B2Gold Releases its Eighth Annual Responsible Mining Report and its Third Annual Climate Strategy Report
News Release
B2Gold Releases its Eighth Annual Responsible Mining Report and
its Third Annual Climate Strategy Report
Vancouver, BC, June 3, 2024 – B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G)
(“B2Gold” or the “Company”) is pleased to announce that it has published its eighth annual Responsible
Mining Report entitled “Raising the Bar ” (the “Report”), which details B2Gold's global economic
contributions and its environmental, social, and governance management practices, together with the
Company's performance against key indicators in 2023. Full details are outlined in the Report, which is
available to view or download at the link provided below. All dollar figures are in United States dollars
unless otherwise indicated.
B2Gold is also pleased to announce that it has published its third annual Climate Strategy Report. The 2023
Climate Strategy Report is the Company’s third annual report in line with the recommendations of the Task
Force on Climate-related Financial Disclosures. The Climate Strategy Report presents stakeholders with an
understanding of how B2Gold takes action to manage its climate impacts and climate-related risks.
To view or download a copy of the Responsible Mining Report and Climate Strategy Report and all other
documents referred to in this press release, please visit www.b2gold.com/responsible -mining/esg-
reporting-portal/.
In announcing the release of the Report, Clive Johnson, President & CEO of B2Gold, states “As we reflect
on the progress and challenges of 2023, B2Gold continues to stand firm in its dedication to responsible
mining, a principle that has been the foundation of our identity for over a decade and a half. This year,
amidst the evolving dynamics of global markets and environmental challenges, our commitment to
sustainability, innovation, a nd community engagement has never been more critical. We have leveraged
our core values of fairness, respect, transparency and accountability, not just as guiding principles, but also
as actionable frameworks that inform our strategic business decisions an d operational practices.”
Highlights from the 2023 "Raising the Bar" Responsible Mining Report
Economic Contribution
As a responsible gold miner, B2Gold aims to create and distribute economic value among its stakeholders.
The Company’s successful business results in 2023 are celebrated by its shareholders along with the many
stakeholders in the countries, regions and communities where it operates. B2Gold’s economic performance
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is measured by the economic value that it generates for others, including payments to governments through
taxes and royalties, local hiring and procurement and investment in communities. In 2023, B2Gold:
• Achieved an eighth consecutive year of meeting or exceeding annual production guidance, with
total gold production of 1,061,060 ounces (including 68,717 ounces of attributable production from
Calibre Mining Corp.);
• Generated $1.9 billion in annual revenue;
• Paid $193 million in employee wages and benefits;
• Invested $10.7 million in its local communities; and
• Paid $435 million to governments (through taxes and royalties).
B2Gold is committed to maximizing local and national economic benefits from its contracting and
purchasing. The Company is conscious of the high priority that host communities and governments place
on local procurement. In sourcing the goods and services necessary to run its operations, preference is given
to local businesses where possible, provided they meet minimum safety, quality, ethical and cost
requirements. In 2023, over $600 million of goods and services were procured from local and host -country
businesses. Several 2023 success stories are outlined in the Report.
People
As a reputable corporate citizen, B2Gold generates local employment and opportunities for people to
develop their careers; trains employees to acquire new skills; and opens doors to women, under-represented
groups and previously -disadvantaged people. The Company fosters positive and productive engagement
with employees, provides safe workplaces, and believes that investing in people attracts and retains talented
individuals and assists in their abilities to provide for themselves , their families and their futures .
At the end of 2023, B2Gold employed 6,150 people across all operations. The Company continues to
maintain high local employment rates by targeting recruitment efforts at regional and national levels. Across
all operations, 97% of the total workforce, and 64% of senior management where B2Gold operates abroad,
was comprised of national employees.
B2Gold values a diverse workforce . Over the past few years, the Company has made significant strides in
advancing its Equity, Diversity and Inclusion initiatives. In 2021, the adoption of a Diversity Policy by the
Company’s Board underscored its commitment to promoting and achieving gender diversity at all levels of
the organization and B2Gold is pleased to report that as of the end of 2023, 44% of its directors represent
gender- or ethnically-diverse categories, surpassing its target of 30%.
