Canadian mining company B2Gold has announced it will invest $10 million to explore Mali’s Fekola gold complex this year, following a settlement with the government that mitigated regulatory risks. In August 2023, Mali’s junta, which had seized power in a 2021 coup, introduced a new mining code that increased the state’s revenue share and eliminated tax exemptions for mining companies. B2Gold quickly negotiated an agreement, settling a tax demand in September and adapting part of its operations to the new code. CEO Clive Johnson stated that the settlement reduced operational risks, ensuring the safety of its staff. In contrast, Barrick Gold, Mali’s largest investor, faced harsher consequences, including the seizure of $250 million in gold and an arrest warrant for its CEO, Mark Bristow.
Source: Reuters
