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B2Gold finalises Sabina acquisition

Canadian gold company B2Gold will now take over ownership of the Back River gold district in Nunavut, Canada.

B2Gold finalises Sabina acquisition

 

The C$1.1B deal will see B2Gold take control of the five-claim block that comprises the Back River gold district.

 The "most advanced project in the district, Goose, is fully permitted, construction ready, and has been de-risked with significant infrastructure currently in place," The gold miner said.

 "As we continue with the construction of the Goose project and move toward commencement of production in 2025, our exploration program will also start immediately," said Clive Johnson, president and chief executive at B2Gold.

"We aim to further define the Back River Gold District's untapped potential and unlock the significant value we see and opportunities for growth."

Back River is located along an 80-kilometre belt and also contains the Umwelt and Llama gold deposits.

While B2Gold bolsters its presence in Canada's north, the company has begun the phased closure of its Otjikoto open-pit mine in Namibia.

Although open-pit operations are winding down, the company told Reuters it would continue to develop its onsite underground mine.

The project produced 161,614 oz of gold in 2022 and is slated to output 190,000 and 210,000 oz this year.

B2Gold also has projects and operations in Mali, the Philippines, Colombia, Finland and Uzbekistan.

 

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