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Tuesday, Jun 6, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


B2Gold focuses on ‘Raising the Bar’ with new ESG reports

The company expects to produce over 1 million ounces of gold this year

B2Gold's new responsible mining report is aimed at 'Raising the Bar'
B2Gold's environmental department celebrated the International Day of Forests by giving away 250 trees at Nambia's Otjiwarongo roadblock on the B1 highway. Photo via B2Gold

B2Gold Corp. (TSX: BTO) (NYSE AMERICAN: BTG) (NSX: B2G) outlined its commitment to environmental, social and governance (ESG) management practices and limiting contributions to climate change in its newly released reports from 2022.

On Tuesday, the Vancouver-based gold producer released its seventh annual Responsible Mining Report entitled “Raising the Bar” and its second annual Climate Strategy Report.

The lengthy reports highlight various aspects of the company’s financial dealings, principles and other activities. This includes generating $1.73 billion in annual revenue during 2022, paying $148 million in wages and benefits for employees, maintaining a 97 per cent ratio of local employees across its international operations and implementing a Sustainability Strategic Plan last year to improve environmental and social risk management.

During 2022, the company also conducted climate scenario analysis workshops at all of its operations to identify threats and opportunities related to climate change and the transition to low-carbon operations and connected its Otjikoto Mine to the Namibian grid, which will reduce its power generation emissions there by 30 per cent. B2Gold also increased its proportion of electricity generated from renewable sources by 4.8 per cent.

In 2023, the company will be expanding its Fekola solar plant in Mali to increase its power capacity by 22 megawatts, thereby reducing greenhouse gas emissions by about 24,000 tonnes annually. B2Gold expects to produce about one million ounces of gold this year.

Read more: NevGold intercepts quartz veining on the surface of Nutmeg Mountain

Read more: NevGold finds high-grade gold underneath the surface at Nutmeg Mountain

B2Gold had no environmental incidents last year

B2Gold is a member of the World Gold Council and says it adheres to its Responsible Gold Mining Principles. The company’s primary environmental concerns are climate risk management, water stewardship and environmental compliance.

“As we reflect on the 2022 year, I would like to commend our global teams for the work they have done to enhance our social and environmental performance as we continue to raise the bar on our own performance and set ambitious goals for our future,” said B2Gold’s President and CEO Clive Johnson.

“One of these goals is responding to the challenges of the climate emergency through the implementation of our Climate Strategy, and following this strategy with action,” he added.

The company is committed to reducing its greenhouse gas emissions by 30 per cent before 2030 and mitigating the impact of its gold mining operations on local ecosystems. B2Gold believes responsible storage, handling and disposal of waste is a top priority as well.

The gold producer had so significant environmental incidents during 2022 and also established the Fekola Women’s Collective at the Fekola Mine to help promote female voices, address concerns in the workplace and improve female access to mining leadership opportunities.

“Improving equity and diversity outcomes are a major area of focus for B2Gold as we move towards our goals of 30 per cent female representation in Board and management-level positions,” said Johnson.

“Increasing the number of women in leadership positions sends a strong message throughout our organization that B2Gold values a diverse workforce,” he added.

Read more: NevGold assays high-grade silver at Ptarmigan, expands copper trend

Read more: Gold is still the best hedge against inflation: NevGold CEO

The company has a 25 per cent interest in Calibre Mining (TSX: CXB) (OTCQX: CXBMF), another Vancouver-based gold producer with strong ESG principles.

B2Gold’s shares dropped by 1.47 per cent Wednesday to $5.38 on the Toronto Stock Exchange.


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