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    B2Gold Mali permit and guidance cut: production and cost lens for mine planners

    August 8, 2026|

    Reviewed by Joe Ashwell

    B2Gold Mali permit and guidance cut: production and cost lens for mine planners

    First reported on MINING.com

    30 Second Briefing

    B2Gold has secured the Menankoto exploitation permit for its Fekola Regional project in Mali, enabling pre-stripping and integration of regional ore with the existing Fekola complex, which is now expected to produce more than 150,000 oz. per year from 2028 into the mid‑2030s under a 65:35 ownership split with the state. The permit delay forced a cut to 2026 group guidance to 820,000–920,000 oz., while a fire‑damaged crushing circuit at the Goose mine has pushed all‑in sustaining costs there to $6,390/oz as B2Gold relies on mobile crushers ahead of restoring 4,000 t/d capacity. Despite lower guidance, group Q2 output of 203,648 oz. and AISC of $2,356/oz beat several bank forecasts, and the end of 264,768 oz. of gold prepayment deliveries should materially lift free cash flow from H2 2026.

    Technical Brief

    • Goose mine’s fire-damaged crushing circuit forced reliance on temporary mobile crushers for primary comminution.
    • All-in sustaining costs at Goose spiked to $6,390/oz in Q2, up from $2,806/oz.
    • Post-fire recovery plan targets 3,200 t/d (80% of 4,000 t/d design capacity) by end-September.
    • Full restoration of the permanent 4,000 t/d crushing circuit is scheduled for the first half of next year.
    • Q2 Goose output collapsed to 12,890 oz, about 70% lower than the previous quarter’s production.
    • Across the group, Q2 AISC averaged $2,356/oz sold, materially below several bank cost forecasts despite Goose.

    Our Take

    The 65/35 ownership split for Fekola Regional under Mali’s 2023 code versus 80/20 at the existing Fekola mine signals a structural shift in state take that operators in Mali will need to model into long‑life gold assets, particularly those targeting production ‘from 2028 through the mid‑2030s’.

    Across our coverage, B2Gold’s Goose mine in Nunavut has featured repeatedly for operational setbacks and recovery efforts, so the 70% quarter-on-quarter production drop at Goose in this piece underlines how important stable output from Mali’s Fekola complex will be for group-level cash flow and debt management.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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