Namibia: Record Production At B2gold As Open Pit Winds Down

Why It Matters

The results underscore B2Gold’s ability to sustain high-grade output while transitioning to lower‑cost underground operations, bolstering its profitability and reinforcing Namibia’s role as a key gold‑producing jurisdiction.

Key Takeaways

• Otjikoto produced 199,139 oz gold in 2025
• B2Gold revenue hit $3.06 billion, record high
• Exploration budget $7 M focused on Antelope deposit
• 2026 output forecast 70‑90k oz, low operating costs
• Antelope zone could lift production to 110k oz/year 2029‑32

Pulse Analysis

B2Gold’s 2025 performance illustrates how a well‑managed mine can deliver record revenue even as its primary open‑pit operation winds down. The Otjikoto Mine’s near‑guidance production, combined with a 98.7% recovery rate, contributed significantly to the company’s $3.06 billion top line, positioning it among the most efficient gold producers worldwide. This achievement also highlights the resilience of the Namibian mining sector, where stable political conditions and supportive infrastructure enable rapid scaling of output.

The shift from open‑pit to underground mining at Otjikoto is a strategic pivot that reduces cash costs while preserving long‑term resource potential. A $7 million exploration program focused on the Antelope deposit—identified through advanced airborne magnetic modeling—has already driven 39,000 metres of drilling. By allocating $57 million in capital for 2026, B2Gold aims to integrate low‑grade stockpiles with ore from the Wolfshag underground mine, targeting 70‑90k ounces at cash costs of $1,200‑$1,300 per ounce. Such cost discipline enhances the company’s competitive edge in a market where price volatility demands operational efficiency.

Looking forward, the Antelope zone could boost Otjikoto’s annual production to roughly 110,000 ounces between 2029 and 2032, extending the mine’s economic life beyond the initial five‑year forecast. This growth trajectory not only promises higher royalties and employment for Namibia but also signals to investors that the country can support multi‑phase, high‑grade gold projects. As B2Gold balances near‑term cash flow with long‑term resource development, its strategy may set a benchmark for other junior and major miners seeking sustainable expansion in Africa’s emerging gold markets.