Local bourse attracts more investors
B2Gold, a Vancouver-based mid tier gold producer and developer of the Otjikoto gold project, has listed on the Namibia Stock Exchange (NSX).
B2Gold became the second internationally trading company to list on the local bourse in as many months following Eco Atlantic’s listing in April. B2Gold listed 385 million common shares – 100% of its share capital. The company is also listed on the Toronto Stock Exchange.
Speaking at a listing reception held in the capital earlier this week, B2Gold Namibia MD, Bill Lytle said the company chose to list on the Namibian Stock Exchange to gain access to the country’s and South Africa’s large savings pool for investment and to show its commitment to developing the local economy.
Lytle said B2Gold is confident that the Otjikoto gold project, expected to produce 100,000 ounces of gold annually in a 10-year life of mine, will satisfy all of the company’s requirements for success.
“It has an excellent resource, strong economics, manageable issues related to health, safety, and environment and a government that is looking for responsible development of natural resources.”
He added: “We have found our partners (EVI) to be very supportive of our aggressive timeline and very helpful in developing the project. The government has shown a willingness to work as a positive stakeholder in the process and the regulations of Namibia are straight forward.”
The B2Gold board of directors, according to Lytle, has directed the technical team to fast track the Otjikoto project and have authorized N$300 million to develop the bankable feasibility, order long lead items, and continue exploration within the license area to expand the scope of the project.
“Our plan is to finalise a bankable feasibility by the end of this year. Assuming that the bankable feasibility is positive, we will move immediately into construction upon receipt of all the necessary licenses and approvals and hope to be in production in early 2015.”
B2Gold estimates that as many as 800 people will be employed during construction and approximately 300 (contractors and employees) during operations.