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
A feasibility study is under way, with completion targeted for mid-2025. 

The PEA shows potential average production of 234 000 oz/y over the first five years.

Key Contracts, Suppliers and Consultants
None stated.

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