B2Gold
Canadian gold mining company operating mines and exploration projects in Africa, Asia, and other jurisdictions.
Last updated August 21, 2026
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Overview
B2Gold is a Canadian gold mining company headquartered in Vancouver. It owns and operates gold mines in Mali, Namibia, and the Philippines, and has historically built its portfolio through acquisitions, mergers, mine development, and exploration. The company was established in 2007 by Clive T. Johnson and other former executives of Bema Gold, during the period in which Bema was being acquired by Kinross Gold. The transaction structure enabled the new company to obtain certain Bema exploration properties, providing an initial platform for growth. B2Gold began as an exploration company and completed an initial public offering on the Toronto Venture Exchange in December 2007. The offering raised approximately C$100 million for exploration and corporate development. In 2008, the company graduated to the Toronto Stock Exchange. Its transformation into a producer began in 2009, when it acquired the financially distressed Central Sun Mining in an all-share transaction. That deal gave B2Gold the El Limon and La Libertad mines in Nicaragua, its first operating assets. The company expanded through a sequence of strategic combinations. Its 2011 merger with Auryx Gold provided the Otjikoto project in Namibia, which later became B2Gold's first internally developed mine and entered commercial production in 2015. In 2012, B2Gold merged with CGA Mining and acquired the Masbate mine in the Philippines. The company also acquired Volta Resources in 2013, adding exploration properties in Burkina Faso, and Papillon Resources in 2014. The Papillon transaction brought the Fekola project in Mali, which became B2Gold's largest mine and began production in 2017. For a period, the company operated five mines, including its two Nicaraguan assets. B2Gold sold the Nicaraguan operations to Calibre Mining in 2019, concentrating its producing portfolio in Mali, Namibia, and the Philippines. It subsequently continued to pursue exploration and corporate growth, including the announced acquisition of Australian exploration company Oklo Resources in 2022 for approximately US$64 million. B2Gold's principal products are gold doré and gold concentrates produced from open-pit and, where applicable, underground mining operations. Its operating model emphasizes relatively low-cost production, disciplined capital allocation, mine-life extension, exploration, and relationships with host governments and communities. Fekola is the company's largest production asset, while Masbate and Otjikoto provide additional geographic and operational diversification. The company has also developed renewable-energy infrastructure at Otjikoto, including a solar power plant intended to reduce dependence on conventional power sources. The business operates in jurisdictions where mining activity is economically significant but may also involve political, security, labor, environmental, and community-related risks. Events associated with the company's properties have included security incidents in Mali, protests and violence connected with Nicaraguan operations, and community opposition to an exploration project. These issues form part of the broader operating context for B2Gold, although the company remains an active international gold producer.
History
B2Gold was created in 2007 by Clive T. Johnson and other former Bema Gold executives. Bema was being acquired by Kinross Gold, and the arrangements surrounding that transaction allowed the newly formed B2Gold to receive certain Bema exploration properties in Colombia and Russia. The company initially operated as an exploration business rather than a producer. In December 2007 it completed an initial public offering on the Toronto Venture Exchange, raising approximately C$100 million for exploration and valuation purposes. It graduated to the Toronto Stock Exchange in 2008 and later obtained listings in New York and Namibia. The company's first major transformation occurred in 2009, when it acquired Central Sun Mining in an all-share transaction reported at approximately C$67 million. Central Sun contributed the El Limon and La Libertad gold mines in Nicaragua, giving B2Gold its first producing assets. Production increased substantially during the following years as the company improved and expanded its operations. B2Gold then pursued a series of mergers to build a geographically diversified portfolio. The company merged with Auryx Gold in 2011, acquiring the Otjikoto project in Namibia. Otjikoto was developed into an open-pit and underground operation and began commercial production in February 2015. In 2012, B2Gold merged with CGA Mining, obtaining the Masbate mine in the Philippines. Masbate became one of the company's principal long-term producing assets. The company also acquired Volta Resources in 2013, adding exploration ground in Burkina Faso. In 2014, B2Gold completed its combination with Papillon Resources. The transaction brought the Fekola project in Mali into the portfolio, with Papillon shareholders receiving a substantial minority interest in the enlarged company. Fekola became B2Gold's second internally developed mine after Otjikoto and began production in November 2017. It subsequently became the company's largest mine, producing more than 400,000 ounces of gold annually in the period described by the reference material. The company temporarily operated five mines, but later narrowed its producing portfolio. In 2019, B2Gold sold El Limon and La Libertad in Nicaragua to Calibre Mining. The divestiture left Fekola, Masbate, and Otjikoto as its core operating mines. B2Gold continued exploration and corporate expansion, including its announced 2022 acquisition of Oklo Resources, an Australia-based gold exploration company, for approximately US$64 million. B2Gold's history has also been shaped by the political, security, and community conditions of its operating jurisdictions. During the 2015 Bamako hotel attack, several company executives associated with the Fekola development were taken hostage and later rescued. The Nicaraguan operations experienced significant local conflict: a protest at El Limon in 2015 resulted in a death, injuries, property damage, and a temporary closure, while community opposition contributed to the loss of the Rancho Grande exploration property. Security incidents involving guards and an employee were also reported around Masbate in 2014 and 2015. These events illustrate the operational risks accompanying international mining, while B2Gold's broader strategy has remained centered on mine development, production growth, exploration, and portfolio management.
