Dramatic Projected Growth
Fekola
Mali
Masbate
Philippines
Otjikoto
Namibia
Kiaka / Toega
Burkina Faso
Gramalote
Colombia
Share Capital(1)
| Total Shares Issued and Outstanding |
1,048,346,727 |
| Directors and Management |
16,147,162 |
| Stock Options |
19,924,471 |
| Restricted Share Units |
4,259,793 |
| Total Shares Diluted |
1,074,296,996 |
| Market Capitalization (Basic)(2) |
$9,026,265,319 |
| Market Capitalization (Diluted)(3)(4) |
$9,249,697,136 |
The following firms are covering B2Gold and have issued reports:
| Company |
Analyst |
| Bank of America Merrill Lynch |
Lawson Winder |
| BMO Capital Markets |
Brian Quast |
| Canaccord Genuity Corp. |
Carey MacRury |
| CIBC World Markets |
Bryce Adams |
| Clarus Securities |
Jamie Spratt |
| Cormark Securities |
Richard Gray |
| Eight Capital |
Ralph Profiti |
| Haywood Securities Inc. |
Geordie Mark |
| M Partners |
Bereket A. Berhe |
| National Bank Financial |
Don DeMarco |
| PI Financial Corp. |
Chris Thompson |
| Raymond james |
TBD |
| RBC Capital Markets |
Josh Wolfson |
| Scotia Capital |
Ovais Habib |
| Stifel GMP |
Ingrid Rico |
| TD Securities |
Steven J Green |
Management
|
Clive T. Johnson - President, Chief Executive Officer & Director
Clive Johnson has served as a Director and the President of B2Gold since December 2006 and Chief Executive Officer since March 2007. Click here for full bio |
Roger Richer - Executive Vice President, General Counsel & Secretary
Roger Richer has served as our Executive Vice President, General Counsel since March 2007 and our Secretary since December 2006. Click here for full bio |
Mike Cinnamond - Senior Vice President, Finance & Chief Financial Officer
Mike Cinnamond has served as our Senior Vice President of Finance and Chief Financial Officer since April 1, 2014. Click here for full bio |
|
Tom Garagan - Senior Vice President, Exploration
|
Dennis Stansbury - Senior Vice President, Engineering & Project Evaluations
Dennis Stansbury has served as our Senior Vice President of Engineering and Project Evaluations (and prior to that our Senior Vice President of Development and Production) since March 2007. Click here for full bio |
William Lytle - Senior Vice President, Operations
William ("Bill") Lytle originally joined the team in 1998 with Bema Gold Corporation, while working on the Company's Kupol and Julietta projects. Click here for full bio |
|
Ian MacLean - Vice President, Investor Relations
|
Dale Craig - Vice President, Operations
Dale Craig has been involved in the mining industry for more than thirty years, and has worked in a variety of mine operations including lead/zinc/copper, coal and gold. Click here for full bio |
Eduard Bartz - Vice President, Taxation & External Reporting
Eduard Bartz has approximately 20 years of direct experience in the mining industry, joining Bema in April 1997. Click here for full bio |
|
Brian Scott - Vice President, Geology & Technical Services
Mr. Scott was appointed in 2015 and is a registered Professional Geologist with more than 30 years of experience within the exploration/mining industry. Click here for full bio |
John Rajala - Vice President, Metallurgy
ohn Rajala has more than 30 years of experience in precious metals plant operations, management, engineering and process development. Click here for full bio |
Neil Reeder - Vice President, Government Relations
Neil Reeder joins B2Gold following a distinguished government career of over 35 years with Global Affairs Canada. Click here for full bio |
|
Dana Rogers - Vice President, Finance
Dana Rogers was appointed Vice President of Finance in October 2018. Ms. Rogers joined B2Gold in January 2014 as Corporate Controller and was promoted to Director of Finance in 2017. Click here for full bio |
Randy Reichert - Vice President, Operations
Mr. Reichert has 30 years’ experience in the mining industry and has a long history of working with B2Gold’s management team, initially with Bema Gold Corporation at its Julietta and Kupol mines in Russia’s Far East and, most recently, at B2Gold’s Fekola Mine in Mali. Click here for full bio |
