B2GOLD eyes underground mining at Otjikoto mine
B2GOLD is eyeing underground mining at Otjikoto mine in Namibia. The move according to the firm is as a result of drill results suggest the potential viability.
This development would supplement primary mining activities, with underground production expected to supplement stockpiled ore starting from 2026 through to 2031. B2Gold has allocated $9 million for exploration at Otjikoto in the current year, a significant increase from the $3.3 million spent on exploration last year.
Otjikoto mine
The Otjikoto Mine is located in the north-central part of Namibia, approximately 300 km north of the country’s capital, Windhoek. It is the largest gold producer in the country. Three zones have been identified at the Antelope deposit, which is located near the Phase 5 open pit at Otjikoto. Production from Otjikoto is expected to increase to 100,000 ounces per year over a six-year period once the underground mine is operational. Current gold production estimates at Otjikoto are expected to range between 180,000 to 200,000 ounces in 2024 and 2025, drop to just under 100,000 ounces in 2026, and decrease further to below 50,000 ounces from 2026 through 2031 during the processing of low-grade stockpiles.
An initial mineral resource estimate is anticipated to be completed by the third quarter, with an internal scoping study on the underground mine set to be finished by the first quarter of 2025. Open pit mining operations at Otjikoto are scheduled to ramp down throughout 2024 and conclude in 2025. However, underground mining operations at Wolfshag are expected to continue through 2026. Processing operations at the mine will continue through 2031, until economically viable stockpiles are forecasted to be exhausted.