Health and Safety
As a result of B2Gold’s focus on injury prevention, the Company is once again pleased to report that it has
maintained a zero -fatality workplace (for the eighth consecutive year). Additionally, B2Gold’s stringent
health and safety protocols have led to zero registered occupational hygiene exposure claims for the sixth
consecutive year, and its injury rates remain amongst the lowest in the mining industry , with a Lost Time
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Injury Frequency Rate of 0.05 in 2023. These achievements underscore the Company’s position as a leader
in safety performance within the industry.
Communities
B2Gold maintains its social licence to operate by building trust -based relationships with stakeholders and
implementing community investment activities based on local ownership and development priorities.
Highlights of the 2023 community investment programs include:
• At the Otjikoto Mine, B2Gold Namibia, in partnership with civil society, has established a three -
year social investment transition strategy that aims to ensure a smooth handover process of social
projects and funding. In 2023, the Company supported early childhood development p rograms,
primary and secondary schools, vocational training and small -scale enterprise development.
• At the Fekola Complex, B2Gold, in partnership with Global Affairs Canada, is supporting the
FEMA Project ( Femmes et Enfants des Communautés Minières Artisanales ), which aims to
improve conditions for women and children living in artisanal and small-scale mining communities
within the Fekola Complex’s area of influence. The FEMA Project is a five -year partnership that
was initiated in March 2022.
• At the Masbate Gold Project, investment was focused on education, access to health services and
facilities, enterprise development, livelihood development and vocational training. In addition,
Masbate conducted an extensive consultation process with its eight impacted communities to
design the fourth iteration of the Social Development Management Plan for 2024 -2028. Priorities
for the next five years include vocational and technical skills training and strengthening local
business and employment by partn ering with large national and international industries.
• B2Gold continues to build on a strong relationship with Kitikmeot Inuit and their communi ties in
Canada’s Arctic, following the acquisition of Sabina Gold & Silver Corp. B2Gold has invested in
collaborative projects throughout the Kitikmeot region that enhance community wellness, youth
sports and recreation and initiatives aimed at support for women and Elders. The B2Gold team
continues to work closely with the Kitikmeot Inuit Association to advance even more initiatives to
ensure the benefits of the Back River Gold District reach the communities of Cambridge Bay,
Kugluktuk, Gjoa Haven, Taloyoak and Kugaaruk.
Environment
In 2023, B2Gold took further strides in environmental stewardship and sustainable operations, with a
renewed emphasis on biodiversity alongside its ongoing commitment to climate action. Recognizing the
critical importance of maintaining the planet's biological diversity, the Company updated its Environmental
and Biodiversity Policy and Performance Standards to align with its strategy towards achieving No Net
Loss of critical habitat. This commitment reflects B2Gold’s holistic approach to environmental
management, ensuring that its operations not only minimize harm, but also actively contribute to the health
and resilience of the ecosystems in which it operates.
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The Company’s dedication to reducing greenhouse gas ( “GHG”) emissions remains unwavering, with a
target to cut Scope 1 and 2 emissions by 30% by 2030 against a 2021 baseline. The expansion of the Fekola
solar plant, scheduled for commissioning in the second half of 2024, is a testament to B2Gold’s proactive
approach in decarbonizing its operations, aiming to significantly reduce GHG emissions and heavy fuel oil
consumption.
As B2Gold continues to advance, its operations will act on site -specific Climate Action Plans, translating
its broad commitments into precise and impactful operational actions. These actions underscore B2Gold's
commitment to not only navigating the challenges posed by climate change and environmental degradation,
but also to playing a pivotal role in the solution, moving the Company towards a more sustainable and
resilient future.
Approach to Reporting
B2Gold is committed to the transparency of its sustainability risks, management and performance. The
Report is aligned with the Global Reporting Initiative Standards and the Sustainability Accounting
Standards Board Standard. The Company firmly believe s that the mining industry has an opportunity to
contribute positively to the United Nations Sustainable Development Goals and it has reported its
contribution in this regard since 2018.
