B2Gold gains on upbeat results for Otijikoto project
Africa-focused B2Gold (TSX:BTO) enjoyed strong gains in Thursday trading following a volley of upbeat news for the company's Otijikoto project in Namibia.
The Toronto-listed gold miner saw share prices rise 4.66%, settling at CND$3.82 by the end of Thursday trading.
Share performance received a boost from the release of solid results for feasibility study on the company's Otijikoto project.
According to the study the Otijikoto could support an open pit gold mine with a 12-year mine life, with average annual production during the first five years of 141,000 oz of gold per annum with an average operating cost of USD$524 per ounce.
Over the entire life of the mine production is expected to average out to 112,000 oz per annum, with an operating cost of $689 per ounce.
Metallurgical analyses also returned positive results, with average gold recoveries for the mine dialed up to 95.6%.
B2Gold has already commenced construction of a mine in the area, as well as obtained a USD$150 million loan for the project.