Randall Chatwin - Vice President, Associate General Counsel
Mr. Chatwin has more than 15 years’ experience in the mining industry and joins B2Gold from Goldcorp Inc. Click here for full bio |
Directors
|
Clive T. Johnson - President & Chief Executive Officer & Director
Clive Johnson has served as a Director and the President of B2Gold since December 2006 and Chief Executive Officer since March 2007. Click here for full bio |
Robert Cross - Chairman
Robert Cross has more than 25 years of experience as a financier in the mining and oil & gas sectors. Click here for full bio |
Robert Gayton
Robert Gayton is a Chartered Accountant and has acted as a consultant to various public companies since 1987. Click here for full bio |
|
Jerry Korpan
Jerry Korpan has a Bachelor of Arts from the University of Alberta and a graduate degree from the University of Portland. Click here for full bio |
Bongani Mtshisi
Bongani Mtshisi is a mining engineer by training with more than 17 years of experience working in key commodity sectors such as gold,Platinum, Diamonds and base metals ( Anglo Platinum, Sub Nigel, Gold One, Debeers/ HUF JV). Mr Mtshisi was co-founder and Chairman of Pan African oil(TSXv - PAO), Auryx Gold (TSX- AYX) and BSC Resources LTD. Click here for full bio |
Kevin Bullock
|
|
George Johnson
George Johnson served as B2Gold’s Senior Vice President of Operations from August 2009 until April 2015 when he retired. Click here for full bio |
Robin Weisman
Robin Weisman joins B2Gold as a continuation of her respected career deeply-rooted in resource sector finance, where she was most recently the principal investment officer at the International Finance Corporation (“IFC”) in Washington, D.C. Click here for full bio |
Liane Kelly
Liane Kelly is a CSR professional who has been working with B2Gold since 2011. She is currently the company’s corporate CSR Advisor and is responsible for B2Gold’s sustainability reporting. Click here for full bio |
Mine & Project Locations
Click the map below to view our projects
Summary of Mineral Reserve & Mineral Resource Estimates
Mineral Reserves are reported from pit designs and underground stope designs based on Indicated Mineral Resources. Mineral Resources are reported inclusive of those Mineral Resources that have been converted to Mineral Reserves.
Economic parameters such as mining costs, processing costs, metallurgical recoveries and geotechnical considerations have been applied to determine economic viability of the Mineral Reserves based on a gold price of US$1,350 per ounce (“/oz”). Mineral Reserves contained in stockpiles that meet the project-specific Mineral Reserve cut-off grades are also included for the Fekola Mine, the Otjikoto Mine and the Masbate Gold Project.
Mineral Resources amenable to open pit mining are constrained with conceptual pit shells defined by economic parameters and using a gold price of US$1,500/oz (except where otherwise noted). Mineral Resources amenable to underground mining methods are reported above cut-off grades defined by site operating costs and using a gold price of US$1,500/oz. Mineral Resources contained in stockpiles that meet the project-specific cut-off grades are also included for the Fekola Mine, the Otjikoto Mine and the Masbate Gold Project. Gold grades are expressed in grams per tonne of gold (“g/t Au”).
Except where stated otherwise, Mineral Reserve and Mineral Resource estimates for our operating mines have been updated to account for mining depletion, using topographic surfaces as of December 31, 2019. These Mineral Reserve and Mineral Resource estimates are reported by project/mine on both a 100% project basis reflecting the total Mineral Resources and Mineral Reserves and the applicable project specific attributable basis reflecting our ownership interest (details in table footnotes below).
