B2Gold plans to cut 300 jobs in Namibia this year as it goes ahead with the phased downscaling of operations at its Otjikoto mine after depletion of open pit reserves.
The Otjikoto mine, which began commercial production in March 2015, produced a record 198,142 ounces of gold last year, accounting for nearly a quarter of B2Gold’s total output.
“For 2025 we will go down from a permanent head count of 700 to 400 employees. That means 300 employees will be impacted during 2025,” B2Gold Namibia’s country manager, John Roos, told reporters on Monday during a company presentation.
The Otjikoto mine also posted a record profit, buoyed by record high gold prices.
Open pit mining at the mine is expected to cease this year following the depletion of gold ore, but the company will continue processing stockpiles at least until 2032.
The mine’s current underground operations are expected to run until 2027, with an extension possible if ongoing exploration successfully uncovers additional mineral deposits.Mining equipment
B2Gold’s phased reduction of operations in Namibia began in the first quarter of 2024, with 130 employees laid off during the year.
The Otjikoto mine is expected to produce between 165,000 and 185,000 ounces of gold this year.
B2Gold also has operating gold mines in Mali and the Philippines. It is also developing the Goose project in northern Canada as well as numerous development and exploration projects in various countries including Mali, Colombia and Finland.
(Reporting by Nyasha Nyaungwa; editing by Nelson Banya and Tomasz Janowski)
