Mali: the Fekola mine records a 33% decline in 2024

Canadian group B2Gold, operator of the Fekola gold mine in Mali, has missed its production target for 2024. Initially forecast at between 420,000 and 450,000 ounces, production ended up at 392,946 ounces, down 33% on the 590,243 ounces produced in 2023. This underperformance contributed to a decline in Mali's industrial gold production, from 66.5 tonnes in 2023 to 51 tonnes in 2024.

In its annual results published on Wednesday 19 February, B2Gold attributed the decline to delays in accessing a higher-grade ore zone. In addition, the company had to replace a damaged excavator at the beginning of the year, which had an impact on the volume of ore extracted and processed.

"Extraction and processing of these higher grade tonnes is planned for 2025, as equipment availability and utilisation was at full capacity at the end of 2024, with gold production for early 2025 in line with expectations," the company said.

In financial terms, B2Gold was unable to take full advantage of the rise in gold prices due to lower volumes sold. While the average price per ounce produced at Fekola rose by 21% to US$2,353, revenues generated by the mine in 2024 amounted to US$951 million, compared with US$1.14 billion in 2023.

With the price of gold currently approaching USD 3,000 an ounce, B2Gold hopes to turn its fortunes around in 2025 by increasing production. The company is targeting production of between 515,000 and 550,000 ounces for the current year, which could boost its revenues and offset the underperformance recorded in 2024.