Miner B2Gold has confirmed the completion of the sale of its interest in the Kiaka project in Burkina Faso to West African Resources in a cash and share transaction.
West African received 90% of the gold project from B2Gold and its partner GAMS-Mining F&A; the balance is held by the state of Burkina Faso.
It also received total interest in the exploration company Kiaka Gold SARL, an exploration company in BF that holds the permit for Nakomgo, where the Toega project is found.
“We are pleased to have completed the sale of the Kiaka and Toega projects to West African Resources. West African Resources has a strong reputation of being a solid operator in Burkina Faso and with its existing local infrastructure and operating experience it is well positioned to move the Kiaka Project forward in a timely and cost-effective manner,” said Clive Johnson, President and CEO of B2Gold.
“B2Gold, through the WAF Shares received as part of the consideration, together with the royalties granted on both the Kiaka and Toega projects, will continue to benefit from the future development of the projects.”
B2Gold, founded in 2007, has operating gold mines in Mali, Namibia and the Philippines along with numerous exploration and development projects in Mali, Colombia, Finland and Uzbekistan. It has forecasted whole-year 2021 consolidated gold production of 1,015,000 and 1,050,000 ounces.