Otjikoto - Namibia

Open-pit - 90% B2Gold Ownership

B2Gold acquired the Otjikoto Gold Project through its acquisition of Auryx Gold in 2011. The Company began construction soon after and the Otjikoto Mine poured first gold on December 11, 2014, one week ahead of schedule. Based on the performance of the mill, and the fact that the Company met commercial production criteria of 30 consecutive days of mill throughput of 65% of faceplate capacity by February 28, 2015, the Otjikoto Mine declared commercial production on that date.

The Otjikoto Mine had an exceptional year in 2015. The Otjikoto Mine produced 145,723 ounces (including 18,815 ounces of pre-commercial production), thereby meeting its 2015 production guidance of 140,000 - 150,000 ounces. With cash operating costs at $425 per ounce, the Otjikoto Mine beat its 2015 cost guidance of $500 - $525 per ounce by 17%. In fact, in Q4 2015 the cash operating costs at the Otjikoto Mine were $385, $21 below budget.

Subsequent to December 31, 2015, the Company prepared a preliminary new Otjikoto Life of Mine (LOM) plan that incorporated a revised geological and grade model for the Otjikoto Deposit as well as preliminary modelling and scheduling of the Wolfshag Zone into the overall Otjikoto Life of Mine plan. Open-pit mining from the Wolfshag Zone is scheduled to begin in Q4 2016.

For the full-year 2016, the Otjikoto Mine is expected to produce between 160,000 to 170,000 ounces of gold at cash operating costs of approximately $400 to $440 per ounce.

For the full news release titled "B2Gold Reports 2015 Fourth Quarter and Full-Year Results", please click here.

Certain portions of the following information have been derived from and are based on the assumptions, qualifications and procedures set out in the technical report entitled “Independent Technical Report on the Otjikoto Gold Project” dated March 31, 2010 prepared by Mark Wanless, Pr.Sci.Nat. and Shaun Crisp, Pr.Sci.Nat. (the “Otjikoto Technical Report”) and the technical report entitled “NI 43-101 Technical Report Feasibility Study: Otjikoto Gold Project, Province of Otjozondjupa, Republic of Namibia” dated February 25, 2013 prepared by, among others, Bill Lytle, P.E., M.Sc., B.Sc., Tom Garagan, P.Geo., BSc., Alan Naismith, Pr.Eng., M.Eng., Hermanus Kriel, Pr.Eng., B.Eng., Glenn Bezuidenhout, Pr.Eng., FSAIMM, Guy Wiid, Pr.Eng., M.Sc., B.Sc. and Werner Petrick, BSc.Eng., M.Env.Mgt. (the “Otjikoto Feasibility Study”). For a more detailed overview of the Otjikoto Project, please refer to the technical reports noted above, which are available on SEDAR at

Project Description and Location

The Otjikoto Project is located approximately 70 kilometres northwest of the town of Otjiwarongo and 50 kilometres southwest of the town of Otavi within the Province of Otjozondjupa in the north-central part of the Republic of Namibia, approximately 300 kilometres north of Windhoek, the country’s capital.

On December 5, 2012 the Namibian Ministry of Mines and Energy (“MME”) granted Auryx Gold Namibia (Proprietary) Limited, later renamed to B2Gold Namibia, the Otjikoto mining license, ML 169. B2Gold Namibia is owned indirectly 90% by B2Gold and 10% by EVI, a Namibian empowerment company. The mining license (“ML”) was granted in accordance with the Minerals (Prospecting and Mining) Act of 1992 (the “Namibian Minerals Act”) and covers an area of 6,933.99 hectares. The license is valid for a term of 20 years with expiry of December 4, 2032. The license can be renewed for a further 20 years upon application to the MME. The ML requires payment of an annual fee, development of a works program, environmental compliance, commitment to seek local suppliers for fuel and lubricants, approval of the product take-off agreement, and payment of taxes by permanent employees in Namibia. Mine production is subject to royalties at 3% of net market value payable to the Namibian state.

