Vancouver’s B2Gold to buy Sabina with eye on Nunavut deposits – by Naimul Karim (Financial Post – February 13, 2023)

Deal gives miner control of mineral-rich Back River gold project

Vancouver-based gold miner B2Gold Corp. has inked a $1.1 billion deal to acquire Sabina Gold & Silver Corp., a miner that’s developing a project in Nunavut, as the global gold sector continues to consolidate.

Although B2Gold has its headquarters in Vancouver and is listed on the Toronto Stock Exchange, it doesn’t currently produce any gold in Canada. It mines in Mali, the Philippines and Namibia and is exploring projects in Uzbekistan, Finland and Colombia.

The all-share deal will allow the company to take control of Sabina’s Back River gold project which is situated about 520 kilometres northeast of Yellowknife. The project hosts about five mineral properties, one of which, the Goose, is fully permitted and ready for construction, B2Gold said.

The project is expected to produce an average of about 223,000 ounces of gold annually with a mine life of about 15 years, according to a 2021 feasibility study. The study pegs the initial capital expenditure of the project at about $610 million.

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