• B2Gold expects up to 460,000 ounces of gold production in Mali in 2026, down 13% year-on-year.

• Mali holds 35% of Fekola Regional, compared with 20% in the main Fekola mine.

• Fekola generated $1.74 billion in revenue in 2025, up 83% year-on-year.

Canada’s B2Gold expects to produce up to 460,000 ounces (14.30 tonnes) of gold in Mali in 2026. The company forecasts a 13% year-on-year decline in its output in the country. However, the Malian state should benefit more from the distribution of potential profits.

B2Gold operates Fekola, Mali’s second-largest gold mine, where it holds an 80% stake while the Malian state holds 20%. Bamako secured a higher 35% stake in nearby deposits grouped under Fekola Regional, while B2Gold holds the remaining 65%.

In 2025, B2Gold increased its gold production in Mali by 35% year-on-year to 530,769 ounces (16.50 tonnes). In 2026, the company set a production guidance range of 410,000 to 460,000 ounces for the Fekola complex, which includes the main Fekola mine and Fekola Regional.

After a year without activity in 2025 due to delays in obtaining an exploitation permit, Fekola Regional should contribute between 60,000 and 80,000 ounces in 2026 through ore trucking to the Fekola processing plant. B2Gold expects authorities to grant the Fekola Regional exploitation permit, which covers several satellite deposits near the main mine, during the first quarter of 2026.

Fekola Regional should deliver an average annual production of about 180,000 ounces during its first five full years of operation, through 2031.

Higher production and elevated gold prices in 2025 increased Fekola’s revenue by 83% year-on-year to $1.74 billion. However, revenue distribution does not follow the same proportion as equity participation.

The Malian state’s larger stake in Fekola Regional does not automatically translate into a larger share of gross revenue. The state receives a higher share of profits when the company distributes dividends. In addition, Bamako collects taxes and royalties on production and gold sales revenue.

In 2025, B2Gold declared $277.9 million in royalties and taxes at Fekola, compared with $100.3 million in 2024.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange J.A de Berry Quenum