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Philippines
Masbate Mine

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 Location:
350 km SE from Manila, Philippines

  Regional Office:
3rd Floor, Corinthian Plaza 121 Paseo de Roxas cor. Gamboa and Legaspi Sts. Legaspi Village
Makati
Philippines
1229
Phone  ...  Subscription required
Fax(632)-811-3463
WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StageProduction
Mine TypeOpen Pit
Commodities
  • Gold
Mining Method
  • Truck & Shovel / Loader
Production Start...
Mine Life2033
The Masbate Gold Project is one of the largest operating gold mines in the Philippines.


Owners

Source: p. 38-39
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.

Contractors

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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.


Mining Methods

  • Truck & Shovel / Loader


Summary:

The mine is a conventional open pit operation. Based on the current LoM, mining activities are expected to end in 2028 while Mineral Reserve stockpile processing is expected to continue into 2033. The mine plan assumes that all necessary permits will be granted in support of the mining operations, and that all the required surface rights can be obtained. The open pit mining sequence involves: GC drilling; drill and blast operations; and excavation and hauling of materials to the process plant ROM pad, temporary LG ore stockpiles, or WRSF. Mining operations are conducted under an owner-operator model, and activities are scheduled on a 24-hour, seven days per week basis. Our mine life estimate is based on current Mineral Reserves, with the addition of non-Reserve mining from planned larger pits if supported by mining costs and gold prices at the time. These larger pits contain approximately 360,000 ounces of Indicated Mineral Resources and 160,000 ounces of Inferred Mineral Resources that have not been converted to Mineral Reserves. Mineral Resources in LG stockpiles may be processed at the end of mine life, or when higher grade tonnage is not available, depending on current costs and gold prices. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

An average of 34 Mtpa of ore and waste will be mined from seven different open pits. Production in 2022 was mostly from the Main Vein and Montana pits. The primary ore sources in 20 ........


Crushing and Grinding
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Processing

Flow Sheet: Subscription required

Summary:

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^ Guidance / Forecast.

Production:

CommodityUnits2023202220212020201920182017
Gold oz  ......  Subscription required ^  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required216,498202,468
All production numbers are expressed as metal in doré. ^ Guidance / Forecast.
Subscription required - Subscription is required.

Operational Metrics:

Metrics202320222021202020192018
Tonnes milled  ......  Subscription required  ......  Subscription required  ......  Subscription required7,760,372 t7,996,990 t6,962,262 t
Annual mining capacity  ......  Subscription required  ......  Subscription required  ......  Subscription required35 Mt35 Mt
Plant annual capacity  ......  Subscription required  ......  Subscription required  ......  Subscription required8 Mt
^ Guidance / Forecast.
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Reserves at December 31, 2022:
Reserves are reported at cut-off grades that range from 0.37 – 0.39 g/t Au.
Mineral Resources are reported at an average cut-off grade of 0.41 g/t Au.

CategoryTonnage CommodityGradeContained Metal
Probable 66,700 kt Gold 0.77 g/t 1,650 koz
Indicated 108,350 kt Gold 0.82 g/t 2,850 koz
Inferred 21,130 kt Gold 0.87 g/t 590 koz

Commodity Production Costs:

CommodityUnits2023202220212020201920182017
Cash costs Gold USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 548 / oz†   543 / oz†  
Total cash costs (sold) Gold USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 619 / oz†  
Total cash costs Gold USD 629 / oz†   600 / oz†  
All-in sustaining costs (sold) Gold USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 731 / oz†  
All-in sustaining costs (AISC) Gold USD 744 / oz†   843 / oz†  
^ Guidance / Forecast.
† Net of By-Product.
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Operating Costs:

Units2016
OP mining costs ($/t mined) USD 1.34  
Processing costs ($/t milled) USD  ......  Subscription required
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Financials:

Units2023202220212020201920182017
Capital expenditures (planned) M USD  ......  Subscription required
Capital expenditures M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 47.9   52.6  
Revenue M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 283.4   247.6  
After-tax Income M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 62.2   70.2  
Subscription required - Subscription is required


Pipelines and Water Supply
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Heavy Mobile Equipment as of September 30, 2016:
HME TypeModelSizeQuantity
Crane 55 t ....................... Subscription required
Dozer ....................... Subscription required ....................... Subscription required
Dozer ....................... Subscription required ....................... Subscription required
Drill ....................... Subscription required ....................... Subscription required
Excavator ....................... Subscription required ....................... Subscription required
Excavator ....................... Subscription required ....................... Subscription required
Excavator ....................... Subscription required ....................... Subscription required
Excavator ....................... Subscription required ....................... Subscription required
Excavator ....................... Subscription required ....................... Subscription required
Grader ....................... Subscription required ....................... Subscription required
Grader ....................... Subscription required ....................... Subscription required
Loader ....................... Subscription required ....................... Subscription required
Loader (FEL) ....................... Subscription required ....................... Subscription required
Loader (FEL) ....................... Subscription required ....................... Subscription required
Loader (FEL) ....................... Subscription required ....................... Subscription required
Truck (haul) ....................... Subscription required ....................... Subscription required
Truck (water) ....................... Subscription required ....................... Subscription required
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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
Subscription required - Subscription is required.

Staff:

EmployeesYear
Subscription required 2022

Corporate Filings & Presentations:

DocumentYear
Press Release 2023
Annual Information Form 2022
Financial Review 2022
Management Discussion & Analysis 2022
Sustainability Report 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
Annual Information Form 2018
Management Discussion & Analysis 2018
Annual Information Form 2017
Financial Review 2017
Management Discussion & Analysis 2017
Annual Information Form 2016
Financial Review 2016
Management Discussion & Analysis 2016
Technical Report 2016
Other 2013
Technical Report 2011
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