Mali Rejects B2Gold's Exploration Permit

SEATTLE (Scrap Monster): Canadian miner B2Gold announced that the Mali government has rejected to renew its Menankoto exploration permit. The Vancouver-based company’s Mali subsidiary Menankoto SARL had applied for renewal of the exploration permit for a period of one year in early February this year. The government informed the company in early March that a new permit won’t be granted.

Commenting on the government’s decision, the company noted that it strongly believes that Menankoto is entitled to a renewal of the permit under applicable law. It is engaged in discussions with the country’s government to clarify the situation, it added.

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The permit area forms a part of the Anaconda area and is located 20 kilometres north of the Fekola Mine license area. The company had enjoyed a positive and mutually beneficial relationship with the Government of Mali, ever since it commenced its investment in the country. Despite challenging situations, on account of last year’s military coup, B2Gold had decided to boost its output at Fekola mine and pursue additional investment opportunities in the region.

Incidentally, gold mining accounts for 10% of Mali’s GDP and nearly one-fourth of government’s tax revenues.