B2Gold to provide 5m oz of gold at Mali mine after $50m growth

Mid-tier Canadian miner B2Gold (TSX: BTO)(NYSE: BTG) will invest $50 million into increasing its 80%-owned Fekola mine in southwestern Mali, which might permit the operation to churn out five million oz of gold over the brand new mine lifestyles of 12 years.

The average annual gold output could boom to more than 550,000 oz. From 2020 – 2024, and to over four hundred,000 ounces at some point of the closing seven years.

B2Gold to provide 5m oz of gold at Mali mine after $50m growth 1

The task could also take the operation’s processing throughput to 7—five million tonnes a year, up from the cutting-edge 6-million tonne throughput.

The choice comes because the results of an initial expansion evaluation (PEA), posted on May 10, encouraged extending the mine’s fleet and upgrading the prevailing plant to the system a further 1.5 million tonnes in 12 months.

Vancouver-primarily based B2Gold, which poured its first gold at Fekola in overdue 2017, said half of the total capital wanted can be spent on these 12 months with the closing half of 2020. It additionally stated it anticipated getting the full funding better than 12 months.

In 2018, its first complete year of business production, Fekola surpassed expectancies, generating 439,068 oz of gold, while B2Gold expected a maximum of 430,000 oz.

B2Gold stated it continued to optimize the PEA further and predicted to contain the effects of the one into an up-to-date look so that it will be available in the last sector of the 12 months.

Fekola is positioned near Mali’s border with Senegal and is approximately 520 km from the United States’ capital, Bamako. U.S. authorities own the remaining 20%.

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Duane Simpson

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