B2Gold Responds to News Regarding New Mali Mining Code
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News Release
B2Gold Responds to News Regarding New Mali Mining Code
Vancouver, March 20, 2018 – B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G)
("B2Gold" or the "Company") would like to address certain erroneous media reports from Mali regarding
the development of a new mining code and reconfir m the Company's legal standing pertaining to the
Fekola Mine under the 2012 Mali Mining Code. Statemen ts attributed to a Government Minister at a
recent joint news conference with the International Monetary Fund suggested that if compromises with
mining companies are not achieved, amendments to th e mining code may be unilaterally implemented.
The full details of any proposed new mining code a nd the timing for its implementation are not known at
this time. Government officials have advised the Company that the Minister's comments were taken out
of context in such news report and should not be applied to all mining operations in Mali.
B2Gold's interest in its Fekola Mine in Mali is governed by a finalized and enforceable mining
convention (as amended) with the State of Mali that includes stabilization provisions which provide that
the Fekola Mine is subject to the Mali Mining C ode (2012) for the durati on of its operations and
subsequent amendments to the Mali Mining Code are not applicable to it. As a result of these provisions,
the Company believes its interests in Fekola are prot ected and that any contemplated amendments in a
new mining code will not apply to Fekola withou t B2Gold's agreement. No Malian government
representative has informed any B2Go ld representatives in Mali or elsewhere that the government does
not agree with the Company's position. B2Gold has developed an excellent relationship over the last
three years with the Government of Mali. All ne gotiations between the Company's senior representatives
and the Malian Government Ministries have been co nducted and concluded in an environment of mutual
fairness, respect and transparency.
As previously disclosed, including in our recent Ma nagement’s Discussion & Analysis for the year ended
December 31, 2017, in August 2017, the Company finali zed certain other agreements with the State of
Mali including a shareholders' agreement for Fekola S.A., the holder of the Fekola Mine, and a share
purchase agreement for the purchase by the State of Mali of an additional 10% participating interest in
Fekola. These agreements have been signed by th e relevant Malian government ministers and approved
by the Malian Council of Ministers and are now subj ect only to final ratification by the Mali National
Assembly, which is now expected at their next scheduled sitting in April 2018. Upon such ratification, the
Company will transfer ownership of 20% of Fekola SA to the State of Mali.
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About B2Gold
Headquartered in Vancouver, Canada, B2Gold Corp. is the world’s new senior gold producer. Founded in
2007, today, B2Gold has five operating gold mines and numerous exploration and development projects
in various countries including Nicaragua, the Philippin es, Namibia, Mali, Burkina Faso, Colombia and
Finland.
B2Gold is well positioned in achieving transformational growth in 2018. With the planned first full year
of production from the large, low-cost Fekola Mine in southwest Mali, consolidated gold production is
forecast to be between 910,000 and 950,000 ounces. This represents an increase in annual consolidated
gold production of approximately 300,000 ounces in 2018 ve rsus 2017. B2Gold’s forecast consolidated
cash operating costs are expected to remain low in 2018 (between $5 05 and $550 per ounce) and all-in
sustaining costs are expected to decrease by a pproximately 6% versus 2017 (between $780 and $830 per
ounce).
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:
Ian MacLean Katie Bromley
Vice President, Investor Relations Manager, Investor Relations & Public Relations
604-681-8371 604-681-8371
[email protected] [email protected]
The Toronto Stock Exchange and the NYSE American LLC neither approve nor disapprove the information
contained in this news release.
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, guidance, forecasts, estimates and other statements regarding future financial and
operational performance, events, production, mine life, r evenue, cash flows, costs and the results of exploration,
including, the potential new Mali mining code, the terms of any such new Mali mining code, the application and
impact of any such new mining code or amendments on B2Gold and Fekola and the stability provisions in the
Fekola mining convention protecting B2Gold from amendments in any new Mali mining code, and the ratification of
the Fekola share purchase agreement and shareholder agreement. All statements in this news release that address
events or developments that we expect to occur in the future are forwar d-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”, “t arget”, “potential”, “schedule”, “forecast”, “budget”,
“estimate”, “intend” or “believe” an d similar expressions or their negati ve connotations, or that events or
conditions “will”, “would”, “may”, “could”, “should” or “might” occur. All such forw ard-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 and assumptions associated with the volatility of metal prices and our common shares; risks and
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dangers inherent in exp loration, development and mining activities; uncertainty of reserve and resource estimates;
risk of not achieving production, cost or other estimates; risk that actu al production, development plans and costs
differ materially from the estimates in our feasibility studies; risks related to hedging activities and ore purchase
commitments; the ability to obtain and maintain any nece ssary permits, consents or authorizations required for
mining activities; uncertainty about the outcome of nego tiations with the Government of Mali; risks related to
environmental regulations or hazards and compliance with complex regulations associated with mining activities;
the ability to replace mineral reserves and identify ac quisition opportunities; unknown liabilities of companies
acquired by B2Gold; ability to successf ully integrate new acquisitions; fluct uations in exchange ra tes; availability
of financing; risks relating to financing and debt; risks related to operations in foreign and developing countries
and compliance with foreign laws; risks related to 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
increases in necessary equipment, supplies and labour; re gulatory, political and country risks; risks related to
reliance upon contractors, third parties and joint venture partners; challenges to title or surface rights; dependence
on key personnel and ability to attract a nd retain skilled personnel; the risk of an uninsurable or uninsured loss;
adverse climate and weather conditions; litigation risk; comp etition with other mining companies; changes in tax
laws; community support for our operations including risks related to strikes and the halting of such operations
from time to time; risks related to failures of informat ion systems or information security threats; ability to
maintain adequate internal control over financial reporting as required by law; risks relating to compliance with
anti-corruption laws; 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 and B2Go ld’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 facto rs that may affect the
Company’s forward-looking statements. There can be no assu rance that such 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. Acco rdingly, 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. The Company’s forward-looking statemen ts reflect current expectations regarding future events
and operating performance and speak only as of the date hereof and the Company does not assume any obligation
to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should
change other than as required by applicable law. The Company’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 the Company's ability to carry on current and future operations, including
development and exploration activities; the timing, exten t, duration and economic viab ility of such operations,
including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates,
projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and
forecasts; the availability and cost of inputs; the price and market for ou tputs, including gold; the timely receipt of
necessary approvals or permits; the ab ility to meet current and future obli gations; 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. For the reasons set forth above, undue
reliance should not be placed on forward-looking statements.