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Colombia
Gramalote Project

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 Location:
76 km NE from Medellin, Colombia

  Project Contacts:
Call 04 # 9 – 171
Providencia
Colombia
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Overview

StagePermitting
Mine TypeOpen Pit
Commodities
  • Gold
  • Silver
Mining Method
  • Truck & Shovel / Loader
Mine Life13.6 years (as of Jan 1, 2019)
The Environmental Impact Study and Project Implementation Plans for the Gramalote Project have been fully approved by the National Authority of Environmental Licences of Colombia. Due to the desired modifications to the processing plant and infrastructure locations, a Modified Environment Impact Study and a Modified Project Implementation plan were also approved in 2019.

Based on the preliminary results of the optimized feasibility study for the Gramalote gold project in Colombia, a joint venture between B2Gold and AngloGold, both partners have determined that the project does not currently meet their investment thresholds for development of the project at this time. Therefore, in conjunction with finalizing the Gramalote Feasibility Study by the end of the third quarter of 2022, B2Gold and AngloGold have jointly made the decision to review the alternatives for the Gramalote Project over the coming months.


Owners

Source: p. 59
CompanyInterestOwnership
AngloGold Ashanti Ltd. 50 % Indirect
B2Gold Corp. (operator) 50 % Indirect
The in-country operating entity is Gramalote Colombia Limited (“Gramalote Colombia”). Each of B2Gold and AngloGold holds a 50% interest in the Gramalote Project and funds its share of expenditures pro rata, with equal representation on the Gramalote Project management committee.

Contractors

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Deposit Type

  • Vein / narrow vein
  • Porphyry
  • Intrusion related


Summary:

The Gramalote Ridge and Trinidad deposits are considered to be examples of structurally-controlled intrusive-related gold deposits.

Intrusive-related gold deposits have many synonyms, including Intrusion-related gold systems, gold porphyries, and plutonic-related gold quartz veins. The deposit model that follows is abstracted from Lefebure and Hart (2005).

The deposit shows a number of the features of intrusive-related gold deposits, including:

• Alteration and mineralization are structurally controlled, restricted to small haloes along veins, sheeted veins and stockworks arrays;
• Sulphides content is less than 5%;
• Some evidence indicates that the host rock is directly related to fluids evolved from the cooling pluton, including pegmatite, aplite and K-feldspar alteration (Rodríguez, 2009).

The QP is of the opinion that exploration programs that use a structurally-controlled, intrusive-related gold model are applicable to the Project area.

The Project is located in the northern portion of Colombia’s Central Cordillera. The terrane primarily comprises a metamorphic basement complex and the Antioquia Batholith. The Cajamarca–Valdivia basement terrane (Cediel and Ciceres, 2000 and Cediel et al, 2003) consists of early Paleozoic metamorphic rocks; as well as ophiolitic, oceanic, volcanic, and intrusive rocks.

In the general Project area, the main compositional types within the Antioquia Batholith are t ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The 2020 PEA is based on mining of the Gramalote Ridge deposit only. No mining is envisaged for the Trinidad deposit in the 2020 PEA.

A conventional open pit truck and shovel operation is planned. A SMU size of 10 m x 10 m x 10 m was used was used for benchmarking the mineral resource model. No additional dilution factor or mining loss was applied to the grades in the mine plan.

The Gramalote Ridge pit will have four phases, consisting of three phases in the main pit, and a small satellite pit that will have a single phase.

The main ramps were designed to 30 m width for two-way access, and are assumed to have a 10% gradient. The lowest benches will have a 15 m wide ramp, and will be single-lane. Pit benches are assumed at 10 m intervals, with pre-split drilling at 20 m depths, drilling two benches at a time.

The mine planning strategy includes the use of stockpiles for oxide and sulphide materials. Three stockpiles are planned:

• High-grade sulphide stockpile; approximate 6.5 Mt capacity; =0.66 g/t Au material for the initial years, variable thereafter to optimize head grade;

• Low-grade stockpiles; approximate 46.3 Mt capacity; =0.29–=0.66 g/t Au material;

• Oxide stockpiles; approximate 4.5 Mt capacity; =0.25 g/t Au material.

All stockpile areas will have access ramps that are 30 m wide and a maximum 8% grade as well as a temporary slope angle of 30º.

A waste rock storage faci ........


Crushing and Grinding
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Processing

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Summary:

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Projected Production:

CommodityUnitsAvg. AnnualLOM
Gold koz 2843,850
All production numbers are expressed as metal in doré.

Operational Metrics:

Metrics
Stripping / waste ratio 1.93 *
Waste tonnes, LOM 288 Mt *
Tonnes processed, LOM 149 Mt *
Annual mining rate 48 Mt *
Annual milling rate 11 Mt *
* According to 2019 study.

Reserves at December 31, 2020:
Mineral Resources are reported at cut-off grades of 0.15 g/t Au for oxide and 0.18 g/t Au for sulphide.

CategoryTonnage CommodityGradeContained Metal
Indicated 173,400 kt Gold 0.73 g/t 4,060 koz
Inferred 58,200 kt Gold 0.59 g/t 1,100 koz

Commodity Production Costs:

CommodityUnitsAverage
Cash costs (sold) Gold USD  ......  Subscription required *†
All-in sustaining costs (sold) Gold USD  ......  Subscription required *†
All-in costs Gold USD  ......  Subscription required *†
Assumed price Silver USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2019 study / presentation.
† Net of By-Product.

Operating Costs:

Units2019
OP mining costs ($/t mined) USD 2.16 *
OP mining costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2019 study.
Subscription required - Subscription is required.

2019 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 836
G&A costs $M USD 239
Total OpEx $M USD  ......  Subscription required
Income Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax IRR, %  ......  Subscription required
After-tax payback period, years  ......  Subscription required
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Proposed Heavy Mobile Equipment as of December 31, 2019:
HME TypeModelSizeQuantity
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Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Dec 31, 2019
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Corporate Filings & Presentations:

DocumentYear
Corporate Presentation 2022
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
................................... Subscription required 2019
Annual Information Form 2018
Management Discussion & Analysis 2018
Year-end Mineral Reserves 2018
Annual Information Form 2017
Annual Information Form 2016
Year-end Mineral Reserves 2016
Preliminary Economic Assessment 2014
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