Mining Intelligence and News
Philippines

Masbate Mine

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Overview

Mine TypeOpen Pit
StatusActive
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Production Start... Lock
Mine Life... Lock
SnapshotThe Masbate Gold Project is one of the largest operating gold mines in the Philippines.

Owners

SourceSource
CompanyInterestOwnership
B2Gold Corp. 40 % Indirect
Zoom Mineral Holdings Inc. 60 % Indirect
B2Gold holds its project interest through indirectly-owned subsidiaries. B2Gold has a 40% interest in Filminera and a 100% interest in Philippine Gold Processing & Refining Corporation (“PGPRC”). The remaining 60% interest in Filminera is held by a Philippines-registered company, Zoom Mineral Holdings Inc. (“Zoom”). Filminera owns the majority of the Masbate Gold Project tenements and is responsible for the mining, environmental, social and community relations on the Masbate Gold Project site. PGPRC developed and owns the process plant on the island of Masbate and is responsible for the sale of all gold.

Deposit type

  • Breccia pipe / Stockwork
  • Epithermal

Summary:

Masbate is considered to be an example of a low sulphidation epithermal deposit. The Masbate gold deposits that are currently being mined are centred on a 5–7 km wide northwest- to southeast-oriented mineralised volcanic block which is bounded by two interpreted northwest-trending fault zones. The mineralizing system being mined in the open pit operations has a strike length of about 10 km, from Balete in the south to Pajo in the north. Mineralization has been tested to about 400 m depth. The principal host rock to the gold mineralisation is a fractured andesitic–dacitic, tuffaceous agglomerate. Mineralisation occurs within quartz veins and associated altered and quartz-stockwork wall rocks and breccias. Gold is typically hosted in grey to white crystalline to chalcedonic quartz and is frequently associated with pyrite, marcasite, and minor amounts of chalcopyrite and sphalerite. HG veins are generally narrow (<1 m) but some may reach 20 m in width; sheeted stockwork zones can be up to 75 m in width.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityUnits202320222021202020192018201720162015
Gold oz  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe217,340216,498202,468206,224175,803
All production numbers are expressed as metal in doré. ^ Guidance / Forecast.

Operational metrics

Metrics20232022202120202019201820172016
Tonnes milled  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe7,996,990 t6,962,262 t6,963,073 t6,921,335 t
Annual mining capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe35 Mt35 Mt35 Mt25 Mt
Plant annual capacity  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe8 Mt6.5 Mt6.5 Mt
^ Guidance / Forecast.

Production Costs

CommodityUnits2023202220212020201920182017
Cash costs Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 594 / oz **   548 / oz **   543 / oz **  
Total cash costs (sold) Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 683 / oz **   619 / oz **  
Total cash costs Gold USD 629 / oz **   600 / oz **  
All-in sustaining costs (sold) Gold USD  ....  Subscribe  ....  Subscribe  ....  Subscribe  ....  Subscribe 815 / oz **   731 / oz **  
All-in sustaining costs (AISC) Gold USD 744 / oz **   843 / oz **  
^ Guidance / Forecast.
** Net of By-Product.

Operating Costs

Currency2016
OP mining costs ($/t mined) USD 1.34  
Processing costs ($/t milled) USD  ....  Subscribe

Financials

Units2023202220212020201920182017
Capital expenditures (planned) M USD  ....  Subscribe
Capital expenditures M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 25.9   47.9   52.6  
Revenue M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 293.9   283.4   247.6  
After-tax Income M USD  ....  Subscribe  ....  Subscribe  ....  Subscribe 142.9   62.2   70.2  

Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Aug 17, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 15, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 15, 2023
....................... Subscription required ....................... Subscription required Subscription required Aug 15, 2023

EmployeesYear
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Aerial view:

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