One of the fastest growing intermediate gold companies in the world has achieved full commercial production at its flagship mine, ahead of schedule.
B2Gold, the Vancouver based gold producer with five operating mines and numerous exploration and developments across the world, announced that its flagship Fekola Mine has achieved full commercial production in November 2017.
The Fekola Mine is located in Southwestern Mali.
A previous feasibility study had anticipated full production in December, but as the company continues to ramp up to full production gold production has proven well above budget and original estimates.
To November 30, 2017, the Fekola Mine has produced approximately 80,000 ounces of gold1, approximately 158% above budget (31,000 ounces). Gold production from the Fekola Mine in 2017 is now forecast to be between 100,000 and 110,000 ounces, far surpassing the upper end of the original guidance of 45,000 to 55,000 ounces.
Looking to 2018, consolidated gold production is forecast to be between 925,000 and 975,000 ounces. This represents an increase in annual consolidated gold production of approximately 58% for B2Gold in 2018 versus 2017
Based on the life of mine plan in 2018, the first full year of Fekola production, the Company is projecting production of approximately 400,000 to 410,000 ounces of gold from the Fekola Mine.
For the first three years, the Fekola Mine is projected to produce approximately 400,000 ounces of gold, then in the first seven years, Fekola is projected to produce approximately 374,000 ounces of gold annually.
Over the initial ten-year life of mine, Fekola is projected to produce an average of 345,000 ounces per annum at cash operating costs of $428 per ounce and AISC of $664 per ounce.