The deal will give B2Gold control of Sabina's five
high-grade gold blocks in Canada's Nunavut region, where the
most advanced project is expected to start production during the
first quarter of 2025 at an average annual rate of 300,000
ounces over 15 years.
($1 = 1.3373 Canadian dollars)
(Reporting by Nyasha Nyaungwa
Editing by Nelson Banya and David Goodman)
WINDHOEK, April 18 (Reuters) - Canadian gold miner
B2Gold Corp has started the phased closure of its
Otjikoto open-pit mine in Namibia because of its depleted gold
resource, the company said on Tuesday.
The mine, which began commercial production in March 2015,
produced 161,614 ounces of gold in 2022, contributing nearly 16%
of B2Gold's total output last year. The Canadian miner also has
operations in Mali and the Philippines as well as exploration
projects in Uzbekistan, Finland and Colombia.
"B2Gold Namibia has commenced with the implementation of its
Phased Mine Closure Plan at the Otjikoto mine. Phased
downscaling of operations, in line with the closure plan, are
only scheduled to commence during the first quarter of 2024," it
said in response to Reuters questions.
The company said it was consulting workers likely to be
affected by the closure. It did not say how many of the 942
permanent employees would be affected, saying job cuts would be
determined by the ramp-down schedule.
Economically viable operations at Otjikoto, which includes
low-grade stock processing, are projected to end in 2031.
Open-pit viability is projected to end in 2024, with output
dropping to 50% of production capacity.
B2Gold says it will continue to develop its underground mine
at Otjikoto in an effort to replace ounces from the winding down
of open-pit operations.
It is also in the process of acquiring Canadian exploration
and development company Sabina Gold & Silver Corp in a
C$1.2 billion ($897.5 million) all-share deal.
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