B2Gold wins Mali permit after guidance cut
The approval removes one of the two problems analysts tied to Thursday’s guidance cut.
B2Gold, a Canadian gold mining company, secured a Menankoto exploitation permit for its Fekola Regional gold expansion project in Mali on Friday, a day after reducing its 2026 production outlook. This permit, along with the Dandoko exploration permit, gives B2Gold the ability to commence work on the region ahead of other mining activities.
CEO Mike Cinnamond expressed confidence in the future of the operation, stating that the Fekola Complex is the largest producing gold mine in Mali, and the permit will secure its viability until the late 2030s. However, the approval does not guarantee increased Fekola Regional output this year, as the fire-damaged crushing circuit at Goose in Nunavut remains an ongoing operational challenge.
B2Gold's ownership of the Fekola Regional project is 65% by the company and 35% by Mali under the 2023 mining code, compared to the current 80% and 20% ownership under the 2012 code. The company anticipates ramping up Fekola Regional production through the end of next year and achieving annual production of over 150,000 ounces from 2028 to the mid-2030s.
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