BTG - B2Gold begins phased closure of Namibia gold mine

2023-04-18 13:43:45 ET

B2Gold ( NYSE: BTG ) said Tuesday it has started the phased closure of its Otjikoto open pit mine in Namibia because of its depleted gold resource.

The miner said viability of Otjikoto's open-pit operations is projected to end in 2024, with output dropping to 50% of production capacity.

The mine, which began commercial production in March 2015, produced 161.6K oz of gold in 2022, contributing nearly 16% of B2Gold's ( BTG ) total output last year.

B2Gold ( BTG ) said it will continue to develop its underground mine at Otjikoto as it seeks to replace ounces from the winding down of open pit operations.

The Sabina Gold & Silver acquisition seems like a good fit for B2Gold ( BTG ) as it will boost reserves and improve the jurisdictional risk, Bang For The Buck writes in an analysis published recently on Seeking Alpha .

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