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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 third 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. On April 27, 2023, the Fekola Mine produced its three millionth ounce of gold, five years and seven months from construction completion.

The Fekola Complex in Mali includes both the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits), and the Dandoko permit). The Fekola Complex is expected to produce between 470,000 and 500,000 ounces of gold in 2024 at cash operating costs of between $835 and $895 per ounce and all-in sustaining costs of between $1,420 and $1,480 per ounce. The Fekola Complex’s total 2024 gold production is anticipated to decrease relative to 2023, predominantly as a result of the delay in receiving an exploitation license for Fekola Regional from the Government of Mali, delaying the 80,000 to 100,000 ounces that were scheduled in the life of mine plan to be trucked to the Fekola mill and processed in 2024. The contribution of this gold production from Fekola Regional is now assumed to commence at the beginning of 2025. If an exploitation license is received in the first half of 2024, there is potential for 2024 Fekola Complex production to be supplemented with up to 18,000 ounces of higher-grade ore from Fekola Regional.

Fekola is expected to process 9.4 million tonnes of ore during 2024 at an average grade of 1.77 g/t gold with a process gold recovery of 90.9%. Gold production is expected to be evenly weighted between the first half of 2024 and the second half of 2024. In the second half of 2024, gold production is expected to be weighted approximately 40% to the third quarter and approximately 60% to the fourth quarter.

The expected increase in Fekola’s all-in sustaining costs for 2024 relative to 2023 reflects the expected decrease in production at Fekola in 2024 due to the delay in receiving an exploitation license for Fekola Regional and higher sustaining capital expenditures. Capital expenditures in 2024 at Fekola are expected to total approximately $309 million, of which approximately $202 million is classified as sustaining capital expenditures and $107 million is classified as non-sustaining capital expenditures. Sustaining capital expenditures are anticipated to include $80 million for deferred stripping, $45 million for ongoing construction of a new tailings storage facility (expected to be completed in the second quarter of 2025), $39 million for new and replacement Fekola mining equipment, including capitalized rebuilds, and $19 million for the expansion of the Fekola solar plant (expected to be completed in the third quarter of 2024).  Non-sustaining capital expenditures are anticipated to include $64 million for underground mine developmente and $43 million for mine development and infrastructure at Fekola Regional.

Click here for Fekola Mine overview.

Mine Snapshot: 

2023:

  • Gold production(2): 590,243  oz
  • Cash operating costs(3): $572 /oz produced
  • AISC(3): $1,194 /oz sold

2024 Guidance:

  • Gold production: 470 Koz - 500 Koz
  • Cash operating costs: $835 - $895 /oz 
  • AISC: $1,420- $1,480 /oz

Click here for B2Gold’s Q4 and Full Year 2023 Earnings news release (dated February 21, 2024)

Mine/Project Location Map:

Mine Overview (as at December 31, 2023):

2023 Production, Costs, Revenue & Sales(2,3):
Gold production 590,243 oz
Cash operating costs $572 /oz produced
AISC $1,194/oz sold
Gold revenue $1,144 M (approx.)
Gold sales 588,460 oz
Average realized gold price $1,944 /oz
FY 2024 Guidance Production & Costs(2,3):
Gold production 470 Koz - 500 Koz
Cash operating costs $835 - $895 /oz 
AISC $1,420 - $1,480 /oz
2023 Processing:
Tonnes of ore milled 9.41 M (approx.)
Grade 2.13 g/t
Recovery 92.3%
FY 2024 Guidance Processing:
Tonnes of ore milled (budget) 9.40 M
Grade (budget) 1.77 g/t
Recovery (budget) 90.9%
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. Reduced GHG emissions by ~38,000 tonnes in 2022; expansion announced Jan 2023 expected to further reduce GHG emissions by ~24,000 tonnes per year when completed
Total number of employees 3,455
National workforce 96.3%
Mineral Reserve & Resource Estimates (Contained Gold)  – 100% Project Basis:
Indicated Mineral Resources(5) 6.39 Moz
Inferred Mineral Resources: Fekola Open Pit(5) 0.19 Moz
Inferred Mineral Resources: Cardinal Zone(5) 0.54 Moz
Inferred Mineral Resources: Anaconda Area(5) 1.97 Moz
Inferred Mineral Resources:  Dandoko Area(5) 0.04 Moz
Probable Mineral Reserves(5) 3.39 Moz
2024 Exploration Budget
Mali (Fekola Complex) $10 M

