B2Gold Corp. is a Vancouver based gold producer with two mines in Nicaragua and a strong portfolio of development and exploration assets in Nicaragua, Colombia, Costa Rica and Far East Russia.
B2Gold was founded in 2007 by the former executive and management team of Bema Gold Corporation. Bema grew from a junior explorer to an international gold producer that was acquired by Kinross Gold Corporation through a Cdn$3.5 billion transaction in February 2007.
In addition to its near term production growth profile, B2Gold’s corporate objective is to build further shareholder value through the exploration and development of existing projects and additional accretive acquisitions, capitalizing on the extensive experience and relationships that management has developed over the past 25 years. B2Gold trades on the Toronto Stock Exchange under the symbol “BTO”.
Symbol: BTO:TO - Shares of B2Gold trade on the Toronto Stock Exc
B2Gold Corp. is a Vancouver based gold producer with mining operations in Nicaragua and a strong portfolio of mining, development and exploration assets in Colombia, Nicaragua and Northeastern Russia.
Most recently, on March 26 2009, B2Gold completed a business transaction with Central Sun Mining whereby the two companies were combined to form a new gold producer that provides the combined company with immediate annual gold production of approximately 43,000 ounces in 2009 increasing to approximately 120,000 to 130,000 ounces in 2010 as well as significant reserves and resources with excellent organic growth potential and a strong Management and Board of Directors with proven experience in developing, financing an operating mining projects.
B2Gold was founded in 2007 by the former management team of Bema Gold Corporation. Bema grew from a junior explorer to an international gold producer that was acquired by Kinross Gold Corporation through a Cdn$3.5 billion transaction in February 2007. B2Gold completed a $100 million Initial Public Offering on the TSX Venture Exchange on December 6th, 2007 and graduated to the Toronto Stock Exchange under the symbol BTO on October 23, 2008.
B2Gold has capitalized on the extensive experience and relationships that its management team has developed in the mining business over the past 25 years. The Company has amassed interests in a portfolio of exploration properties in Colombia and Far East Russia.
B2Gold's corporate objective is to build an intermediate gold company by organic growth through exploration and by capitalizing on the strong corporate strategic position and management experience through strategic acquisitions.
B2Gold has amassed an impressive portfolio of exploration properties in Colombia and Northeastern Russia and most recently, mining, development and exploration properties in Nicaragua through the business combination with Central Sun Mining.
The Company is in joint venture with AngloGold Ashanti on numerous properties in Colombia and with Kinross Gold on the surrounding exploration ground of the Kupol mine in Northeastern Russia.
These properties will be the focus of exploration and development drilling in 2009. In addition, the Company continues to pursue numerous exploration and development projects for potential acquisition.
With over 100 years of collective experience, the B2Gold management team has succeeded in all aspects of the mining business. Corporately, management has a proven track record of being able to acquire, explore, finance and develop mining projects world wide. Significant accomplishments of management while at Bema included:
* Built the company from inception in 1988 to a Cdn$3.5 billion market capitalization in 2007
* Responsible for 3 world class gold discoveries; Refugio and Cerro Casale in Chile and Kupol in Russia
* Discovered 32.7 million ounces gold, 6 billion pounds copper and 56.3 million ounces silver
* Raised approximately Cdn$750 million in equity and Cdn$782 million in project debt financings
* Built the Champagne mine in the USA, the Refugio mine in Chile, the Julietta mine in Russia, operated the Petrex mines in South Africa and were 70% through construction of the Kupol mine in Russia at the time of the merger with Kinross
* Created several thousand jobs worldwide
* Established excellent environmental and safety records and have positively impacted people's lives through education and community involvement
Directors and Management
The B2Gold management team possess over 100 years of collective industry experience at Bema alone, and has been very successful from exploration, to financing, to developing and operating mines throughout the world. Over the course of Bema’s 25 year history, the Company raised approximately Cdn$750 million in equity and Cdn$782 million in project debt financings, discovered 32.7 million ounces gold, 6 billion pounds copper and 56.3 million ounces silver and created thousands of jobs worldwide. In February 2007, Bema and Kinross Gold Corporation completed a plan of arrangement whereby Kinross purchased all of the outstanding shares of Bema, valuing Bema at over Cdn$3.5 billion
Production and Development Projects
o Limon Mine
o Orosi Mine
The Orosi Mine is located 110 km due east of the Nicaraguan Capital of Managua and only a few hours from the Limon Mine. B2Gold owns 100% of the Orosi mine. B2Gold gained ownership of the property in March 2009 upon completion of a business combination with Central Sun Mining.
Prior to B2Gold’s ownership, Central Sun Mining Inc. acquired the property from Yamana Resources in July 2006 and initially optimized operations with a series of rehabilitation projects that included a major pre-stripping program and establishment of permanent, rather than cyclical, leach pads.
Operations at the Orosi mine were suspended at the end of quarter one 2007. Central Sun Mining had planned to convert the former heap leach operation to a conventional milling system in order to increase gold recoveries to more than 90%.
In March 2009, B2Gold commenced the installation of the Orosi mill in order to convert the operations to a conventional milling system. The Orosi mine is expected to begin production by quarter four of 2009.
The Orosi mine is estimated to produce approximately 80,000 to 90,000 ounces of gold annually at an estimated cash cost of approximately $450 per ounce.
The Limon Mine is located in northwestern Nicaragua approximately 100 km north of Managua, the capital of Nicaragua, and 20 km from the Pan-American Highway. B2Gold holds a 95% interest in the Limon Mine, previously owned by Central Sun Mining. The remaining 5% is held by Inversiones Mineras S.A., a holding company representing unionized mine workers in Nicaragua.
B2Gold gained control of the Limon mine in March 2009 upon completion of a business combination with Central Sun Mining.
Mining started at Limon in 1850. The Limon Mine concession includes numerous epithermal gold-quartz veins that have produced approximately 2.7 million oz of gold since production began in 1941. From 1941 to 1979, just over 2.0 million oz were recovered from 4.1 million tonnes of ore while the mine was under the control of Noranda. Production rates in this period started at 200 tonnes per day and increased to 330 tonnes per day.
Gold production from 1994 to 2002 was 447,000 oz while under the control of Central Sun Mining. A 1,000-tonne-per-day mill, built in 1995, consistently recovers 82%-84% of gold in ore.
The Limon mine is estimated to produce 45,000 oz of gold in 2009 at US$550/oz.
o Kupol East and Kupol West
o Mestiza-La India