Probable Mineral Reserves Statement
| Country |
Mine or Project |
100% Project Basis |
Attributable Ownership Basis |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
Ownership
Percentage
(%) |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
| Mali |
Fekola |
59,500 |
2.22 |
4,250 |
80 |
47,600 |
2.22 |
3,400 |
| Philippines |
Masbate |
83,200 |
0.83 |
2,210 |
100 |
83,200 |
0.83 |
2,210 |
| Namibia |
Otjikoto |
17,500 |
1.70 |
960 |
90 |
15,700 |
1.70 |
860 |
| Total Probable Mineral Reserves (includes stockpiles) |
7,420 |
|
6,470 |
- Mineral Reserves have been classified using the Canadian Institute of Mining, Metallurgy and Petroleum Standards (“CIM”). All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
- Fekola Mine: Mineral Reserves are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. The Mineral Reserves have an effective date of December 31, 2019 and have been prepared by Peter D. Montano, P.E., our Project Director, and a Qualified Person under NI 43-101. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 94%, selling costs of US$113.88/oz including royalties, average mining cost of US$2.27 per tonne (“/t”) mined, average processing cost of US$15.32/t processed, and site general costs of US$4.27/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at an 0.8 g/t Au cut-off there is a 0.7% increase in tonnes, a 1.7% reduction in grade, and 1.0% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported above a cut-off grade of 0.8 g/t Au.
- Masbate Gold Project: Mineral Reserves are reported on a 100% attributable basis. Pursuant to the ore sales and purchase agreement between Filminera Resources Corporation (“Filminera”) and Philippine Gold Processing & Refining Corporation (“PGPRC”), our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements. Please see “Material Properties – Masbate Gold Project” on pages 31 - 41 in B2Gold’s Annual Information Form ("AIF") dated March 20, 2020 (click here), for a further discussion of the foregoing. The Mineral Reserves have an effective date of December 31, 2019. The Qualified Person for the estimate is Kevin Pemberton, P.E., our Chief Mine Planning Engineer. Mineral Reserves are based on a conventional open pit mining method, gold price of US$1,350/oz, modeled metallurgical recovery (resulting in average LOM metallurgical recoveries by pit that range from 64–85%), selling costs of $58.15/oz (including the excise tax), and average base operating cost estimates of US$1.41–$1.67/t mined (mining), US$11.37/t processed (processing including capital costs) and US$1.98–US$3.31/t processed (general and administrative). Dilution and ore loss were applied through block averaging such that at a cut-off of 0.45 g/t Au, there is a 5.1% increase in tonnes, a 5.6% reduction in grade and 0.8% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves are reported at cut-offs that range from 0.40–0.53 g/t Au.
- Otjikoto Mine: Otjikoto Mineral Reserves are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by EVI Mining (Proprietary) Ltd. (“EVI”), a Namibian empowerment company. The Otjikoto Mineral Reserves within the open pits and stockpiles have an effective date of December 31, 2019 and have been prepared by Peter D. Montano, P.E., our Project Director, and a Qualified Person under NI 43-101. Mineral Reserves within the open pits and stockpiles are based on a conventional open pit mining method, gold price of US$1,350/oz, metallurgical recovery of 98%, selling costs of US$57.44/oz including royalties and levies, average mining cost of US$2.29/t mined, average processing cost of US$12.26/t processed, and site general costs of US$3.15/t processed. Reserve model dilution and ore loss was applied through whole block averaging such that at a 0.45 g/t Au cut-off there is a 2.3% decrease in tonnes, a 2.2% reduction in grade, and a 4.4% reduction in ounces when compared to the Mineral Resource model. Mineral Reserves within the open pits and stockpiles are reported above a cut-off grade of 0.45 g/t Au. Mineral Reserves to be mined using underground methods at Wolfshag have an effective date of December 31, 2019, and have been prepared by Kyle Foster, P. Eng, our Senior Mine Engineer, and a Qualified Person under NI 43-101. Mineral Reserves to be mined using underground methods are based on a modified transverse longhole stoping mining method, gold price of US$1,350/oz, metallurgical recovery of 98%, selling costs of US$57.44/oz including royalties and levies, average mining cost of US$83.60/t mined, average processing cost of US$12.26/t processed, general costs of US$3.15/t processed, 10% dilution, and 90% mining recovery. Underground Mineral Reserves are reported above a cut-off grade of 2.68 g/t Au.