Supporting Documents:

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

  • Click here for B2Gold's Q4 and Full Year 2023 Earnings (dated February 21, 2024)
  • Click here for B2Gold Announces Updated and Significantly Increased Mineral Resource Estimate for the Anaconda Area, Located Near the Fekola Mine, Mali (dated June 21, 2023)
  • Click here for B2Gold Announces Positive Exploration Drilling Results from the Fekola Regional Area news release (dated April 27, 2023)
  • Click here for B2Gold Targets 30% Reduction in GHG Emissions by 2030 and Announces Expansion of the Fekola Solar Plant news release (dated January 23, 2023)

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

  • Click here for B2Gold’s 2024 Annual Information Form (“AIF”) (dated March 14, 2024)
  • Click here for B2Gold's Q4 and Full Year 2023 Management Discussion & Analysis ("MD&A") (dated December 31, 2023)
  • Click here for B2Gold's Q4 and Full Year 2023 Financial Statements (dated December 31, 2023)
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 FY2023 and 2024 Guidance 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. Refer to respective notes in the 'Mineral Resource & Mineral Reserve Estimates' section below.
  6. Also available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission’s website at www.sec.gov.
  7. Certain portions of the following information are derived from and based on the technical report entitled “Fekola Gold Complex, Mali, NI 43-101, Technical Report” with an effective date of December 31, 2023, and was prepared by Andrew Brown, P.Geo .,  Peter Montano, P.E.,  John Rajala, P.E. and  Ken Jones, P.E. of B2Gold, and from the Company's most recent AIF, dated March 14, 2024 (click here ) and are based on the assumptions, qualifications and procedures set out therein.

Image 1

Mineral Resource & Mineral Reserve Estimates:

Fekola Complex Indicated Mineral Resources Statement:

Mine or Area 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)		 Gold Grade (g/t) Contained Gold Ounces (x1,000) Attributable (%) Contained Gold Ounces
(x 1,000)
Fekola Open Pit 70,390 1.42 3,220 80 2,570
Fekola Stockpile 15,440 0.78 380 80 310
Cardinal Zone 9,000 1.43 410 80 330
Total Fekola Mine 94,820 1.32 4,020 80 3,210
 
Anaconda Area 52,610 1.17 1,970 90 1,780
Dandoko Area 7,950 1.55 400 90 360
Total Fekola Regional 60,560 1.22 2,370 90 2,130
 
Total Indicated Mineral Resources 155,390 1.28 6,390   5,350

Fekola Complex Inferred Mineral Resources Statement:

Mine or Area 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)		 Gold Grade (g/t) Contained Gold Ounces (x1,000) Attributable (%) Contained
Gold Ounces
(x 1,000)
Fekola Open Pit 6,000 0.97 190 80 150
Cardinal Zone 11,700 1.43 540 80 430
Total Fekola Mine 17,700 1.27 720 80 580
 
Anaconda Area 44,930 1.36 1,970 90 1,770
Dandoko Area 1,330 0.79 34 90 30
Total Fekola Regional 46,260 1.35 2,000 90 1,800
 
