B2Gold contributes N$19.5 billion to economy


B2Gold Namibia production records show that in the eight-year period since commercial production was declared (from March 2015 up to 31 December 2022), the company contributed N$19.5 billion to the Namibian economy.

Since commercial production was achieved in 2015, the company has spent over N$ 12 billion on local
procurement. Of its total supplier spend, approximately 80% relates to spending on Namibian suppliers of goods and services.

B2Gold has operating gold mines in Mali, the Philippines, and Namibia, and a portfolio of exploration and development projects in several countries, including Canada, Mali, Finland, Cote d’Ivoire, and Uzbekistan.
B2Gold is a 90% owned subsidiary of B2Gold. The remaining 10% shareholding is owned by EVI Mining Company Limited, a Namibian, broad-based economic empowerment group. The 26th of April 2023 marked the 10th anniversary since B2Gold Namibia broke ground at its Otjikoto Mine.

“In addition to making significant contributions to the Namibian economy and providing employment to almost 1000 employees and contractors,” the company said.

The figures come amid the decision by the company to announce the mine’s closure. The open pit mining operations at the Otjikoto Mine are scheduled to ramp down in 2024 and conclude in 2025, in line with the original Otjikoto life of mine resource.

“Processing operations will continue until economically viable stockpiles are exhausted in approximately 2031. Underground operations are projected to continue until 2026 with the potential to extend operations if the ongoing exploration programme successfully identifies more mineral deposits.

The retention and motivation of personnel continue to be important during mine closure planning and, as a result, Otjikoto will continue to focus on internal engagement during the course of 2023 and beyond,” the company said.

B2Gold acquired the Otjikoto Gold Mine from Auryx Gold in 2011. Construction of the mine commenced
in April 2013 and was completed in the last quarter of 2014. First gold was poured in December 2014
and the operation reached commercial production in March 2015.

According to the Chamber of Mines of Namibia records, B2Gold’s output in 2015 was 4131 kilograms and a fixed investment of N$3.2 billion.

In 2016, output was 4714 kilograms. In 2017, B2Gold produced 5429kg of gold. In 2018, the company produced 4477kg of gold with a turnover of N$2.8 billion, a profit of N$183.7 million, zero corporate tax, royalties of N$93.7 million, paid export levies of N$24.8 million and paid N$6.6 million in dividends.

In 2019, the company produced 5045kg of gold and declared a profit of N$553 million. In 2020, B2Gold produced 4763kg of gold and announced a huge profit of N$1.597 billion. In 2021, B2Gold produced 4763kg of gold with a profit of N$1.227 billion.

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