Otjikoto Mine exceeds expectations in first quarter
The B2Gold Otjikoto Mine in central Namibia produced 24 529 ounces of gold in the first quarter of the year – a much higher than expected amount. This contributed to total group gold production in the first quarter of 237 763 ounces, with all operations exceeding expected production in the quarter. According to a statement […] The post Otjikoto Mine exceeds expectations in first quarter appeared first on The Namibian.
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The B2Gold Otjikoto Mine in central Namibia produced 24 529 ounces of gold in the first quarter of the year – a much higher than expected amount.
This contributed to total group gold production in the first quarter of 237 763 ounces, with all operations exceeding expected production in the quarter.
According to a statement issued by the group’s president and chief executive, Clive Johnson, the group realised about US$1.16 billion (about N$18.9 billion) in revenue.
Otjikoto Mine is expected to produce between 70 000 and 90 000 ounces of gold in 2026.
Johnson says the higher than anticipated production at Otjikoto is primarily due to higher than expected average ore grade partially offset by slightly lower than planned throughput.
“This was due to some mill repairs during the period. For the first quarter of 2026, mill feed grade was 1.06 g/t, while mill throughput was 0.74 million tonnes, and gold recovery averaged 98.1%,” the statement reads.
Johnson says the cash operating costs for Otjikoto during the first quarter of 2026 were US$896 (about N$14 600) per gold ounce produced, and US$903 (N$14 718) per ounce of gold sold.
He says cash operating costs per ounce produced for the first quarter of 2026 were lower than expected as a result of higher than anticipated gold production and lower than planned underground mining costs.
According to the statement, the all-in sustaining costs for the first quarter were US$1 327 (N$21 630) per gold ounce sold.
“These were lower than expected as a result of lower than anticipated cash costs per ounce sold and lower than planned sustaining capital expenditures,” the statement says, adding that the lower sustaining capital expenditures were mainly due to the timing of expenditures and are expected to be incurred later in 2026.
The statement says capital expenditures for the first quarter of 2026 totalled US$7 million (N$114 million), consisting mainly of US$4 million for the Antelope development and US$3 million for the Wolfshag underground development.
Otjikoto Mine’s operating costs are estimated between US$1 200 and US$1 300 per ounce produced and all-in sustaining costs of between US$1 830 and US$1 980 per ounce sold.
The all-in sustaining cost guidance for Otjikoto Mine is based on an assumed realised gold price of US$5 000 per ounce for 2026, resulting in total budgeted royalties and production taxes of approximately US$17 million or about US$200 per ounce sold.
On 6 May, B2Gold’s board of directors declared a cash dividend for the second quarter of 2026 of US$0.02 per common share or an expected US$0.08 per share on an annual basis, payable on 23 June, to shareholders of record as of 10 June.
– email: matthew@namibian.com.na
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