Highlights from the 2023 Climate Strategy Report
2023 Highlights
• B2Gold committed to a GHG emissions reduction target of a 30% reduction in Scope 1 and 2
emissions by 2030 against a 2021 baseline.
• Began financial assessment of key climate risks identified at sites during previous climate scenario
analysis workshops. This work not only aims to mitigate immediate risks , but also to lay the
groundwork for achieving the Company’s commitment to GHG emissions reduction.
• Each operation developed site -specific Climate Action Plans, identifying local climate risks,
climate adaption mitigation measures, energy efficiency and reduction measures, and employee
and community awareness actions.
• The total Scope 1 and 2 GHG emissions (for the Fekola, Masbate and Otjikoto operations) and
emissions intensity both decreased from 2022. The Scope 1 and 2 GHG emissions were an
estimated 701 thousand tonnes carbon dioxide equivalent ( “CO2e”) in 2023 (compared with 739
thousand tonnes in 2022). The Company’s consolidated GHG emissions intensity was 0.71 tonnes
CO2e per gold ounce produced in 2023 (compared with 0.76 in 2022).
• The proportion of electricity generated from renewable sources increased significantly to 22.9% in
2023 from 14.3% in 2022, for consolidated operations.
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Looking Forward – 2024 and Beyond
In 2024, B2Gold will increase the proportion of renewable energy used at two of its operations. The
completion of the expansion of the Fekola solar plant in Mali is projected to reduce GHG emissions by
approximately 23,800 tonnes per year. In Namibia, the commissioning of a third -party solar facility toward
the end of the year is expected to provide an additional 25% of the Otjikoto Mine’s electricity from
renewable sources.
In addition to increasing the proportion of renewable energy sources in its electricity supply, the Company
is also evaluating and monitoring several additional avenues for carbon reduction including energy
efficiency and reduction, alternative fuels, optimizing fleet management and materials movement. B2Gold
is committed to staying at the forefront of innovation by collaborating with industry -leading suppliers,
ensuring readiness to adopt emerging technologies that align with their decarbonization goals.
About B2Gold
B2Gold is a low -cost international senior gold producer headquartered in Vancouver, Canada. Founded in
2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, a mine under
construction in northern Canada and numerous development and exploration projects in various countries
including Mali, Colombia and Finland.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact:
Michael McDonald Cherry DeGeer
VP, Investor Relations & Corporate Development Director, Corporate Communications
+1 604-681-8371 +1 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and NYSE American LLC neither approve nor disapprove the information contained in
this news release.
Production results and production guidance presented in this news release reflect total production at the mines B2Gold
operates on a 100% project basis. Please see our Annual Information Form dated March 14, 2024, for a discussion
of our ownership interest in the mines B2Gold operates.
This news release includes certain "forward -looking information" and "forward -looking statements" (collectively
forward-looking statements") within the meaning of applicable Canadian and United States securities legislation,
including: projections; outlook; guidance; forecasts; estimates; and other statements regarding future or estimated
financial and operational performance, gold production and sales, revenues and cash flows, and capital costs
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(sustaining and non-sustaining) and operating costs, including projected cash operating costs and AISC, and budgets
on a consolidated and mine by mine basis; future or estimated mine life, metal price assumptions, ore grades or
sources, gold recovery rates , stripping ratios, throughput, ore processing; statements regarding anticipated
exploration, drilling, development, construction, permitting and other activities or achievements of B2Gold; and
including, without limitation: the Company reducing its GHG emissions by 30% by 2030 against a 2021 baseline; the
Fekola solar plant expansion being commissioned in the second half of 2024 and reducing GHG emissions by
approximately 23,800 tonnes per year; and the commissioning of a third-party solar facility in Namibia providing an
additional 25% of the Otjikoto Mine’s electricity from renewable resources. All statements in this news release that
address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are generally, although not always, identified by words such
as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate",
"intend" or "believe" an d similar expressions or their negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions
and estimates of management as of the date such statements are made.
Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond
B2Gold's control, including risks associated with or related to: the volatility of metal prices and B2Gold's common
shares; changes in tax laws; the dangers inherent in exploration, development and mining activities; the uncertainty
of reserve and resource estimates; not achieving production, cost or other estimates; actual production, development
plans and costs differing materially from the estimates in B2Gold's feasibility and other studies; the ability to obtain
and maintain any necessary permits, consents or authorizations required for mining activities; environmental
regulations or hazards and compliance with complex regulations associated with mining activities; climate change
and climate change regulations; the ability to replace mineral reserves and identify acquisition opportunities; the
unknown liabilities of companies acquired by B2Gold; the ability to successfully integrate new acquisi tions;
fluctuations in exchange rates; the availability of financing; financing and debt activities, including potential
restrictions imposed on B2Gold's operations as a result thereof and the ability to generate sufficient cash flows;
operations in foreign and developing countries and the compliance with foreign laws, including those associated with
operations in Mali, Namibia, the Philippines and Colombia and including risks related to changes in foreign laws and
changing policies related to mining and local ownership requirements or resource nationalization generally; remote
operations and the availability of adequate infrastructure; fluctuations in price and availability of energy and other
inputs necessary for mining operations; shortages or cost increa ses in necessary equipment, supplies and labour;
regulatory, political and country risks, including local instability or acts of terrorism and the effects thereof; the
reliance upon contractors, third parties and joint venture partners; the lack of sole decision-making authority related
to Filminera Resources Corporation, which owns the Masbate Project; challenges to title or surface rights; the
dependence on key personnel and the ability to attract and retain skilled personnel; the risk of an uninsurable o r
uninsured loss; adverse climate and weather conditions; litigation risk; competition with other mining companies;
community support for B2Gold's operations, including risks related to strikes and the halting of such operations from
time to time; conflict s with small scale miners; failures of information systems or information security threats; the
ability to maintain adequate internal controls over financial reporting as required by law, including Section 404 of
the Sarbanes-Oxley Act; compliance with anti-corruption laws, and sanctions or other similar measures; social media
and B2Gold's reputation; risks affecting Calibre having an impact on the value of the Company's investment in
Calibre, and potential dilution of our equity interest in Calibre; as well as other factors identified and as described in
more detail under the heading "Risk Factors" in B2Gold's most recent Annual Information Form, B2Gold's current
Form 40-F Annual Report and B2Gold's other filings with Canadian securities regulators and the U.S. Securities and
Exchange Commission (the "SEC"), which may be viewed at www.sedar .com and www.sec.gov, respectively (the
"Websites"). The list is not exhaustive of the factors that may affect B2Gold's forward-looking statements.
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B2Gold's forward-looking statements are based on the applicable assumptions and factors management considers
reasonable as of the date hereof, based on the information available to management at such time. These assumptions
and factors include, but are not limited to, assumptions and factors related to B2Gold's ability to carry on current and
future operations, including: development and exploration activities; the timing, extent, duration and economic
viability of such operations, including any mineral res ources or reserves identified thereby; the accuracy and
reliability of estimates, projections, forecasts, studies and assessments; B2Gold's ability to meet or achieve estimates,
projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign
exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and
future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future
social, economic and political conditions; and other assumptions and factors generally associated with the mining
industry.
B2Gold's forward-looking statements are based on the opinions and estimates of management and reflect their current
expectations regarding future events and operating performance and speak only as of the date hereof. B2Gold does
not assume any obligation t o update forward -looking statements if circumstances or management's beliefs,
expectations or opinions should change other than as required by applicable law. There can be no assurance that
forward-looking statements will prove to be accurate, and actual results, performance or achievements could differ
materially from those expressed in, or implied by, these forward-looking statements. Accordingly, no assurance can
be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do,
what benefits or liabilities B2Gold will derive therefrom. For the reasons set forth above, undue reliance should not
be placed on forward-looking statements.