- 2022
Oklo Resources acquisition announced
[1]B2Gold announces an approximately US$64 million acquisition of Australian exploration company Oklo Resources.
- 2019
Nicaraguan assets are divested
[1]B2Gold sells El Limon and La Libertad to Calibre Mining.
- 2017
Fekola begins production
[1]The Fekola mine in Mali begins production in November.
- 2015
Otjikoto begins commercial production
[1]The Namibian mine becomes B2Gold's first internally developed producing operation.
- 2012
CGA Mining merger
[1]B2Gold acquires the Masbate mine through its merger with CGA Mining.
- 2011
Auryx Gold merger
[1]The combination with Auryx Gold adds the Otjikoto project in Namibia.
- 2009
Central Sun Mining acquisition
[1]B2Gold acquires Central Sun Mining and obtains the El Limon and La Libertad mines in Nicaragua.
- 2008
Graduation to the Toronto Stock Exchange
[1]The company moves from the Toronto Venture Exchange to the Toronto Stock Exchange.
- 2007
B2Gold is founded
[1]Clive T. Johnson and former Bema Gold executives establish B2Gold during the Kinross acquisition of Bema Gold.
- 2007
Initial public offering
[1]B2Gold lists on the Toronto Venture Exchange and raises approximately C$100 million for exploration and corporate purposes.
Products and positioning
International mid-tier gold producer focused on operating and developing large-scale mines with an emphasis on cost discipline, exploration, and long-term production growth.
Gold mine · 2017
Fekola mine
Fekola is an open-pit gold mine in Mali near the Senegal border. B2Gold acquired the underlying project through its 2014 combination with Papillon Resources and developed it as the company's second major internally built mine after Otjikoto. Production began in November 2017. Fekola is B2Gold's largest producing asset and, according to the reference material, has produced more than 400,000 ounces of gold annually in the period described.
Gold mine
Masbate mine
Masbate is an open-pit gold mine in Aroroy, on the island province of Masbate in the Philippines. It entered B2Gold's portfolio through the 2012 merger with CGA Mining. The mine is one of the company's principal long-lived operations and has generally produced more than 200,000 ounces of gold annually according to the cited reference material.
Gold mine · 2015
Otjikoto mine
Otjikoto is a combined open-pit and underground gold operation in Namibia's Otjozondjupa region. B2Gold acquired the project through its merger with Auryx Gold and brought it into commercial production in February 2015. It was the first mine developed by B2Gold itself and has included a company-owned solar power plant as part of its energy infrastructure. The mine has typically produced between 150,000 and 200,000 ounces annually in the period described.
Gold mine · 2009
El Limon mine
El Limon was a Nicaraguan gold mine acquired through the 2009 Central Sun Mining transaction. It included open-pit and related mining operations and was B2Gold's smallest producing mine, with reference-period annual production of roughly 40,000 to 50,000 ounces. B2Gold sold the asset to Calibre Mining in 2019.
Gold mine · 2009
La Libertad mine
La Libertad was a Nicaraguan gold operation obtained through the Central Sun Mining acquisition. It included several open pits and an underground operation, and its expansion involved the relocation of a neighborhood in La Libertad. The mine was sold to Calibre Mining together with El Limon in 2019.
Brand decisions
2022
Acquire Oklo ResourcesM&ABackground
B2Gold continued to seek exploration and development opportunities beyond its producing mines.
Action taken
B2Gold announced an agreement to acquire Australia-based gold exploration company Oklo Resources.
Aftermath
The announced transaction expanded B2Gold's exploration exposure in Australia.
Announced transaction value. Approximately US$64 million (2022)
2019
Divest Nicaraguan operationsStrategyBackground
B2Gold was managing a portfolio that included operations in Nicaragua as well as its growing African and Philippine assets.
Action taken
The company sold El Limon and La Libertad to Calibre Mining.
Aftermath
The divestiture concentrated B2Gold's producing portfolio in Mali, Namibia, and the Philippines.
2009
Acquire Central Sun Mining to become a producerM&ABackground
B2Gold was still primarily an exploration company and needed operating assets to establish a production base.
Action taken
The company completed an all-share acquisition of Central Sun Mining, adding the El Limon and La Libertad mines in Nicaragua.
Aftermath
The transaction made B2Gold a gold producer and provided its first operating mines.
Estimated transaction value. Approximately C$67 million (2009)
Recent events
Reported
Osino agrees to acquire the Ondundu Gold Project from B2Gold[2]
Osino agreed to purchase all shares of Razorback Gold Mining Co. Ltd, which owns the Ondundu Gold Project in Namibia, from B2Gold for an aggregate purchase price of US$15.2 million. The agreement is subject to Namibian regulatory approvals and other customary closing conditions.
BeMetals closes $7.5 million private placement with B2Gold[3]
BeMetals closed a previously announced $7.5 million non-brokered private placement through the issuance of shares to B2Gold, which became a major shareholder with approximately 19% of BeMetals' outstanding shares.
Sources4 sources
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