Back River Gold – Goose mine gold project, Canada – update
Name of the Project
Back River Gold – Goose mine gold project.
Location
Back River district, in Nunavut, Canada.
Project Owner/s
B2Gold acquired Sabina Gold & Silver Corp in April 2023.
Project Description
The project involves the underground development at the Umwelt deposit and openpit mining at the Echo deposit.
B2Gold has opted for an accelerated underground development plan, which will increase gold output in the first five years to more than 300 000 oz/y.
Potential Job Creation
Not stated.
Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at a 5% discount rate, of C$1.1-billion and an internal rate of return of 28%, with a payback of 2.3 years.
Capital Expenditure
C$1.05-billion.
Planned Start/End Date
The project is on track to pour its first gold in the first quarter of 2025.
Latest Developments
The project’s capital estimate has been revised, from C$800-million to $1.05-billion, following a detailed review of its design, materials and construction schedule.
B2Gold has indicated that the increase in construction capital pertains to underestimated labour and site operating costs in the feasibility study, as well as general inflationary impacts on construction materials, consumables and transportation costs.
With C$715-million total cash already spent on the project in 2023 and all major components acquired or contracted, future construction capital cost variance will be minimal, the company has said.
Key Contracts, Suppliers and Consultants
None stated.
Contact Details for Project Information
B2Gold, tel +1 604 681 8371 or email investor@b2gold.com.
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