B2Gold (BTG) intends to cut 300 jobs in Namibia this year, media outlets reported Tuesday, citing John Roos, the country manager, in a company presentation.

"For 2025, we will go down from a permanent headcount of around 700 employees to 400 employees," Roos said Monday, Reuters reported.

The cuts are part of shrinking operations at the Otjikoto gold mine following the depletion of open pit reserves, the report said.

B2Gold shares fell 3.8% in recent Tuesday trading.

Price: 3.28, Change: -0.13, Percent Change: -3.84