- Stockpiles: Mineral Reserves in stockpiled material are reported in the totals for the Fekola Mine, the Otjikoto Mine and the Masbate Gold Project, and were prepared by mine site personnel at each operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods. Stockpile cut-offs vary by deposit, from 0.4–0.7 g/t Au.
Indicated Mineral Resource Statement
| Country |
Mine or Project |
100% Project Basis |
Attributable Ownership Basis |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
Ownership
Percentage
(%) |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
| Mali |
Fekola |
110,600 |
1.70 |
6,050 |
80 |
88,500 |
1.70 |
4,840 |
| Philippines |
Masbate |
121,900 |
0.86 |
3,370 |
100 |
121,900 |
0.86 |
3,370 |
| Namibia |
Otjikoto |
39,200 |
1.16 |
1,460 |
90 |
35,300 |
1.16 |
1,310 |
| Burkina Faso |
Kiaka |
138,500 |
0.95 |
4,250 |
81 |
112,100 |
0.95 |
3,440 |
| Colombia |
Gramalote |
78,200 |
0.85 |
2,140 |
48.3 |
37,800 |
0.85 |
1,030 |
Total Indicated Mineral
Resources (includes Stockpiles) |
17,270 |
|
14,000 |
Inferred Mineral Resource Statement
| Country |
Mine or Project |
100% Project Basis |
Attributable Ownership Basis |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
Ownership
Percentage
(%) |
Tonnes
(x 1,000) |
Gold Grade
(g/t Au) |
Contained Gold
Ounces
(x 1,000) |
| Mali |
Fekola |
7,000 |
1.23 |
280 |
80 |
5,600 |
1.23 |
220 |
| Anaconda |
21,600 |
1.11 |
770 |
85 |
18,300 |
1.11 |
650 |
| Philippines |
Masbate |
19,800 |
0.91 |
580 |
100 |
19,800 |
0.91 |
580 |
| Namibia |
Otjikoto |
4,500 |
2.55 |
370 |
90 |
4,100 |
2.55 |
330 |
| Burkina Faso |
Kiaka |
28,400 |
0.99 |
900 |
81 |
23,000 |
0.99 |
730 |
| Toega |
17,500 |
2.01 |
1,130 |
81 |
14,200 |
2.01 |
920 |
| Colombia |
Gramalote |
129,200 |
0.68 |
2,830 |
48.3 |
62,400 |
0.68 |
1,370 |
| Total Inferred Mineral Resources |
6,860 |
|
4,800 |
- Mineral Resources have been classified using the CIM Standards. Mineral Resources are reported inclusive of those Mineral Resources that have been modified to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. All tonnage, grade and contained metal content estimates have been rounded; rounding may result in apparent summation differences between tonnes, grade, and contained metal content.
- Fekola Mine: Mineral Resources are reported on a 100% project and an 80% attributable basis, the remaining 20% interest is held by the State of Mali. The Mineral Resources have an effective date of December 31, 2019. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Project Director. Mineral Resource estimates assume an open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 94.0%, and average operating cost estimates of US$2.27/t mined (mining), US$15.32/t processed (processing) and US$4.27/t processed (general and administrative). Mineral Resources are reported at a cut-off of 0.5 g/t Au.
- Anaconda Area: Mineral Resources are reported on a 100% project and an 85% attributable basis; under the 2012 Mining Code, the State of Mali has a 10% free carried interest with an option to acquire an additional 10% participating interest, and 5% is held by a third party. The Mineral Resources were prepared in March 2017 and have an effective date of December 31, 2019. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resource estimates assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 95%, and average operating cost estimates of US$1.75/t mined (mining), US$8.10/t processed (processing) and US$2.75/t processed (general and administrative). Mineral Resources are reported at a cut-off of 0.35 g/t Au.
