B2Gold (TSX: BTO; NYSE-A: BTG) has had a rough year with falling production in Mali and a delay in first gold and rising costs at its Goose project in Nunavut. But co-founder, president and CEO Clive Johnson believes the company has turned a corner with big growth prospects ahead.
B2Gold’s market cap dropped to about US$5 billion from 2020 highs on rumours about the stability of Mali where it has its largest gold mine, Fekola. The concern stemmed from political instability in Mali in 2020 and 2021, changes to mining laws or talks about the nationalization of assets. Delays in securing new mining licenses in Mali further caused gold output to slump from 1 million oz. last year to about 870,000 oz. in 2024. Inflation and supply chain issues at the Goose project in Nunavut also increased costs, delaying the $1.5 billion project’s first gold pour till July next year.
“Despite the challenges, we’re looking forward to a positive future,” he told The Northern Miner’s western editor, Henry Lazenby, last week during the Gold Forum Americas in Colorado Springs. “We don’t need mergers or acquisitions to grow—we’re adding over 600,000 oz. from existing assets alone.”
The company expects to increase production by 100,000 oz. at Fekola and add 310,000 oz. yearly from Goose by mid-2024. In Colombia, the Gramalote project could contribute another 240,000 oz. annually, if the US$807 million development is approved.
Watch the full interview below:
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