Name of the Project
Gramalote gold project.

Location
Antioquia, in Colombia.

Project Owner/s
B2Gold.

Project Description
Based on the positive results of a preliminary economic assessment (PEA), B2Gold believes that the project has the potential to become a medium-scale, low-cost, openpit gold mine.

The mineral resource estimate for the project forms the basis for the PEA and includes indicated mineral resources of 192.2-million tonnes grading 0.68 g/t gold for a total of 4.21-million ounces of gold and inferred mineral resources of 85.4-million tonnes grading 0.54 g/t gold for a total of 1.48-million ounces of gold.

The project has a 12.5-year life-of-mine (LoM) averaging gold production of about 185 000 oz/y over the LoM, for a total LoM production of 2.3-million ounces with an average gold recovery of 95.9%.

The assessment proposes the extraction of up to 97 000 t/d through a six-million-tonne-a-year processing plant. 

This includes crushing, grinding and flotation, with fine grinding of the flotation concentrate and agitated leaching of the flotation concentrate, followed by a carbon-in-pulp recovery process to process doré bullion.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an after-tax net present value of $778-million, at a 5% discount rate, generating an after-tax internal rate of return of 20.6%, with a project payback on preproduction capital of 3.1 years.

Capital Expenditure
Preproduction capital is estimated at $807-million and includes about $93-million for mining equipment and $63-million for contingency.

Planned Start/End Date
Not stated.

Latest Developments
B2Gold plans to start feasibility work to complete a feasibility study by mid-2025. As a result of the work completed for previous studies, the work remaining to finalise a feasibility study for the updated medium-scale project is not 
extensive. 

The main work programmes for the study include geotechnical and environmental site investigations for the processing plant and waste dump footprints, as well as capital and operating cost estimates.

The Gramalote project will continue to advance resettlement programmes; establish coexistence programmes for small miners; work on health, safety and environmental projects; and continue to work with government and local communities on social programmes.

Owing to the desired modifications to the processing plant and infrastructure locations, a modified environment-impact study is required. 

B2Gold has started work on modifications to the study and expects it to be completed and submitted shortly following the completion of the feasibility study. 

If the final economics of the feasibility study are positive and B2Gold decides to develop the Gramalote project as an openpit gold mine, B2Gold will use its proven in-house mine construction team to build the mine and mill facilities.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
B2Gold, tel +1 604 681 8371 and email investor@b2gold.com.