Total Inferred Mineral Resources 63,960 1.33 2,730   2,380
Notes: (Click to expand)
  1. Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported in situ or in stockpiles, 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 for the Fekola Mine are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. Mineral Resources for Fekola Regional are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by the State of Mali. With respect to Fekola Regional, under the 2023 Mining Code, the State’s interest is maintained at 10%, but the State may acquire up to an additional 20% interest, and a further 5% interest must be available to be acquired by a local Malian stakeholder.
  4. The Qualified Person for the resource estimate is Andrew Brown, P.Geo., our Vice President, Exploration.
  5. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Vice President, Projects.
  6. The Mineral Resource estimates for the Fekola Mine account for mining depletion as at December 31, 2023 and have an effective date of December 31, 2023. The Mineral Resource estimates for Fekola Regional have an effective date of December 31, 2023.
  7. The Mineral Resource estimates for the Fekola Complex assume an open pit mining method.
  8. For the Fekola Open Pit, Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,850/oz, metallurgical recovery of 93%, selling costs of US$155.26/oz including royalties, and revenue based taxes and mining funds, and operating costs of US$2.20/t mined (mining), plus a sinking rate of US$0.035m per 10 m depth, US$0.22/t mined (general and administrative) and US$14.85/t processed (processing), and US$5.88/t processed (general and administrative). Mineral Resources are reported at a cut-off grade of 0.40 g/t Au. Cost inputs for this Mineral Resource estimate are based on the 2012 Mining Code.
  9. For the  Cardinal Zone, Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,850/oz, metallurgical recovery of 93-95%, selling costs of US$155.83/oz including royalties, and revenue based taxes and mining funds, and operating cost estimates of US$1.50–US$2.00/t mined (mining) plus a sinking rate of US$0.035 per 10m depth, US$0.11/t mined (general and administrative), US$8.50–US$14.85/t processed (processing), US$0.50/t processed (haulage), and US$0.33/t processed (general and administrative). Mineral Resources are reported at a cut-off grade of 0.30 g/t Au for oxide material and 0.40 g/t Au for sulphide. Cost inputs for this Mineral Resource estimate are based on the 2012 Mining Code.
  10. For the Anaconda Area, Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,850/oz, metallurgical recovery of 93-95%, selling costs of US$287.18/oz including royalties, and revenue based taxes and mining funds, and operating costs of US$1.50–US$2.00/t mined plus a sinking rate of US$0.035 per 10 m depth, US$0.16/t mined (general and administrative), US$8.50–US$14.85/t processed (processing), US$4.00/t processed (haulage), US$1.27/t processed (general and administrative), and US$1.11/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.30-0.40 g/t Au for oxide material and a cut-off grade of 0.50 g/t Au for sulphide. Cost inputs for this Mineral Resource estimate are based on the 2023 Mining Code.
  11. For the Dandoko Area, Mineral Resource estimates are reported within a conceptual open pit based on a gold price of US$1,850/oz, metallurgical recovery of 76-94%, selling costs of US$287.18/oz including royalties, and revenue based taxes and mining funds, and operating costs of US$1.50–US$2.00/t mined plus a sinking rate of US$0.035 per 10 m depth, US$0.35/t mined (general and administrative), US$8.50–US$14.85/t processed (processing), US$5.00/t processed (haulage), US$0.63/t processed (general and administrative), and US$1.11/t processed (sustaining capital). Mineral Resources are reported at a cut-off grade of 0.30–0.40 g/t Au for oxide material and a cut-off grade of 0.60 g/t Au for sulphide. Cost inputs for this Mineral Resource estimate are based on the 2023 Mining Code.
  12. Mineral Resources in stockpiled material are reported in the totals for the Fekola Mine, and were prepared by mine site personnel at the operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine GC.

Fekola Complex Probable Mineral Reserves Statement:

Region Area 100% Project Basis Attributable Ownership Basis
Tonnes
(x 1,000)		 Gold Grade
(g/t Au)		 Contained Gold
Ounces
(x 1,000)		 Attributable
(%)		 Contained Gold Ounces
(x 1,000)
Fekola Mine

 

 

 Fekola Open Pit 33,600 1.82 1,960 80 1,570
Cardinal Zone 5,300 1.63 280 80 220
Stockpiles 9,100 0.93 270 80 220
Sub-Total 48,000 1.63 2,510   2,010
Fekola Regional

 

 

