B2Gold wins Mali permit after guidance cut

B2Gold won a key permit for its Fekola Regional gold expansion project in Mali, removing a growth hurdle a day after it cut its 2026 production outlook. 

The Fekola complex lies about 500 km west of Bamako on Mali’s border with Senegal, while Fekola Regional is about 20 km from the existing mine. The Menankoto exploitation permit, together with the Dandoko exploration permit, allows B2Gold to start work ahead of regional mining.

“The Fekola Complex is currently the largest producing gold mine in Mali and issuance of the Menankoto Exploitation Permit secures the future of the operation well into the late 2030s,” said CEO Mike Cinnamond.

Shares of B2Gold surged 22% to C$7 apiece in Toronto late Friday afternoon, giving B2Gold a market capitalisation of C$9.4 billion ($6.7 billion). B2Gold will own 65% of Fekola Regional and Mali will own 35% under the country’s 2023 mining code. The existing Fekola mine remains 80% owned by B2Gold and 20% by Mali under the 2012 code.

The permit allows B2Gold to start stripping waste ahead of mining and finalize terms for processing regional ore. The company expects Fekola Regional to ramp up through the end of next year and produce more than 150,000 oz. annually from 2028 through the mid-2030s.