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MODERN MINING
April 2016
MINING News
Reporting on its operational and financial
results for the fourth quarter and year-end
(to December 31, 2015), Canada’s B2Gold
Corp says its newOtjikoto mine in Namibia
had an exceptional year in 2015, quickly
ramping up to commercial production and
meeting its 2015 production guidance. It
was also able beat its cost guidance and
successfully completed its mill expansion
project on time and budget (expanding
the mill from 2,5 Mt/a to 3,0 Mt/a).
Namibia’s Otjikoto gold mine enjoys “exceptional year”
For the full-year 2015, Otjikotoproduced
145 723 ounces of gold (including 18 815
ounces of pre-commercial production),
in the mid-range of its 2015 production
guidance (of 140 000 to 150 000 ounces),
and produced 39 374 ounces of gold in the
fourth quarter of 2015.
In 2015 (after commencing commercial
production), Otjikoto’s cash operating costs
were US$425 per ounce, well below (17 %)
the company’s 2015 guidance of US$500
The processing plant at Otjikoto, which has now been expanded to take its capacity to 3 Mt/a (photo: B2Gold).
to US$525 per ounce. The lower realised
per ounce cash costs were due mainly to
favourable exchange rates and fuel cost
impacts as well as an effective commis-
sioning of the mine during the year. In
the fourth quarter of 2015, Otjikoto’s cash
operating costs were US$385 per ounce,
US$21 per ounce below budget.
Net capital expenditures totalled
US$34,8 million for the year, consisting of
mill expansion costs of US$10,8 million, a