B2Gold plans to eliminate 300 positions in Namibia this year

Canadian gold mining company B2Gold (BTO.TO) plans to cut 300 jobs in Namibia this year as it proceeds with the phased downscaling of operations at its Otjikoto mine following the depletion of open pit reserves.

The Otjikoto mine commenced commercial production in March 2015 and achieved a remarkable output of 198,142 ounces of gold last year, representing almost a quarter of B2Gold’s overall production.

“By 2025, we will reduce our permanent headcount from 700 to 400 employees.” “That means 300 employees will be impacted during 2025,” stated John Roos, B2Gold Namibia’s country manager, while addressing reporters on Monday during a company presentation.

The Otjikoto mine achieved a remarkable profit, supported by unprecedented gold prices.

The open pit mining operations at the site are anticipated to conclude this year due to the exhaustion of gold ore. However, the company plans to maintain processing of stockpiles at least until 2032.

The underground operations of the mine are projected to continue until 2027, with the possibility of an extension if further exploration successfully identifies additional mineral deposits.

B2Gold initiated a gradual reduction of its operations in Namibia starting in the first quarter of 2024, resulting in the layoff of 130 employees throughout the year.

The Otjikoto mine is projected to yield between 165,000 and 185,000 ounces of gold this year.

B2Gold operates gold mines in both Mali and the Philippines. The Goose project is being developed in northern Canada, alongside various development and exploration initiatives in countries such as Mali, Colombia, and Finland.