The merger between B2Gold Corporation and CGA Mining has been completed with all issued shares of CGA being acquired by the Vancouver-based company. B2Gold now owns three operating mines - two in Nicaragua and one in the Philippines - as well as a strong portfolio of development and exploration assets in Nicaragua, Colombia, Namibia and Uruguay.
Michael Carrick, formerly a director, president and chief executive officer of CGA, was appointed to the B2Gold board of directors, with the company’s existing seven directors continuing in their positions.
B2Gold has forecast its 2013 gold production at 385,000 ounces and about 400,000 ounces in 2014 from its La Libertad, Limon and newly-acquired Masbate mines.
“With the first full year of gold production from the Otjikoto project in Namibia scheduled for 2015, and increased production projected from La Libertad mine, the company is projecting 2015 gold production of 550,000 ounces, based on current assumptions,” says B2Gold’s president Clive T Johnson. “And with the successful completion of the Gramalote JV project in Colombia, gold production could increase to approximately 750,000 ounces in 2017.”
B2Gold’s corporate objective is to optimize production at existing mines and build further shareholder value through the exploration and development of existing projects and additional acquisitions.
CGA Mining’s flagship asset was the Masbate mine in the Philippines. It hosts a low sulphidation epithermal vein system over 16km of very prospective ground. B2Gold has outlined an aggressive $11 million exploration program at the site, utilizing eight drill rigs.