The Otjikoto Gold Mine will commence with the production of gold next month.
Leake Hangala, the chairperson of B2Gold Namibia which owns the mine, said that production at the mine, currently still under construction in the Otjozondjupa region, will commence in mid-December this year. Hangala said 95% of the construction is completed, and the mine is expected to be fully-operational next month.
The Otjikoto mine is expected to produce between 140 000 to 150 000 ounces of gold at a cash-operating cost in the range of US$500 to US$ 525 per ounce range, depending on the exchange rate.
The company said in a trading update on the Namibian Stock Exchange this week that once the planned mill expansion is completed in the third quarter of 2015, the company expects that annual gold production from the main Otjikoto pit will increase significantly to approximately 200 000 ounces in 2016 and 170 000 ounces in 2017.
Otjikoto’s gold production will also be enhanced by the development of its Wolfshag zone, adjacent to the main Otjikoto pit.
It is owned 90% by B2Gold Namibia and 10% by EVI Mining (Proprietary) Ltd, a Namibian empowerment group. B2Gold currently employs more than 500 people.
Construction on the mine started in January 2013, and its lifespan is projected at 12 years.
B2Gold Corp is a Vancouver, Canada-based gold producer with three operating mines (two in Nicaragua and one in the Philippines) and a strong portfolio of development and exploration assets in Namibia, Nicaragua, Mali, Burkina Faso and Colombia
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