AuryxGold Namibia said it plans to revive the Otjikoto gold mine located in Namibia.

The company intends to spend nearly N$300m ($38.56m) on exploration and development of the project.

AuryxGold Namibia is a joint venture between Canadian group B2Gold and local empowerment group EVI Mining. EVI Mining holds an 8% stake in AuryxGold Namibia.

The company applied for a mining licence in September 2011 and is expected to receive approval by year-end, according B2Gold president and chief executive officer Clive Johnson.

Production is expected to commence in 2014.

The company has held negotiations with Epangelo Mining, to divest interest in Otjikoto.

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AllAfrica quoted Johnson as saying: "We would like to work with Epangelo if it makes if it makes business sense. But it is difficult to commit unless we know what the rules are."

Johnson continued: "B2Gold believes in developing projects that are sustainable and in a transparent manner with input from all stakeholders".

Currently, the company has a market capitalisation of C$1.5bn ($1.49bn) and plans to produce 100,000 ounces of gold at Otjikoto and estimates that the mine has a life of ten years.

The company said that the mine has an indicated resource of about 25.1 million t containing 1.16 million oz of gold.

The inferred resource is about 15.6 million t with 680,000 oz of gold.

AllAfrica reported that B2Gold also runs gold mines in Nicaragua, Colombia and Uruguay.