Up to 600,000 new ounces by 2025 - B2Gold's Clive Johnson forecasts a big jump in production

2024 will be a “building year” says B2Gold (TSX:BTO) President & CEO Clive Johnson, pointing to ongoing construction of the Goose mine in Nunavut, and projects in Mali including building a tailings facility and expanding a solar plant.
In February Johnson spoke to Kitco Mining at the BMO Global Metals, Mining & Critical Minerals Conference 2024 in Hollywood, Florida.
The company had an excellent 2023, production-wise, outputting 994,000 ounces from its operations in Mali, the Philippines and Namibia, and meeting guidance for the eighth straight year. 2024 production may not be as good, but Johnson said 2025 should see a record-setting 1.2 to 1.3 million ounces and a reduction in costs.
Obtaining a permit for trucking ore to the Fekola mill in Mali is expected to add 80,000 to 100,000 ounces. The contribution of this new gold production is expected to start in early 2025.
The Goose project, anticipated to come online around the same time, should add another 300,000 ounces a year.
Johnson said B2Gold is not looking to add any new projects through M&A, noting “frankly at the end of the day we have growth in the portfolio, so not only do we have the expansion of Fekola, the Goose mine coming on, but we think the next one may very well be Gramalote in Colombia.”
B2Gold now has full ownership of the gold project, having acquired AngloGold Ashanti’s 50 percent interest in October 2023. Johnson said Gramalote will be a small, high-grade mine on the order of 150-200,000 ounces a year, adding a study will be out by mid-year.
Commenting on recent gold M&A that had led to disappointing results from large companies,
Johnson said there’s a place for companies in the 1-3 million ounces a year range, such as B2Gold that are “light on their feet”. Bigger companies have a harder time replacing ounces.
“I think there's a space for investors to do very well with smaller producers,” he said.
B2Gold has invested in junior resource companies including Snowline Gold (CSE:SGD) and Matador Mining (ASX:MZZ). Johnson said B2Gold is interested in working with juniors, stating “that’s an important part of our growth portfolio,” but also wants to conduct its own exploration. The company has a USD$65 million budget this year, including $28M for Goose.
Coverage of the BMO Global Metals, Mining & Critical Minerals Conference sponsored by First Majestic Silver (NYSE:AG).
Disclaimer: The views expressed in this podcast are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this podcast do not accept culpability for losses and/ or damages arising from the use of this publication.

[@olimpiopontarelli1302]

This stock so undervalued. I love the company and great ceo.

[@JuanRosario-gc6pe]

2025 will be huge for b2gold

[@avocadoarmadillo7031]

B2Gold is one of my largest holdings. Cost basis around $2.5 USD. Goose coming online, Wall Street punishing B2Gold for spending on CAPEX when it just means the forward earnings will be unreal, and a nice dividend to top things off.

[@edy042]

If they get the Ferkola road permit it will put the Mali risk to bed imo

[@dtbristol]

I think this is supposed to happen in a 3 months or so.