Modern Mining April 2016

MINING News

The processing plant at Otjikoto, which has now been expanded to take its capacity to 3 Mt/a (photo: B2Gold).

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

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

14  MODERN MINING  April 2016