*

B2Gold ( BTG ) to invest $10 million in Mali's Fekola complex

*

Mali's new mining code causes disputes with gold miners

*

B2Gold ( BTG ) maintains dialogue with Mali officials

post-settlement

By Divya Rajagopal

Jan 22 -

Canadian miner B2Gold ( BTG ) said it is moving forward

with plans to invest $10 million in exploration at the Fekola

gold complex in Mali this year after a settlement with the

government over its mining code reduced the risk of disruption.

Mali introduced the new mining code in August 2023, as

other military-led governments in West Africa have done. The

code gives the state a bigger share of mining revenues and

removes tax exemptions for mining companies.

B2Gold ( BTG ) was one of the first companies to negotiate a settlement

with Mali over its new code, settling an income tax demand in

September and agreeing to move one part of its exploration to

the new regulations. Fekola has a producing mine as well as

ongoing exploration.

"From a B2Gold ( BTG ) perspective, we have seen a reduction in risk

since the signing of our settlement agreement," said Clive

Johnson, CEO of B2Gold ( BTG ), in an email late on Tuesday in response

to Reuters questions.

Malian officials have detained and arrested employees from

companies that did not agree to the new code and tax payments.

The country has issued arrest warrants for Mark Bristow, CEO of

Barrick Gold ( GOLD ) - the biggest investor in the country. Mali this

month seized $250 million of gold from Barrick's Loulo-Gounkoto

mine, and Barrick has suspended its operations

B2Gold's ( BTG ) Johnson said that the company does not expect any

government effort to detain its managers in Mali.

"We have expatriate employees that move in and out of the

country regularly, including some of the mine management, so

there is no reason to think that any detention would ever be

contemplated as it relates to B2Gold ( BTG )."

Shares of B2Gold ( BTG ) were trading up by 0.8% at the Toronto

Stock Exchange on Wednesday at 1807 GMT.

(Divya Rajagopal in Toronto; Editing by Cynthia Osterman)