B2Gold pays over N$3.8bn in taxes as revenue tops N$12bn

Otjikoto sold 198 602 ounces
The company, which holds a 90% stake in Otjikoto, also paid N$755 million in wages and benefits to its 399 employees, while returning N$5.150 billion to shareholders.
Staff Reporter
  • 12 Hours Ago

B2Gold says it paid N$3.156 billion in corporate tax and N$325 million in royalty tax in 2025 from its Namibian operations.

Additionally, the company reported N$124 million in export levies and N$232 million in non-resident shareholder taxes, pushing its total direct fiscal contribution well beyond N$3.8 billion for the year.

The company, which holds a 90% stake in Otjikoto, also paid N$755 million in wages and benefits to its 399 employees, while returning N$5.150 billion to shareholders.

Another N$1.487 billion was spent on goods and services within Namibia, alongside N$32.8 million that was ploughed into community investment.

Operationally, Otjikoto delivered 199 139 ounces of gold production and sold 198 602 ounces, generating N$12.187 billion in revenue and after-tax profit of N$4.682 billion.

According to B2Gold's fourth-quarter report released in February, the Otjikoto Mine generated US$211.8 million (about N$3.9 billion) in revenue, while full-year revenue reached US$685.1 million.

Production for 2025 came in at 199 139 ounces, near the upper end of guidance, while cost performance remained favourable with all-in sustaining costs at US$969 per ounce, at the lower end of forecasts.

The strong financial performance comes as Otjikoto enters a structural transition.

A March 2026 corporate presentation indicates that the mine, which has operated as an open pit since 2014 before introducing underground mining in 2022, is now moving fully into a higher-cost underground phase following the end of open pit mining in late 2025.

Production is expected to decline sharply in 2026 to between 70 000 and 90 000 ounces, while all-in sustaining costs are projected to rise to between US$1 830 and US$1 980 per ounce, reflecting the increased complexity and cost of underground operations.

Economic assessment

The long-term outlook is tied to the development of the Antelope deposit, located about four kilometres southwest of the existing pit.

B2Gold has approved development of the underground project following a positive preliminary economic assessment.

The deposit hosts indicated resources of approximately 70 000 ounces grading 5.53 g/t gold.

They inferred resources of about 580 000 ounces at 5.23 g/t, significantly higher than the current Otjikoto reserve grade of 2.33 g/t.

Exploration drilling of more than 36 000 metres at the nearby Springbok Zone has driven a 67% increase in contained gold ounces since February 2025, and the company has allocated US$6 million for further exploration in 2026.

The Antelope project is expected to produce an average of 65 000 ounces per year over a five-year mine life, with total production exceeding 327 000 ounces.

Financial metrics indicate an after-tax net present value of US$131 million, an internal rate of return of 35%, and a total after-tax cash flow of US$185 million, with a payback period of about 1.3 years.

Once in production, anticipated from 2028, Antelope could lift Otjikoto’s output to around 110 000 ounces per year between 2029 and 2032, stabilising production after the current decline.