B2Gold to raise its stake in Colombia JV with AngloGold
Canadian miner B2Gold and South Africa’s AngloGold Ashanti have agreed to amend the ownership percentages of their joint venture (JV) on the Gramalote gold project, in Colombia, with the Vancouver-headquartered company set to increase its shareholding and take over as manager.
The companies have agreed that B2Gold will sole fund the next $13.9-million of expenditures on the Gramalote project to increase its ownership from 48.3% to 50%.
B2Gold and AngloGold have also agreed on a budget for the feasibility study on the project of up to $40-million for the remainder of 2019 and through the end of 2020.
This would fund 42 500 m of infill drilling and 7 645 m of geotechnical drilling for site infrastructure. All drilling should be completed by the end of May next year, B2Gold said in a statement on Monday.
Further, the budget would fund feasibility work including an updated mineral resource, detailed mine planning, additional environmental studies, metallurgical test work, engineering and detailed economic analysis.
B2Gold said its aim was to complete a final feasibility study by the end of next year.
The Gramalote project, near Medellin, has the potential to be a large low-cost openpit gold mine.
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