Africa-Press – Namibia. CANADIAN mining company B2Gold, which has interests in Namibia, has reported continued strong gold production for the second quarter of 2022, with a total of 223 623 ounces.
According to company president and chief executive officer Clive Johnson in a statement released on 14 July, this is in line with the company’s budget and is on track to meet annual guidance of 990 000 to 1 050 000 oz of total gold production.
However, Otjikoto Mine in Namibia produced 31 417 ounces of gold in the second quarter of 2022, which is 2 027 ounces (6%) below budget.
The company attributed the lower-than-budgeted gold production in the second quarter of 2022 to a slower-than-planned ramp-up in the development of the Wolfshag underground mine.
The company, however, recently appointed a new underground mining contractor, and development rates in the Wolfshag underground mine have recovered, with development ore now expected in the third quarter of 2022, and stope ore production commencing in the fourth quarter of 2022.
“As a result of this change in ore production timing, the 2022 annual production guidance range for Otjikoto has been revised to between 165 000 and 175 000 ounces of gold (original guidance range was between 175 000 and 185 000 ounces of gold),” Johnson said in a statement carried on Junior Mining Network.
“As expected, compared to the second quarter of 2021, gold production was higher by 17% (4 526 ounces) due to significant waste stripping operations at both the Wolfshag and Otjikoto pits in the first half of 2021,” he said.
For the first half of 2022, Otjikoto Mine produced 66 478 ounces of gold, in line with budget, and 33% (16 545 ounces) higher than the first half of 2021.
The mine is now expected to produce between 165 000 and 175 000 ounces of gold in 2022, with cash operating costs of between US$740 and US$780 per ounce and all-in sustaining costs (AISC) of between US$1,120 and US$1,160 per ounce.
The company said for the second half of 2022, Otjikoto’s gold production is expected to increase significantly to between 100 000 and 105 000 ounces.
Based mainly on the weighting of the planned production and timing of pre-stripping, Otjikoto’s cash operating costs are expected to be between US$960 and US$1 000 per ounce in the first half of 2022, before significantly improving to between US$620 and US$660 per ounce during the second half of 2022.
In addition, Otjikoto’s AISC are expected to be between US$1 460 and US$1 500 per ounce in the first half of 2022, before significantly improving to between US$930 and US$970 per ounce during the second half of 2022.
According to the company, B2Gold will release its second quarter 2022 financial results after the North American markets close on 3 August.
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