B2Gold’s Otjikoto Mine in Namibia has made headlines with its impressive production figures for 2025, yielding 199,139 ounces of gold. This output is near the high end of the company’s guidance range, which was set between 185,000 and 205,000 ounces. This achievement not only underscores the mine’s operational efficiency but also contributes significantly to B2Gold’s record annual revenue of US$3.06 billion (approximately N$60 billion).
Strong Performance Across Mines
In a statement from B2Gold’s Chief Executive, Clive Johnson, it was highlighted that the Otjikoto Mine, along with the Fekola and Masbate mines, demonstrated robust performance throughout the year. Collectively, these mines produced 926,434 ounces of gold, aligning closely with the mid-point of their guidance range of 890,000 to 965,000 ounces. This consistency in production reflects B2Gold’s strategic focus on operational excellence and resource management.
Exploration Initiatives
B2Gold allocated a budget of US$7 million (around N$112.5 million) for exploration at the Otjikoto Mine in 2025. The primary focus of this exploration program was the Antelope deposit, located approximately 3 km south of the Otjikoto open pit. The exploration involved an ambitious 39,000 meters of drilling, aimed at uncovering new resources and enhancing the mine’s longevity.
The Antelope deposit, which includes the Springbok Zone, Oryx Zone, and a potential third structure known as the Impala Zone, was discovered in 2022. This discovery followed extensive deep drill testing based on three-dimensional models derived from airborne magnetic data, showcasing B2Gold’s commitment to innovative exploration techniques.
Financial Investments in Mining Operations
For the year ending December 31, 2025, B2Gold reported an expenditure of US$8 million (approximately N$128.3 million) on drilling activities at the Otjikoto Mine. This included 35,924 meters of diamond and reverse circulation drilling, which are critical for assessing the mine’s potential and ensuring sustainable production levels.
Johnson noted that the mill feed grade at Otjikoto was 1.83 g/t (grams per tonne), with a mill throughput of 3.44 million tonnes and an impressive gold recovery rate averaging 98.7%. In the fourth quarter alone, the mine produced 50,793 ounces of gold, significantly exceeding expectations, largely due to the processing of high-grade open pit ore stockpiles.
Future Projections and Economic Assessments
Looking ahead, B2Gold anticipates that the majority of preproduction capital will be spent in 2026 and 2027. A preliminary economic assessment indicates an initial mine life of five years, with total production projected at 327,000 ounces, averaging around 65,000 ounces per year.
The combination of processing existing low-grade stockpiles and production from the Antelope zone could potentially elevate Otjikoto Mine’s output to approximately 110,000 ounces per year from 2029 to 2032. For 2026, the mine is expected to produce between 70,000 and 90,000 ounces of gold, with cash operating costs estimated between US$1,200 and US$1,300 per ounce.
Operational Challenges and Adjustments
Johnson acknowledged that gold production at Otjikoto is expected to be lower in 2026 due to the completion of open-pit mining activities in the fourth quarter of 2025. For the full year of 2026, the mine is projected to process 3.4 million tonnes of ore at an average grade of 0.80 g/t, with a process gold recovery rate of 97.4%. The ore will primarily be sourced from the Wolfshag underground mine, supplemented by existing low-grade ore stockpiles.
Capital expenditures for the Otjikoto Mine in 2026 are anticipated to total US$57 million, reflecting B2Gold’s ongoing commitment to enhancing its operational capabilities and ensuring sustainable production.
Conclusion
B2Gold’s Otjikoto Mine has showcased remarkable resilience and operational efficiency in 2025, contributing significantly to the company’s overall success. With strategic investments in exploration and a clear focus on future production capabilities, the mine is well-positioned to continue its legacy as a key player in the gold mining sector. As the company navigates the challenges ahead, its commitment to innovation and sustainability will be crucial in maintaining its competitive edge in the global market.
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