Projects

Fekola Mine – Mali (1)

The Fekola Mine is located in southwest Mali, on the border between Mali and Senegal, approximately 500 km due west of the capital city, Bamako.

Click here for mine/project location map.

B2Gold acquired the world-class Fekola project through a merger with Papillon Resources Limited in October 2014. Led by core members of B2Gold’s construction team, early work activities at the Company’s fifth and largest mine began in February 2015. On September 25, 2017, the Company announced that it had completed construction of the Fekola mill and commenced ore processing, more than three months ahead of the original construction schedule and on budget. The first gold pour at the Fekola Mine took place on October 7, 2017. Within only 60 days from start-up, the mine achieved commercial production on November 30, 2017, one month ahead of the revised schedule and four months ahead of the original schedule. In September 2021, the Fekola Mine produced its two millionth ounce of gold, marking four years since it commenced production.

The Fekola Mine in Mali achieved another strong year in 2021, producing 567,795 ounces of gold, near the upper end of its revised guidance range (of between 560,000 - 570,000 ounces) and exceeding the upper end of its original guidance range (of between 530,000 - 560,000 ounces), due to significantly higher than budgeted mill throughput, partially offset by lower processed grade, as Fekola's low-grade stockpiles were used to supplement the additional unbudgeted mill feed required as a result of the significantly higher than budgeted processed tonnes.

For full-year 2021, Fekola's cash operating costs were $449 per ounce produced ($439 per ounce sold), slightly above the upper end of its guidance range (of between $405 - $445 per ounce). Fekola's higher than budgeted operating costs in 2021 resulted from inflation related fuel and consumable price increases, lower than budgeted capitalized waste stripping and higher than budgeted site general and camp costs related to COVID-19 mitigation measures, partially offset by higher than budgeted production.

Fekola's AISC for full-year 2021 were $765 per ounce sold (2020 - $599 per ounce sold), at the midpoint of its guidance range (of between $745 - $785 per ounce). 

After review of an Environmental and Social Impact Assessment by the Malian authorities, the existing Medinandi (Fekola) permit was updated to include the Cardinal zone, located within 500 metres of the current Fekola resource pit. On February 2, 2022, the Company announced an updated Mineral Resource estimate for the Cardinal zone which, as at December 31, 2021, included an initial Indicated Mineral Resource estimate of 8 million tonnes at 1.67 g/t gold for 430,000 ounces of gold, and an updated Inferred Mineral Resource estimate of 19 million tonnes at 1.21 g/t gold for 740,000 ounces of gold, constrained within a conceptual pit run at $1,800 per ounce gold. 

Initial mining operations at the Cardinal zone have commenced and will continue to ramp up in 2022. To December 31, 2021, 164,340 tonnes at an average grade of 1.66 g/t have been mined at Cardinal. For 2022, oxide mineralization within the Cardinal zone will be a low-cost source of mill feed for the Fekola Mine, with approximately 50,000 ounces budgeted to be produced from the Cardinal zone (included in the Fekola Mine's 2022 annual production guidance). Based on current engineering studies, the Cardinal zone has the potential to add an average of approximately 60,000 ounces per year to Fekola's annual gold production over the next 6 to 8 years. Exploration drilling at the Cardinal zone is ongoing and recent drill results have returned good gold grades over significant widths below the current resource which remains open at depth and along strike.

The low-cost Fekola Mine in Mali is expected to produce between 570,000 - 600,000 ounces of gold in 2022 at cash operating costs of between $510 - $550 per ounce and AISC of between $840 - $880 per ounce. Fekola's gold production is budgeted to be higher in 2022 (compared to 567,795 ounces produced in 2021) due to the optimization of the mining sequence to provide earlier access to high-grade ore from Phase 6 of the Fekola Pit as well as the ramping up of mining operations at the Cardinal zone (fully permitted and located within 500 metres of the current Fekola resource pit) primarily in the second half of 2022. As noted above, approximately 50,000 ounces is budgeted to be produced from the Cardinal zone in 2022 (and has been included in Fekola's 2022 annual production guidance). The potential to truck material from the nearby Anaconda Area (comprised of the Menankoto Permit and the Bantako North Permit) is currently being developed and is not included in Fekola's 2022 production guidance or the current Fekola life of mine plan. Preliminary planning by the Company has demonstrated that a pit situated on the Anaconda Area could provide saprolite material to be trucked to and fed into the Fekola mill commencing as early as late 2022, increasing the ore processed and annual gold production from the Fekola mill, subject to obtaining all necessary permits and completion of a final mine plan, with the potential to add an average of approximately 80,000 to 100,000 ounces per year to Fekola's annual gold production. In 2022, a total of $33 million has been budgeted to facilitate Phase 1 saprolite mining at the Anaconda Area. An updated Mineral Resource estimate based on the results from the extensive 2020 and 2021 infill and exploration drill program at the Anaconda Area is expected in the first quarter of 2022 and will include an initial Mineral Resource estimate for the sulphide materials below the existing saprolite resource. The Company plans on commencing a Phase II study for the Anaconda Area when the updated Mineral Resource estimate on the sulphide material becomes available and based on 2022 exploration drilling results to review the project economics of trucking sulphide material to the Fekola mill as compared to constructing another stand-alone mill near Anaconda.

