Toronto-listed miner B2Gold has achieved the upper end of guidance for 2023 with production of 1.06-million ounces.

The year marks the eighth time that the company has met, or exceeded, yearly production guidance.

The company’s consolidated gold revenue for the year was just under $2-million from sales of 994 060 oz at an average realised price of $1 946/oz.

Additionally, B2Gold’s total consolidated cash operating costs for the reporting year will be slightly below the guided range of between $670/oz and $730/oz.

Despite exceeding the million-ounce mark for production in 2023, B2Gold has set its 2024 guidance at between 860 000 oz and 940 000 oz, including at least 40 000 oz of attributable production from Calibre Mining.

B2Gold explains the expected decrease in gold production in the new year is mostly owing to lower production expected from the company’s 80%-owned Fekola Complex, in Mali, as a result of delays in receiving an exploitation licence for the Fekola region.

The company initially envisioned that between 80 000 oz and 100 000 oz of gold would be trucked to the Fekola mill and processed in 2024; however, this production will likely only start early in 2025.

Gold output should pick up to between 1.13-million and 1.26-million ounces in 2025 once Fekola starts with regional exploitation and higher grade underground mining.

B2Gold expects to publish an optimisation study on the Fekola project in the first quarter of the year, which will detail an extended processing life of the mill and optimal trucking to maximise value.

The Fekola operation produced 590 243 oz of gold in 2023.

The balance of gold output was derived from the Masbate mine, in the Philippines, the Otjikoto mine, in Namibia, and from B2Gold’s equity interest in Calibre.

Moreover, the Goose project, in Canada, is expected to start producing gold in the first quarter of 2025 and contribute between 222 000 oz and 260 000 oz of gold production in 2025.

As a result of the expected completion of several capital projects in 2024 and early 2025, B2Gold expects that there will be a significant decrease in both sustaining and growth capital expenditures in 2025.

The Goose project’s capital estimate, in particular, has been revised to C$1.05-million up from C$800-million following a detailed review of its design, materials and construction schedule. B2Gold explains the increase in construction capital relates to underestimated labour and site operating costs in the feasibility study, as well as general inflationary impacts on construction materials, consumables and transportation costs.

The company adds that because C$715-million total cash was already spent on the Goose project in 2023 and all major components have been purchased or contracted, future construction capital cost variance will be minimal.

Meanwhile, B2Gold will publish a preliminary economic assessment on the Gramalote project, in Colombia, by the end of the second quarter, which will include a detailed review of the facility size and location, power supply, mining and processing options, tailings design, resettlement and potential construction sequencing towards cost savings for what is a smaller-scale project.

The company continues to explore across all its land packages, with $63-million having been allocated to exploration in 2024, including early stage exploration programmes in Finland, the Philippines and Côte d'Ivoire and resource-enhancing drilling in Canada, Mali and Namibia.