- Masbate Gold Project: Mineral Resources are reported on a 100% project basis. Pursuant to the ore sales and purchase agreement between Filminera and PGPRC, our wholly-owned subsidiary, PGPRC has the right to purchase all ore from the Masbate Gold Project. We have a 40% interest in Filminera, which owns the majority of the Masbate Gold Project tenements. Please see “Material Properties – Masbate Gold Project” on pages 31 - 41 in B2Gold’s AIF dated March 20, 2020 (click here) for a further discussion of the foregoing. The Mineral Resources have an effective date of December 31, 2019. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Kevin Pemberton, P.E., our Chief Mine Planning Engineer. Mineral Resource estimates assume an open pit mining method, gold price of US$1,500/oz, modeled metallurgical recovery (resulting in average metallurgical recoveries by resource area that range from 58% to 82%), and operating cost estimates of US$1.41–$1.67/t mined (mining), US$11.38/t processed (processing) and US$1.98–3.31/t processed (general and administrative). Mineral Resources are reported at an average cut-off of 0.4 g/t Au.
- Otjikoto Mine: Mineral Resources are reported on a 100% project and a 90% attributable basis; the remaining 10% interest is held by EVI. The Mineral Resources have an effective date of December 31, 2019. The Qualified Person for the resource estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. The Qualified Person for the stockpile estimate is Peter Montano, P.E., our Project Director. Mineral Resource estimates that are amenable to open pit mining methods assume a gold price of US$1,500/oz, metallurgical recovery of 98%, and operating cost estimates of US$2.29/t mined (mining), US$12.26/t processed (processing) and US$3.15/t processed (general and administrative). Mineral Resources that are amenable to open pit mining are reported at a cut-off of 0.4 g/t Au. Mineral Resources that are amenable to underground mining are reported at cut-offs of 2.4 or 3.0 g/t Au.
- Kiaka Project: Mineral Resources are reported on a 100% project and an 81% attributable basis; the remaining interest is held by GAMS-Mining F&I Ltd (9%) a Cypriot company, and the Government of Burkina Faso (10%). The Mineral Resource estimate has an effective date of December 31, 2019. The Qualified Person for the estimate is Tom Garagan, our Senior Vice President, Exploration. Mineral Resources assume an open pit mining method, gold price of US$1,500/oz, metallurgical recovery of 91.46%, and operating cost estimates of US$1.69/t mined (mining), US$12.46/t processed (processing), and US$1.41/t processed (general and administrative). Mineral Resources are reported at a cut-offs of 0.40 and 0.45 g/t Au.
- Toega Project: Mineral Resources are reported on a 100% project and an 81% attributable basis; the remaining interest is held by GAMS-Mining F&I Ltd (9%) a Cypriot company, and the Government of Burkina Faso (10%) (representing the 10% interest that will be transferred to the Burkina Faso government if the project advances). The Mineral Resource estimate has an effective date of December 31, 2019. The Qualified Person for the estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resources assume an open pit mining method, gold price of US$1,400/oz, metallurgical recovery of 86.2%, and operating cost estimates of US$2.50/t mined (mining), US$10.00/t processed (processing) and US$2.10/t processed (general and administrative). Mineral Resources are reported at a cut-off of 0.6 g/t Au.
- Gramalote Project: Mineral Resources are reported on a 100% project and a 48.3% attributable basis; the remaining 51.7% interest is held by AngloGold Ashanti Limited. The Mineral Resource estimate has an effective date of December 31, 2019. The Qualified Person for the estimate is Tom Garagan, P.Geo., our Senior Vice President, Exploration. Mineral Resources assume an open pit mining method, gold price of US$1,500/oz., metallurgical recovery of 81.7 to 83.9% for oxide and 90.9 to 95% for sulphide, and operating cost estimates of US$1.82 to $2.13/t mined (average mining cost), US$4.00 to $4.10 for oxide and US$6.56 to 6.66/t for sulphide processed (processing) and US$1.89/t processed (general and administrative). Mineral Resources are reported at cut-offs of 0.15 g/t Au for oxide and 0.20 g/t Au for sulphide.
- Stockpiles: Mineral Resources in stockpiled material are reported in the totals for the Fekola Mine, the Otjikoto Mine and the Masbate Gold Project, and were prepared by mine site personnel at each operation. Ore stockpile balances are derived from mining truck movements to individual stockpiles or detailed surveys, with grade estimated from routine grade control methods.
Profitability and Growth
Extensive Management Experience
Strong Financial Position
World-class exploration, construction and operations teams
