B2Gold to Invest $10 Million in Fekola Exploration After Mali Settlement
Canadian miner B2Gold is moving forward with plans to invest $10 million in exploration at its Fekola gold complex in Mali in 2025, following a settlement with the Malian government that has reduced the risk of disruption.
In August 2023, Mali introduced a new mining code that increases the state’s share of mining revenues and removes tax exemptions for mining companies.
B2Gold was one of the first companies to reach a settlement with the government, resolving an income tax dispute in September 2024 and agreeing to adapt one part of its exploration to the new regulations. Fekola, which has an active mine, also continues its exploration activities.
“From B2Gold’s perspective, the risk has significantly decreased since we signed the settlement agreement,” said Clive Johnson, CEO of B2Gold, in a response to Reuters.
Malian authorities have detained employees from companies that did not comply with the new code and tax obligations, including issuing arrest warrants for Mark Bristow, CEO of Barrick Gold, Mali’s largest investor.
Earlier this month, Mali seized $250 million worth of gold from Barrick’s Loulo-Gounkoto mine, leading Barrick to suspend its operations in the country.
However, Johnson reassured that B2Gold does not expect any such action against its employees. “We have expatriate employees who frequently travel in and out of the country, including members of the mine management, so there is no reason to believe any detentions would occur in relation to B2Gold,” he said.
Following the announcement, B2Gold’s shares rose by 0.8% on the Toronto Stock Exchange at 18:07 GMT on Wednesday.
