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WINDHOEK — B2Gold Corp. is pivoting its Namibian operations toward deep-level mining, advancing development of its new Antelope deposit as the company transitions away from open-pit extraction at its flagship Otjikoto mine.
The Vancouver-based producer expects first ore production from the underground Antelope project by late 2028, positioning it to extend operations through at least 2033. The company expanded the deposit’s estimated resource by 67% to roughly 650,000 ounces following recent exploration.
“Our focus is to stay on track with the development of Antelope, further build out the resource for our existing Wolfshag underground mine, and explore additional opportunities that the current gold environment and record-high prices may create,” said John Roos, Managing Director of B2Gold Namibia.
The operational shift follows the closure of open-pit mining at Otjikoto in October 2025. Otjikoto, located 300 kilometers north of Windhoek, represents Namibia’s largest underground gold mining operation. Current ore processing relies on the Wolfshag underground mine alongside existing surface stockpiles.
From 2028 through 2033, the Antelope mine is projected to generate annual output exceeding 100,000 ounces at low all-in sustaining costs. The initial mine plan projected total output of 327,000 ounces over five years with a 95% average recovery rate, though recent resource expansions are set to extend that timeline.
Despite elevated global gold prices, the unit is maintaining strict cost discipline to safeguard margins against potential market pullbacks.
“We need to make sure that we remain cost-competitive and do not allow our costs to become inflated simply because we are operating in a high gold price environment,” Roos said. “Gold prices can very easily return to previous levels, so maintaining cost discipline thereby future-proofing the operation from a cost perspective is essential.”
Alongside its mining operations, the unit manages a commercial agricultural hub spanning 18,000 hectares that produces white maize for local millers a project designed to generate ongoing revenue for the company’s foundation to fund community initiatives post-mine closure.
