04:39 AM EDT, 09/12/2024 (MT Newswires) -- B2Gold ( BTG ) said late Wednesday it reached an agreement with the State of Mali on the operation and governance of the Fekola Complex, including the Fekola Mine and Fekola Regional projects.

Under the agreement, the company said that initial gold production from Fekola Regional would start in early 2025, with the underground project following in mid-2025.

The agreement also involves converting Mali's 10% ordinary share interest into a 10% preferred share interest with priority dividends and settling existing tax and customs disputes.

B2Gold ( BTG ) said it will now pay fuel taxes for Fekola Mine, but the State will offset this with a 2% reduction in revenue-based taxes and royalties, covering most of the fuel tax costs.

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