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B2Gold Announces that the Malian Government Has Approved the Purchase of an Additional 10% Interest in the Fekola Mine (Fekola SA)
Vancouver, British Columbia--(Newsfile Corp. - August 14, 2018) - B2Gold Corp. (TSX: BTO) (NYS...
About this update from B2gold Corp.
[{"type":"text","content":"B2Gold Announces that the Malian Government Has Approved the Purchase of an Additional 10% Interest in the Fekola Mine (Fekola SA)Vancouver, British Columbia--(Newsfile Corp. - August 14, 2018) - B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) (\"B2Gold\" or the \"Company\") is pleased to announce that the Malian Council of Ministers and the President of Mali have approved the participation of the State in Fekola SA for a total interest of 20%. Fekola SA is a 100% owned subsidiary of B2Gold which holds the Company's interest in the Fekola Mine. All dollar figures are in United States dollars unless otherwise indicated. In 2016, pursuant to applicable mining law, the Company formed a new 100% owned subsidiary company, Fekola SA, which now holds the Company's interest in the Fekola Mine. Following signing of a shareholder's agreement in August 2017, between the Company and the State of Mali (the \"Fekola Shareholder Agreement\"), the Company confirmed the basis under which it was to contribute a 10% free carried interest in Fekola SA to the State of Mali. In addition, the State of Mali also had the option to purchase an additional 10% of Fekola SA which it elected to exercise. The terms and conditions of the acquisition of this additional 10% interest were agreed between the Company and the State of Mali in a share purchase agreement (the \"Share Purchase Agreement\") dated August 2017.In March 2017, the Company signed a mining convention in the form required under the 2012 Mining Code (the \"Fekola Mining Convention\") that relates to, among other things, the ownership, permitting, reclamation bond requirements, development, operation and taxation applicable to the Fekola Mine with the State of Mali. In August 2017, the Company finalized an amendment to the Fekola Mining Convention with the State of Mali to address and clarify certain issues under the 2012 Mining Code. The Fekola Mining Convention, as amended, governs the procedural and economic parameters pursuant to which the Company operates the Fekola Mine. On August 8, 2018, the Company was informed that the Malian Council of Ministers approved the participation of the State in Fekola SA for a total of 20% (being the 10% free carried interest plus the additional 10% interest), through an ordinance and a decree of the Council of Ministers, signed by the President.Now ...