Otjikoto output beats forecast
B2Gold has raised its 2026 production guidance for the Otjikoto mine in Namibia after the operation beat internal expectations in the second quarter, even as output fell well short of last year's levels.
The Canadian gold producer now expects Otjikoto to produce between 80,000 and 100,000 ounces this year, up from a previous forecast of 70,000 to 90,000 ounces, after stronger-than-planned first-half performance.
Otjikoto produced 23,438 ounces in the second quarter, down sharply from 51,663 ounces a year earlier, as average ore grade nearly halved to 0.87 grams a tonne from 1.84 grams a tonne. B2Gold said the drop reflected planned mine sequencing, with higher-than-expected volumes from underground sources helping offset lower grades from the open pit.
Cash operating costs came in at $1,190 an ounce produced, lower than expected as higher-than-planned production offset increased underground mining costs. All-in sustaining costs were $1,480 an ounce sold, below forecast on lower operating costs and reduced sustaining capital spending.
Capital expenditure at Otjikoto totalled $8 million for the quarter, mostly directed at developing the Antelope deposit and continued underground work at Wolfshag.
B2Gold said it expects Otjikoto's full-year all-in sustaining costs to land at or below the bottom of its $1,830 to $1,980 an ounce guidance range.
Group-wide, B2Gold produced 203,648 ounces of gold in the quarter, broadly in line with expectations, as stronger performances at Otjikoto, Fekola in Mali and Masbate in the Philippines helped offset lower output at the Goose mine in Canada following an earlier fire in its crushing circuit.
Consolidated 2026 production guidance was narrowed to between 820,000 and 920,000 ounces, mainly on delays to a mining permit in Mali.
President and chief executive Mike Cinnamond said performance at Fekola, Masbate and Otjikoto had come in stronger than anticipated during the quarter.
