfshag pit, which transitioned to underground mining in 2021. Ore from both is processed at a 3.4-million-tonne-per-annum facility, producing gold bars for export.
The Antelope deposit was discovered during B2Gold’s continued exploration drilling within the existing Otjikoto Mining Licence area. In 2023, geologists identified a new high-grade zone of gold mineralisation beneath and along strike from the Wolfshag orebody. Detailed drilling throughout 2023 and early 2024 confirmed the continuity of this structure, leading to its designation as the Springbok Zone of the Antelope deposit.
On 20 June 2024, B2Gold announced an initial inferred mineral resource for the Springbok Zone of 1.75 million tonnes grading 6.91 grams per tonne gold, containing approximately 390,000 ounces of gold. The zone is situated roughly 3 kilometres south of the current Otjikoto and Wolfshag mining areas and is hosted in similar folded amphibolite and metasedimentary rocks. Subsequent studies indicated strong potential for underground mining using established Otjikoto infrastructure.
In February 2025, B2Gold released a Preliminary Economic Assessment (PEA) confirming that the Antelope underground development could yield a life-of-mine after-tax free cash flow of US$185 million, an NPV (5%) of US$131 million and an IRR of 35%, requiring US$129 million in pre-production capital with a 1.3-year payback. These results supported the decision to pursue an Environmental Clearance Certificate (ECC) amendment to cover the additional surface infrastructure needed for the underground operation.
The proposed Antelope project seeks to add new surface infrastructure — including ventilation shafts, dewatering boreholes, access roads, and a waste rock dump — to enable underground extraction.
The ECC amendment process for this infrastructure is being facilitated by SLR Consulting (Namibia), under the Environmental Management Act (No. 7 of 2007) and its 2012 Regulations. The Draft Environmental Impact Assessment (EIA) Report is available for public review between 17 and 31 October 2025, with hard copies accessible at the Otavi and Otjiwarongo public libraries.
The Antelope deposit is estimated to contain 1.75 million tonnes grading 6.91 g/t gold, hosting approximately 390,000 ounces of contained gold. Financial forecasts show a life-of-mine after-tax free cash flow of US$185 million, an NPV (5%) of US$131 million, and an IRR of 35%, requiring US$129 million in pre-production capital with a 1.3-year payback period.
Since 2015, B2Gold has contributed N$19.5 billion to Namibia’s economy, maintaining a 95% Namibian workforce, achieving 76% local procurement in 2022, and investing N$123 million in community development.
The Otjozondjupa Region has grown to over 220,000 residents, supported in part by employment from the Otjikoto mine and related industries. B2Gold employs 918 people, 95% of them Namibian. Unemployment in the region fell to 31.2% in 2023, reflecting the mine’s stabilising economic role. In addition to direct jobs, the mine supports local suppliers, training programmes and educational initiatives through the Otjikoto Nature Reserve and Environmental Education Centre, which has reached nearly 5,000 learners since inception.
SLR’s impact assessment evaluated the project’s biophysical, cultural and socio-economic effects, considering intensity, extent, duration and probability of occurrence. The analysis concluded that post-mitigation impacts range from highly positive to medium negative.
A comparative review of the 2012 and 2019 EIAs found no increase in adverse impacts; instead, layout and mine-life changes yield greater positive significance, as the extended operation sustains employment and fiscal benefits. Potentially significant impacts identified during assessment can be reduced to acceptable levels through the Environmental Management Plan (EMP), which outlines monitoring, auditing and performance evaluation measures.
According to SLR, “no fatal flaws or aspects have been identified that could render the project unfeasible or impractical.” The report concludes that “it is possible to mitigate all environmental impacts to acceptable levels,” and that the project should proceed, given its positive social and economic benefits.
B2Gold will remain responsible for implementing all environmental and social obligations, ensuring compliance through continuous monitoring under the approved EMP (September 2021).
Public participation remains central to the process. Interested and affected parties are invited to submit written comments by 31 October 2025 to SLR Consulting via otjikoto@slrconsulting.com
