Chamwe Kaira
The Otjikoto Mine is expected to produce between 165,000 and 185,000 ounces of gold in 2025. Cash operating costs are forecast between US$695 (approximately N$12 931) and US$755 (approximately N$14 054) per ounce.
All-in sustaining costs are projected between US$980 (approximately N$18 243) and US$1 040 (approximately N$19 366) per ounce.
Production will be higher in the first half of the year. Open-pit mining is scheduled to end in the third quarter of 2025. The mine will process 3.4 million tonnes of ore in 2025, with an average grade of 1.63 grams per tonne and a gold recovery rate of 98%.
Ore will be sourced from the Otjikoto pit and the Wolfshag underground mine, supported by existing stockpiles. Underground operations at Wolfshag are expected to continue into 2027.
The company said exploration results show the potential to extend underground production at Wolfshag beyond 2027. This would support processing operations until 2032, when existing stockpiles are expected to run out.
B2Gold released Preliminary Economic Assessment (PEA) results for the Antelope deposit. The company said the results were positive and suggest that Antelope could become a small-scale, low-cost underground mine. It could help supplement low-grade stockpile production between 2028 and 2032.
The PEA shows an initial five-year mine life for Antelope, with total production of 327 000 ounces. Annual production is expected to average about 65,000 ounces. Together with low-grade stockpile processing, this could lift Otjikoto production to around 110,000 ounces a year from 2029 to 2032.
The company has approved an initial budget of up to US$10 million (about N$186 million) for 2025 to reduce risks to the Antelope project. This includes early work planning, permits, and long-lead orders. A development decision is expected in the third quarter of 2025.
The inferred mineral resource estimate for Antelope used in the PEA includes 1.75 million tonnes at 6.91 grams per tonne, totalling 390 000 ounces of gold. Most of this is in the Springbok Zone.
B2Gold, which holds a 90% interest in the mine, said Otjikoto outperformed in the first quarter of 2025. It produced 52 578 ounces of gold, above expectations.