Click here for Fekola Mine overview.

Mine Snapshot

Fourth Quarter ("Q4") 2021: 

  • Gold production(2): 163,539 oz
  • Cash operating costs(3): $379 /oz produced
  • AISC(3)$749 /oz sold

Full-year ("FY") 2021:

  • Gold production(2): 567,795 oz
  • Cash operating costs(3): $449 /oz produced
  • AISC(3)$765 /oz sold

2022 Guidance:

  • Gold production: 570 Koz - 600 Koz
  • Cash operating costs: $510 - $550 /oz 
  • AISC: $840 - $880 /oz 

Click here for B2Gold’s Q4 2021 Earnings news release (dated December 31, 2021)

Mine/Project Location Map:

Mine Overview (as at December 31, 2021):

FY 2022 Guidance Production & Costs:
Gold production 570 Koz - 600 Koz
Cash operating costs $510 - $550 /oz 
AISC $840 - $880 /oz 
FY 2021 Production, Costs, Revenue & Sales:
Gold production 567,795 oz
Cash operating costs $449 /oz produced
AISC $765 /oz sold
Gold revenue $1.02 B (approx.)
Gold sales 570,450 oz
Average realized gold price $1,796 /oz
FY 2022 Guidance Processing:
Tonnes of ore milled (budget) 9.00 M
Grade (budget) 2.15 g/t
Recovery (budget) 94.7%
FY 2021 Processing:
Tonnes of ore milled 9.14 M (approx.)
Grade 2.05 g/t
Recovery 94.2%
General Information:
Location Mali
Mine type Open pit
Metals mined Gold
Ownership(4) 80%
Processing plant Conventional flowsheet, consisting of: single-stage primary crushing; a semi-autogenous primary grinding mill with pebble crushing and a secondary ball mill; leach feed thickening with thickener overflow treated through a carbon in column circuit; agitated leaching followed by carbon-in-pulp adsorption; elution, electrowinning and gold recovery to doré; and cyanide destruction, tailings thickening and disposal circuits
Power

Combination of a heavy fuel oil (HFO), diesel and solar power hybrid plant. The new 30 MWac solar power plant was commissioned in early 2021 and has the potential to reduce Fekola’s HFO consumption by over 13 million litres per year and lower carbon dioxide emissions by an estimated 39,000 tonnes per year

Total number of employees(5) 2,053
Local employee workforce(5) 94%
Mineral Reserve & Resource Estimates (Contained Gold)  – 100% Project Basis:
Indicated Mineral Resources(6) 5.70 Moz
Inferred Mineral Resources: Fekola(7) 0.51 Moz
Inferred Mineral Resources: Anaconda(7) 0.77 Moz
Inferred Mineral Resources: Cardinal(7) 0.64 Moz
Probable Mineral Reserves(6) 4.22 Moz
2022 Exploration Budget
Mali (Fekole Deeps/Fekola North/Cardinal/FMZ and Anaconda Area) $27 M

Supporting Documents:

For the latest details and news releases pertaining to the Fekola Mine:

  • Click here for B2Gold's Q4 2021 Earnings (dated December 31, 2021)
  • Click here for B2Gold Reaches Agreement in Principle on the Menankoto Permit, Located Near the Fekola Mine news release (dated December 9, 2021)

For a more detailed overview of the Fekola Mine, please refer to the following most recent company documents:

  • Click here for B2Gold's Q4 2021 Management Discussion & Analysis ("MD&A") (dated December 31, 2021)
  • Click here for B2Gold's Q4 2021 Financial Statements (dated December 31, 2021)
  • Click here for B2Gold's 2021 Annual Information Form ("AIF") (dated March 30, 2021)
Footnotes: (Click to expand)
  1. The disclosure contains forward-looking statements. Refer to the Legal section of the website (click here) for caution regarding forward-looking statements and the basis for presentation of Mineral Reserves, Mineral Resources and other technical disclosures.
  2. B2Gold’s Q32019 and YTD 2019 and FY 2019 gold production are presented on a 100% basis, unless otherwise stated.
  3. Refer to “Non-IFRS measures” in the Company’s most recently filed MD&A (click here).
  4. On August 8, 2018, B2Goldwas informed that the Malian Council of Ministers approved the participation of the State of Mali in Fekola S.A. for a total of 20% (being the 10% free carried interest plus the additional 10% interest), through an ordinance and a decree of the Council of Ministers, signed by the President of Mali. In light of such, the Company transferred ownership of 20% of Fekola S.A. to the State of Mali. The first non-participating 10% of the State of Mali's ownership entitles it to an annual priority dividend equivalent to 10% of calendar net income of Fekola S.A. The second fully participating 10% of the State of Mali's interest entitles it to ordinary dividends payable on the same basis as any ordinary dividends declared and payable to us for our 80% interest. Refer to pages 8-10 in the Company's AIF, dated March 20, 2019,for more details - click here.
  5. As at December 31, 2019. Refer to pages70-71 in the Company's' Responsible Mining Report 2019– Raising the Bar'(click here), dated June 12, 2012.
  6. Refer to respective notes in the 'Mineral Resource & Mineral Reserve Estimates' section below.
  7. Also available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.

