B2Gold is an international senior gold producer with operations and development projects across multiple countries, including Mali, Namibia, the Philippines, and Canada.
What is the history of B2Gold and what led to its truly international presence?
B2Gold's story began with the formation of Bema Gold in 1989, which was a merger of three public companies founded by the original team. Bema Gold evolved from a small exploration company into a mid-tier international gold producer, thanks to successful gold exploration, project acquisitions, financing, and mine development. Over the years, Bema established gold mining operations in the United States, Chile, South Africa, and Russia before being acquired by Kinross Gold in 2007.
B2Gold continued this legacy by embracing opportunities across various countries and establishing a reputation for delivering on its commitments and responsible mining practices. Today, the company operates as a low-cost, international senior gold producer headquartered in Vancouver, listed on both the Toronto and New York stock exchanges. It has active gold mines in Mali, Namibia, and the Philippines, the Goose Project under construction in northern Canada, and several development projects in places like Mali, Colombia, and Finland.
Could you give us a brief overview of your most exciting projects?
B2Gold's current portfolio includes several key projects. The Fekola Mine in Mali, which is 80% owned by the company and 20% by the State of Mali, is a world-class operation that began production in 2017. It produced 111,583 ounces of gold in Q2 2024 and is projected to yield between 420,000 and 450,000 ounces this year. Plans for expansion at Fekola aim to add another 100,000 ounces per year. The mine, part of the larger Fekola Complex, offers significant exploration potential, with a comprehensive drilling program underway to explore further opportunities.
In addition to Fekola, B2Gold's Masbate Mine in the Philippines and Otjikoto Mine in Namibia are consistent producers. The company is also developing the Goose Project in northern Canada, which is slated to start production in mid-2025 with an estimated 310,000 ounces annually for the first five years. Another promising project is Gramalote in Colombia, where a feasibility study is in progress, potentially paving the way for the next major open-pit gold mine.
How do you successfully manage operations across such different jurisdictions?
B2Gold's ability to operate internationally stems from meticulous due diligence, combined with technical, operational, and exploration expertise. The company has a track record of expanding resource bases and increasing operational efficiency across its properties. A key factor in this success is the company's in-house construction team, which builds world-class mines, supported by strong local management teams who collaborate with corporate headquarters.
The company's culture is rooted in an entrepreneurial spirit and a commitment to deliver on promises. This culture is reflected in every aspect of B2Gold’s work, from exploration and mine construction to operating performance and ESG initiatives. The company focuses on treating people fairly, being environmentally responsible, and supporting the communities where it operates—such as through innovative projects like building solar plants to reduce reliance on traditional energy sources.
How do you ensure that B2Gold maintains the same high sustainability standards, regardless of jurisdiction?
At B2Gold, sustainability is embedded in the company’s values of Fairness, Respect, Transparency, and Accountability, which guide all operations worldwide. The company is committed to creating a positive socio-economic impact by supporting local employment, paying taxes and royalties, and investing in health, education, and sustainable development initiatives in host communities.
B2Gold’s sustainability efforts include integrating solar power into its energy mix, as seen with the hybrid power plants at the Otjikoto Mine in Namibia and the Fekola Mine in Mali. In 2022, the Otjikoto operation connected to the national grid, allowing for a reduction in greenhouse gas emissions. The expansion of the Fekola solar plant is also underway, aiming for completion by late 2024, to further decrease fossil fuel consumption.
What are your plans for the next five years?
B2Gold plans to maximize responsible gold production while growing its asset base through development projects and aggressive exploration. The company expects to produce between 800,000 and 870,000 ounces in 2024, with a significant increase to over 1 million ounces in 2025. Key growth drivers include the Fekola Complex expansion, which aims to add 100,000 ounces annually, and the Goose Project in northern Canada, projected to contribute approximately 310,000 ounces per year starting mid-2025.
Additionally, the Gramalote Project in Colombia is undergoing a feasibility study, which could result in adding another 240,000 ounces annually. These efforts could collectively increase B2Gold's annual production by more than 600,000 ounces, setting the company on a path to substantial growth in the coming years.
