B2Gold (TSX listed as BTO) runs a large scale 200koz pa open pit gold mine operation on the island of Masbate which has been included on the list of companies to be suspended. Their share price tanked 11.75% last night. Fortunately for their shareholders they are developing a 350koz pa low cost mine in Mali (Fekola) and have several other mines so I think their share price will probably recover at some stage.
BTO acquired Masbate by taking over ASX listed CGX about 3-4 years ago.
I would have thought that the locals on the island would have supported the continued operation of the mine since its a long life operation and central to the welfare of the local population. Perhaps BTO will get lucky and be able to keep operating, but I dunno exactly how this is going to play out for all the miners, including the 11 not part of the suspension group.
Just as well OGC made the US acquisition which seemed a high price at the time.
Good luck all.
loki (former CGX and RED holder, currently holding MML shares)
OGC Price at posting:
$3.87 Sentiment: None Disclosure: Not Held
