Gold Miner for B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) Gains on News of Mali Government Agreement
September 12, 2024 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a go-to platform for big investing ideas for traders, including mining stocks reports on trading for B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G), a low-cost international senior gold producer headquartered in Vancouver, Canada.
With gold moving higher today, lifting gold stocks, B2Gold is also moving higher on news.
The stock is trading at $4.1450, up 0.4250, gaining 11.44% on the TSX and is trading at $3.050, up 0.3100, gaining 11.31% on the NYSE on volume of over 31 Million shares as of this report.
Yesterday on the close B2Gold announced that it has agreed to terms with the State of Mali (the "State") in connection with the ongoing operation and governance of the Fekola Complex, including the development of both the underground project at the Fekola Mine (owned 80% by B2Gold and 20% by the State of Mali) and Fekola Regional. The Fekola Complex is comprised of the Fekola Mine (Medinandi permit hosting the Fekola and Cardinal pits and Fekola underground) and Fekola Regional (Anaconda Area (Bantako, Menankoto, and Bakolobi permits) and the Dandoko permit), which is located approximately 20 kilometers ("km") from the Fekola Mine. All dollar figures are in United States dollars unless otherwise indicated.
Highlights:
Exploitation permits for Fekola Regional and approval of exploitation phase of Fekola underground to be expedited: Upon issuance of the exploitation permit for Fekola Regional, mining operations will begin with initial gold production expected to commence in early 2025, with the potential to generate approximately 80,000 to 100,000 ounces of additional gold production per year from Fekola Regional sources through the trucking of open pit ore to the Fekola mill. Initial gold production from Fekola underground is expected to commence in mid-2025.
Fekola Mine to continue to be governed by Mali's 2012 Mining Code, with the Fekola Mining Convention remaining in place until 2040; Fekola Regional to be governed by the 2023 Mining Code: For the Fekola Mine, the Agreement includes continued stability of the ownership, income tax and customs regimes and the Company's dispute resolution rights under the Fekola Mining Convention.
Provides the Fekola Complex a clean slate to move forward under the new economic partnership with the State of Mali: The Agreement contemplates the distribution of all retained earnings currently attributable to the State's 10% ordinary share interest and conversion of that interest to a 10% preferred share interest with priority dividends going forward, and settles any and all existing tax assessments, customs disputes, and other assessments currently outstanding.
Recent news
https://ca.finance.yahoo.com/news/b2gold-reaches-agreement-terms-mali-234500237.html
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