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B2Gold increases stake in Fekola gold mine to expand Mali footprint

The world’s new senior gold producer, with five operating gold mines and exploration projects all over the world, has continued its growth by acquiring ...

Dale Benton
|Aug 16|magazine7 min read

The world’s new senior gold producer, with five operating gold mines and exploration projects all over the world, has continued its growth by acquiring a greater stake in a Malian mine.

B2Gold Corp has announced in a statement this week that the Malian Government has approved the company’s acquisition of an additional 10% in the Fekola Mine, located in Southwestern Mali.

It is the company’s largest mine, representing 45% of its projected consolidated 2018 gold production.

B2Gold Corp’s total interest in the Fekola mine now stands at 20% through the company’s Fekola ~SA subsidiary.

The company was informed that the Malian Council of Ministers approved the participation of the State in Fekola SA for a total of 20% (being the 10% free carried interest plus the additional 10% interest), through an ordinance and a decree of the Council of Ministers, signed by the President.

In the first half of 2018, the Fekola Mine produced 226,786 ounces of gold. B2Gold is currently undertaking exploration drilling at the site to explore the potential of increasing the open-pit resources and reserves.

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B2Gold intends to release additional drill results in September 2018, followed by an updated mineral resource calculation in October 2018.

The company has five operating gold mines, and numerous exploration and development projects in various countries including Nicaragua, the Philippines, Namibia, Mali, Burkina Faso, Colombia and Finland.

With the first full year of production from the Fekola Mine, B2Gold is achieving transformational growth in 2018.

Consolidated gold production is forecast to be between 920,000 and 960,000 ounces, representing an increase in annual consolidated gold production of approximately 300,000 ounces in 2018 versus 2017.