B2Gold Corp. is a Canadian gold producer with assets in Africa, Asia and Latin America. The company has been leaning to make acquisitions in the next 12 months. This was after smaller firms had been seeking buyers after prices slumped.
B2Gold Corp. CEO Clive Johnson said, "While B2Gold will be careful assessing potential purchases, there are some projects and mines that look attractive and the managements and boards of potential targets are increasingly interested in talks."
B2Gold had been looking for cheap acquisitions as larger competitors sell assets. Development and exploration companies also struggled to access funds to develop projects. The Vancouver-based B2Gold Corp. would be focusing on assets that could produce at least around 150,000 ounces a year of gold, said Johnson.
Johnson added, "We're looking at a couple of ideas where there's a very good reserve, a large reserve of millions of ounces in some cases and the company is stuck. There's a good chance we'll do a deal in the next 12 months."
B2Gold had USD95.7 million of cash at the end of the second quarter. This was according to a data compiled by Bloomberg. The company had also sold USD259 million of convertible bonds last August. The company sold the bonds to bolster its cash position and to take advantage of good terms, rather than to fund a transaction, Johnson said.
Join the Conversation