The ML is situated within Exclusive Prospecting License (“EPL”) 2410. EPL 2410 covers an area of 54,125 hectares (inclusive of the ML) and is in good standing, with renewal for an additional two years granted by the MME on September 14, 2012. An annual fee of N$6,000 and filing of quarterly exploration reports with the MME and bi-annual environmental reports with the Ministry of Environment and Tourism (“MET”) are required to keep the license in good standing. Exploration is conducted under the terms of an ECC issued by the MET on June 20, 2002. The ECC was renewed by the MET on February 11, 2013. B2Gold Namibia holds two additional EPL’s in the Otjikoto area and seven EPL’s in other areas of Namibia.

In 2011, the farms Wolfshaag, Otjikoto, Gerhardshausen and Okaputa Nord I were purchased and consolidated by Auryx Properties Holdings (Proprietary) Limited, later renamed as B2Gold Namibia Property (Proprietary) Limited (“B2Gold Namibia Property”). The ML and all proposed infrastructure are situated on the B2Gold Namibia Property farms. 

Otjikoto Reserves & Resources Estimates

Attributable Probable Mineral Reserves as of December 31, 2015 1,2,3,4

Zone Tonnes Grade g/t Au Ounces Au Kg Au
Otjikoto Open Pit 21,920,000 1.26        888,000  27,600
Wolfshag Open Pit 1,950,000 2.14 134,000 4,200
Run-of-Mine Stockpile 930,000 0.87 26,000 800
Low-Grade Stockpile 1,080,000 0.51 18,000 500
Total Probable Mineral Reserves 25,880,000 1.28 1,065,000 33,100
Footnotes (Click to expand)


  1. Mineral Reserves are reported at a gold price of $1,200 per ounce within designed pits and are fully diluted.
  2. Attributable Mineral Reserves are reported based on a 90% ownership basis.
  3. Mineral Reserve numbers are rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.
  4. The Mineral Reserve estimate for the Otjikoto Mine was prepared as of December 31, 2015 under the supervision of Peter Montano, P.E. (Colorado, USA), our Senior Project Engineer, and a Qualified Person.

Attributable Indicated Mineral Resources as of December 31, 2015 1,2,3,4,5,6,7,8

Zone Tonnes Grade g/t Au Ounces Au Kg Au
Otjikoto Open Pit 27,350,000 1.17 1,029,000 32,000
Wolfshag Open Pit 3,640,000 3.27 383,000 11,900
ROM-Stockpile 930,000 0.87 26,000 800
Low Grade Stockpile 1,080,000 0.51 18,000 500
Total Indicated Mineral Resources 33,000,000 1.37 1,455,000 45,300

Attributable Inferred Mineral Resources as of December 31, 2015 1,2,3,4,5,6,7,8

Zone Tonnes Grade g/t Au Ounces Au Kg Au
Otjikoto  Open Pit 520,000 0.59 10,000 300
Wolfshag Open Pit 80,000 0.67 2,000 100
Wolfshag Underground 990,000 6.77 215,000 6,700
Total Inferred Mineral Resources 1,580,000 4.45 227,000 7,100
Footnotes (Click to expand)


  1. Attributable Mineral Resources are reported based on 90% ownership basis.
  2. Mineral Resources are inclusive of Mineral Reserves.
  3. Mineral Resources have been rounded to reflect the accuracy of the estimate and numbers may not add due to rounding.
  4. Open pit Mineral Resources for Otjikoto and Wolfshag are reported above a cut-off grade of 0.40 g/t gold and within pit shells run at a gold price of $1,400 per ounce and other current costs and metallurgical recoveries.
  5. Wolfshag underground Mineral Resources are reported above a cut-off of 3.0 g/t gold.
  6. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
  7. Due to the uncertainty that may be attached to Inferred Mineral Resources, it cannot be assumed that all or any part of an Inferred Mineral Resource will be upgraded to an Indicated or Measured Mineral Resource as a result of continued exploration.
  8. Mineral Resource estimates for Otjikoto Mine were prepared under the supervision of Mr. Tom Garagan, P.Geo., our Senior Vice President of Exploration, and a Qualified Person.

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