B2Gold Extends Its Long-Term Bet on Mali

B2Gold Expands Its Future in Mali

Canadian mining company B2Gold has secured a key permit to develop its Menankoto gold project in Mali, clearing the way for an expansion that could extend the life of the country’s largest producing gold complex well into the late 2030s. The approval follows more than a year of negotiations between the company and the Malian government and represents an important vote of confidence in one of West Africa’s most significant mining industries.

The exploitation permit was granted to B2Gold’s Malian subsidiary on August 7 and covers Menankoto, a development area located roughly 20 kilometers from the company’s existing Fekola Mine. Together with the neighboring Dandoko permit, Menankoto forms what B2Gold calls Fekola Regional, an important source of future production for its operations in the country.

The agreement marks another milestone in relations between B2Gold and Mali. Discussions between the two sides began in July 2025 and have already resulted in approval for underground mining at Fekola. The broader relationship is governed by an agreement reached in September 2024 covering the operation and management of the Fekola Complex.

Under the new arrangement, Fekola Regional will operate under Mali’s 2023 Mining Code. B2Gold will hold a 65 percent interest in the project, while the Malian government will control the remaining 35 percent. The existing Fekola Mine, which includes the Fekola and Cardinal open pits as well as underground operations, remains 80 percent owned by B2Gold and 20 percent owned by the state.

The ownership structure gives Mali a substantial stake in the expansion while allowing B2Gold to continue developing one of the most important assets in its international portfolio. The arrangement also illustrates how governments across Africa are seeking greater participation in mining projects while continuing to attract the expertise and capital of international companies.

B2Gold expects production from Fekola Regional to begin increasing gradually during 2027. From 2028, the development is projected to contribute more than 150,000 ounces of gold annually, with that level of production expected to continue into the middle of the 2030s. The additional output could strengthen Mali’s gold production at a time when the government is seeking to revitalize the sector.

The project arrives at an important moment for Mali’s mining industry. Industrial gold production has declined from a record 66.5 metric tons in 2023 to 42.2 tons in 2025, following regulatory changes and disputes between authorities and some international mining companies. Government projections nevertheless point to a gradual recovery, with production forecast to reach about 57 tons in 2028.

B2Gold’s continued investment could play an important role in that recovery. Since entering Mali in 2014, the company says it has invested more than $2 billion in the country, establishing Fekola as a cornerstone of its global operations. The company employs more than 3,300 people in Mali, approximately 98 percent of whom are Malian nationals.

That local workforce gives the investment an impact beyond gold production. Mining operations support employment, technical training, local procurement and businesses serving communities around major projects. B2Gold has also emphasized community investment and capacity building as part of its long-term presence in the country.

With the exploitation permit secured, the company plans to begin pre-stripping operations at Menankoto and finalize arrangements for processing ore. Using infrastructure associated with the existing Fekola operation could allow the regional deposits to be brought into production more efficiently than developing an entirely separate mining complex.

The approval also highlights the continuing importance of Mali to the global gold industry despite recent changes in the country’s regulatory environment. Gold remains one of Mali’s most important exports and an essential source of government revenue, foreign exchange and employment. The development of new deposits will therefore be important to sustaining production as older mining areas mature.

For B2Gold, Menankoto provides a path toward maintaining Fekola as a major producing asset for another decade. For Mali, the project offers additional production, state participation and employment while demonstrating that large-scale international investment can continue under the country’s revised mining framework.

After more than $2 billion invested over 12 years, the new permit signals that B2Gold’s relationship with Mali is entering another phase. If development proceeds as planned, Fekola Regional could help underpin the country’s gold industry through the next decade while generating a new round of investment and economic activity around one of West Africa’s most valuable natural resources.