CANADIAN gold miner B2Gold said it had been granted approval by the Mali government to begin underground mining development at its 80%-owned Fekola gold mine.
Mining underground at Fekola will result in an additional 25,000 to 35,000 ounces in gold production this year with output ramping up significantly in 2026, the firm said.
By far the greater value-add to Fekola, however, is the development of the Fekola Regional orebodies known as the Menankoto and the Dandoko permits.
The Mail government has a 35% stake in this part of Fekola in terms of its 2024 Mining Code to which B2Gold signed last year. The existing Fekola open pit, including underground areas, is 20% owned by the government.
Fekola Regional will add 180,000 oz in annual gold production in its first four full years of production from 2026 to 2029, said B2Gold. Theese pits will also extend Fekola’s mine life well into the 2030’s, it said.
Fekola is forecast to produce 515,000 to 550,000 oz this year.
B2Gold was relatively early to sign an agreement with Mali’s government on the controversial new mining code. Resolute Mining fell into line after its then CEO was held in detention for 10 days.
Barrick Mining, however, is yet to reach an agreement with the government which has resulted in the suspension of mining at Loulo-Gounkoto, now to be reopened under the control of the Mali government.
Barrick Mining is taking the matter to international arbitration amid three failed attempts to reach an agreement with the government.
