The open pit and underground development at B2Gold‘s (TSX: BTO; NYSE: BTG) Goose project in Nunavut is running slightly behind schedule, with first gold delayed from the first quarter of 2025 to the second.
B2Gold attributes the holdup to equipment availability, adverse weather conditions and prioritization of critical path construction activities, it said in a Tuesday release.
The additional months will ensure that the Umwelt open pit, underground development, and crown pillar activities align and that there is sufficient tailings storage capacity in the Echo open pit, the company said.
B2Gold expects to ramp up to full production at the mine in the third quarter of 2025. It noted that the timeframe changes will not impact the total gold ounces it expects to produce over Goose’s mine operating life.
The Vancouver-based miner anticipates average yearly gold production from 2026 to 2030 will increase to more than 310,000 ounces.
In the first three months of 2024, B2Gold produced 225,716 oz. of gold, in line with projections and on track to meet annual guidance of between 860,000 and 940,000 ounces.
B2Gold has budgeted about $65 million for exploration throughout its portfolio this year. That comes on top of significant capital expenditure for expanding the Mali-based Fekola operation and developing the Goose project.
The Vancouver-based company is also exploring the smaller-scale Gramalote project in Colombia.
Company shares were down 1.7% to $3.46 apiece on Wednesday morning, valuing the company at $4.5 billion. Its shares traded in a 52-week range of $3.18 and $5.74.
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