FP/wire say B2Gold to expand in Mali despite coup

2020-09-16 09:38 ET - In the News

The Financial Post reports in its Wednesday edition that B2gold is expanding its gold-mining operations in Mali, undeterred by a military coup and a growing Islamist insurgency in the West African nation. A Bloomberg dispatch to the Post says that Mali's military ousted President Ibrahim Boubacar Keita last month in the country's second coup in less than 10 years. So far, the country's gold mines -- a key source of revenue -- have not been affected by the political turmoil. B2gold is not only boosting output at its flagship Fekola mine, but is examining other opportunities both in Mali and across the region. "The current situation doesn't deter us," chief executive officer Clive Johnson told Bloomberg. "We have always for years been prepared to go where others fear to tread." West Africa, one of the last frontiers for gold-mining investors, is likely to remain in the spotlight as the industry consolidates, according to Mr. Johnson. While B2gold would examine deals, the CEO ruled out "overpaying" for assets as the gold price rally pushes up valuations. "We will consider potentially M&A opportunities, but they have got to be compelling," Mr. Johnson said. B2gold also operates mines in Namibia and the Philippines.

© 2020 Canjex Publishing Ltd. All rights reserved.