    Certain portions of the following information are derived from and based on the technical report entitled “Fekola Gold Mine Mali NI 43-101 Technical Report” (click here) with an effective date of March 26, 2019, and was prepared by Mr. Tom Garagan, P.Geo., Mr. Peter Montano, P.E., Mr. John Rajala, P.E. and Mr. Ken Jones, P.E. of B2Gold, and from the Company's most recent AIF, dated March 20, 2019 (click here) and are based on the assumptions, qualifications and procedures set out therein.

Image 1

Mineral Resource & Mineral Reserve Estimates:

Fekola Mine Indicated Mineral Resources Statement:

  100% Project Basis Attributable Ownership Basis
Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Fekola 108,000 1.56 5,420 80 86,400 1.56 4,340
Fekola Stockpiles 9,100 0.95 280 80 7,300 0.95 220
Total Indicated 117,100 1.51 5,700 80 93,700 1.51 4,560

Fekola Mine, Cardinal and Anaconda Inferred Mineral Resources Statement:

  100% Project Basis Attributable Ownership Basis
Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Fekola 13,900 1.15 510 80 11,100 1.15 410
Cardinal  13,000 1.54 640 80 10,400 1.54 510
Anaconda Area 21,600 1.11 770 85 18,300 1.11 650
Total Inferred 48,500 1.23 1,920  Variable 39,800 1.23 1,580
Notes: (Click to expand)
1. Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
2. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
3. Mineral Resources at Fekola and Cardinal are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. For the Anaconda Area, Mineral Resources are reported on a 100% project and an 85% attributable basis; under the applicable Malian mining legislation, the State of Mali has a 10% free-carried interest with an option to acquire an additional 10% participating interest, and 5% is held by a third party. For a discussion regarding the current status of the Menankoto Sud exploration permit, see “Material Properties – Fekola Mine – Property Description, Location, and Access” above.
4. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration.
5. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Project Director.
6. The Mineral Resource estimates for Fekola, Cardinal and Anaconda Area assume an open pit mining method.
7. For Fekola, a gold price of US$1,800/oz, a metallurgical recovery of 94%, and average operating cost estimates of US$2.04/t mined (mining), US$14.84/t processed (processing) and US$6.62/t processed (general and administrative) were used for pit shell generation.
8. For Cardinal, a gold price of $1,800/oz, a metallurgical recovery of 94%, and operating cost estimates of US$2.00–US$2.25/t mined (mining) for oxide and US$2.50/t mined (mining) for sulphide, US$7.54–US$9.42/t processed (processing) for oxide and US$12.50/t processed (processing) for sulphide, US$0.48/t processed (haulage), and US$0.52/t processed (general and administrative) were used for pit shell generation.
9. For the Anaconda Area, a gold price of US$1,400/oz, a metallurgical recovery of 95%, and average operating cost estimates of US$1.75/t mined (mining), US$8.10/t processed (processing) and US$2.75/t processed (general and administrative) were used for pit shell generation.
10. Mineral Resources are reported at a cut-off grade of 0.4 g/t Au for Fekola, at a cut-off grade of 0.25 g/t Au for oxide and a cut-off grade of 0.50 g/t Au for sulphide for Cardinal, and at a cut-off grade of 0.35 g/t Au for the Anaconda Area.

Fekola Mine Probable Mineral Reserves Statement:

  100% Project Basis Attributable Ownership Basis
Area Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Ownership
Percentage
(%)
Tonnes
(x 1,000)
Gold Grade
(g/t Au)
Contained
Gold Ounces
(x 1,000)
Open Pit 62,200 1.99 3,970 80 49,800 1.99 3,180
Stockpiles 7,300 1.05 250 80 5,800 1.05 200
Total Probable
Reserves
69,500 1.89 4,220 80 55,600 1.89 3,380
Notes: (Click to expand)
1. Mineral Reserves have been classified using the CIM Standards and have an effective date of December 31, 2020.
2. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
3. Mineral Reserves are reported on a 100% project and an 80% attributable basis; the remaining 20% interest is held by the State of Mali.
4. The Qualified Person for the reserve estimate is Peter D. Montano, P.E., our Project Director.
5. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 94%, selling costs of US$126.38/oz Au including royalties, average mining cost of US$2.04/t mined, average processing cost of US$14.84/t processed, and site general costs of US$6.62/t processed.
6. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.65 g/t Au cut-off there is a 0.3% increase in tonnes, a 1.3% reduction in grade, and 1.0% reduction in ounces when compared to the Mineral Resource model.
7. Mineral Reserves are reported above a cut-off grade of 0.65 g/t Au.
For more information on Fekola's Mineral Reserves & Resource Estimates, click here for B2Gold's 2020 AIF (pages 24 - 27)

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