Canadian gold mining company B2Gold has announced plans to cut approximately 300 jobs in Namibia as it begins the phased downscaling of operations at its Otjikoto gold mine, following the depletion of open pit reserves, reported Reuters.

The Otjikoto mine, operational since March 2015, has been a significant contributor to B2Gold's total output, producing a record 198,142oz of gold last year.

The mine has also reported a record profit, supported by high gold prices. Despite the cessation of open-pit mining expected this year, B2Gold will continue processing stockpiles until at least 2032.

The current underground operations at the Otjikoto mine are expected to continue until 2027, with the potential for an extension if further exploration reveals additional mineral deposits.

The process of reducing operations in Namibia began in the first quarter of 2024, with 130 employees already laid off.

B2Gold Namibia country manager John Roos said: "For 2025 we will go down from a permanent head count of 700 to 400 employees. That means 300 employees will be impacted during 2025."

The Otjikoto mine's gold production forecast for this year is estimated to be between 165,000oz and 185,000oz.

In addition to its operations in Namibia, B2Gold also operates gold mines in Mali and the Philippines.

The company is developing the Goose project in northern Canada and is involved in numerous development and exploration projects in countries including Mali, Colombia and Finland.

In January 2025, B2Gold moved forward with its plans to invest $10m (C$14.39m) in exploration at the Fekola gold complex in Mali.

The decision comes after a settlement was reached with the Malian Government regarding its 2023 mining code, which has mitigated the risk of disruption.