B2Gold Corp
B2Gold Corp
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Mine producers and developers report no impact to date but border closures and likely regional bans in response to Mali’s military closures pose threat to operations in Africa’s fourth largest gold producer.
Australian gold miner West African Resources has concluded a definitive agreement to acquire 100% of the Toega gold deposit in Burkina Faso from B2Gold and 10% partner GAMS-Mining F&I for $US45M in staged payments.
B2Gold is lifting its stake in the Gramalote Gold Project J/V in Colombia with fellow gold major AngloGold Ashanti to 50% from 48.3% and assuming management of the project.
The increase comes with B2Gold sole funding the next $US13.9M of the project next year after assuming management control in Jan 2020.
Under a new mining code, companies operating in Mali, Africa’s 3rd largest gold producer, will be protected from fiscal changes for 10-years, down from the previous “stability period” of 30-years, a senior mines ministry official has told Reuters.
Earlier this week, the ministry announced the new code, which also ended an exemption from value-added tax during production, but did not specify by how much it would shorten the period under which firm’s investments are protected from changes to fiscal and customs regimes.
Mining companies operating in Mali, Africa’s 3rd largest gold producer, will no longer be exempt from VAT during production and will have a shorter period of protection from fiscal changes, according to a new mining code announced by the Mines Ministry, Reuters reports.
The new code seeks to redress the “shortcomings” of a 2012 law by bringing a “substantial increase” in the contribution of the mining sector to the economy, the Mines Ministry says.
A strong start to the year by its new Fekola gold mine in Mali has helped Canadian international miner B2Gold maintain above-budget performance through the March qtr (Q1), delivering 230,859oz (Q4FY2018: 231,687oz) on keeping it well-positioned for FY guidance of 935,000-975,000oz at AISC of US$835-875/oz.
Sales of 232,076oz at an average $1,300/oz delivered consolidated revenue of $302M.
AngloGold Ashanti has posted maiden ore reserves for its FS-stage Quebradona copper and gold project, its JV with 5.224% partner B2Gold 60km SW of Medellin in Colombia. AngloGold retains 94.876%.
Attributable contained metal comprises 104.1Mt @ 1.21% for 2,769Mlb Cu and 0.66g/t for 2.22Moz Au.
AngloGold’s PFS completed last month outlined LOM production of 2.9Blb Cu, 1.4Moz Au and 21.6Moz Ag at AISC of $US0.88/lb.
Americas project acquirer Libero Copper has bought 100% of the Mocoa porphyry copper-molybdenum deposit in Colombia, Canada, from B2Gold for a 19% stake in Libero.
B2Gold also retains a 2% NSR on the project, which has an inferred 636Mt grading 0.45% copper equivalent.
Libero’s portfolio also includes the inferred 711Mt at 0.33% CuEq Tomichi deposit in the US. Its properties contain a total 7.9Blbs of copper and 1.1Blbs of molybdenum.
Mali’s govt is negotiating with mining companies to draft a new mining code, but will move to implement a new law unilaterally if no compromise is reached, the country’s economy minister Boubou Cisse says, Reuters reports.
The strong ramp-up performance of its Fekola mine in Mali has helped B2Gold complete its ninth consecutive record year, with gold production of 630,565oz exceeding even its enhanced guidance range of 580,000-625,000oz and consolidated gold revenue of $US739.5M including $100.9M in Fekola pre-commercial sales.
Fekola contributed 111,450oz, including 79,243oz prior to achieving commercial production ahead of schedule in Nov.
The Canadian miner expects AISC to be at or below the low end of its $940-970/oz cost guidance.