 Anaconda Area 11,600 1.73 650 90 580
Dandoko Area 2,200 3.22 230 90 210
Sub-Total 13,800 1.97 880 90 790
Fekola Complex Total Probable Mineral Reserves 61,800 1.70 3,390   2,800
Notes: (Click to expand)
  1. Mineral Reserves have been classified using the CIM Standards, and are reported at the point of delivery to the process plant.
  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. The Mineral Reserves have an effective date of December 31, 2023 and have been prepared by Peter Montano, P.E., our Vice President, Projects, and a Qualified Person under NI 43-101.
  4. Mineral Reserves are reported on a 100% basis. B2Gold holds an 80% attributable interest in the Fekola Open Pit, Cardinal Zone and Stockpiles; the remaining 20% interest in these areas is held by the State of Mali. B2Gold holds a 90% attributable interest in Fekola Regional, and the remaining 10% interest in these areas is held by the State of Mali. Under the 2023 Mining Code, the State’s initial interest in Fekola Regional is maintained at 10%, but the State may acquire up to an additional 20% interest, and a further 5% interest must be available to be acquired by a local Malian stakeholder.
  5. Mineral Reserves for the Fekola Open Pit are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery of 93%, selling costs of $135.20/oz including royalties, and revenue based taxes and mining funds, mining cost at surface elevation of $2.58/t mined, average processing cost of $15.96/t processed, and site general costs of $7.84/t processed. For Mineral Reserve reporting, the model with 2.5 x 5 x 2.5 m blocks (resource model) were regularized to 5 x 20 x 10 m blocks. For Indicated blocks, within the December 2022 conceptual resource pit, above a cutoff of 0.65 g/t Au, the large block regularized model compared to the regularized resource model is +0.3% on tonnage, - 1.1% on grade and -0.8% on contained gold. No additional dilution or ore loss has been applied for final reserve reporting. Cost inputs for this Mineral Reserve estimate are based on the 2012 Mining Code.
  6. Mineral Reserves for the Cardinal Zone are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery ranges from 93–95% by rocktype, selling costs of US$135.20/oz including royalties, and revenue based taxes and mining funds, mining costs ranging from US$2.01/t mined for saprolite to US$2.51 for fresh rock at surface elevation, processing costs ranging from US$10.11/t processed for saprolite to US$16.46/t processed for fresh rock, and site general costs of US$0.44/t processed. For Mineral Reserve reporting, a 0.5 x 0.5 x 0.5 m rind of edge dilution was applied at each mineralization zone contact in the regularized model. For Indicated blocks, within the September 2023 conceptual resource pit, at a cut-off of 0.65 g/t Au, the regularized model with edge dilution compared to the regularized model is +6.0% on tonnage, -8.8% on grade and -2.9% on contained gold. Cost inputs for this Mineral Reserve estimate are based on the 2012 Mining Code.
  7. Mineral Reserves for the Anaconda Area are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery of 93–95% by rocktype, selling costs of US$248.80/oz including royalties, and revenue based taxes and mining funds, mining costs ranging from US$1.93/t mined for saprolite to US$2.43 for fresh rock at surface elevation, processing costs ranging from US$13.61/t processed for saprolite to US$19.96/t processed for fresh rock that includes haulage cost to the Fekola mill, and site general costs of US$2.11/t processed. For Mineral Reserve reporting, a 1.0 x 1.0 - 41 - x 0.5 m (X, Y, Z) rind of edge dilution was applied at each mineralization zone contact in the regularized model. For Indicated blocks, within the June 2023 conceptual resource pit, at cut-offs of 0.40 g/t Au for oxide material and 0.60 g/t Au for sulphide, the regularized model with edge dilution compared to the regularized (Resource) model is +2.9% on tonnage, -4.9% on grade and -2.2% on contained gold. Cost inputs for this Mineral Reserve estimate are based on the 2023 Mining Code.
  8. Mineral Reserves for the Dandoko Area are based on a conventional open pit mining method, gold price of US$1,600/oz, metallurgical recovery of 76–94% by rocktype, selling costs of US$248.80/oz including royalties, and revenue based taxes and mining funds, mining costs ranging from US$1.93/t mined for saprolite to US$2.43 for fresh rock at surface elevation, processing costs ranging from US$14.61/t processed for saprolite to US$20.96/t processed for fresh rock that includes haulage cost to the Fekola mill, and site general costs of US$1.06/t processed. For Mineral Reserve reporting, the subcell models were regularized to a block size of 5 x 10 x 3.3333 m for Seko 1, and 5 x 10 x 10 m for Seko 2 and Seko 3 to account for dilution expected during mining. For Indicated plus Inferred blocks, within the February 2023 conceptual pit, at a cut-off of 0.30 g/t Au, the regularized model compared to the sub-cell model is +1% on tonnage, -3% on grade and - 2% on contained gold. At a cut-off of 0.65 g/t Au, the regularized model compared to the sub-cell model is +15% on tonnage, -13% on grade and -0.5% on contained gold. Cost inputs for this Mineral Reserve estimate are based on the 2023 Mining Code.
  9. Mineral Reserves from the Fekola Open Pit, Cardinal Zone, and stockpiles are reported above a cut-off grade of 0.65 g/t Au. Mineral Reserves from Fekola Regional are reported above a cut-off grade of 0.65 g/t Au for sulphide ore, and above a cut-off of 0.50 g/t Au for oxide ore.

For more information, click here  for B2Gold's 2024 Annual Information Form (pages 25 - 49).

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