B2Gold Corp. Plans $14 Million Investment in the Philippines

Canadian mining company B2Gold Corp. has announced plans to invest approximately $14 million in the Philippines, particularly targeting the expansion of its solar plant at the Masbate Gold Project and ongoing exploration initiatives. This commitment was disclosed during a meeting between B2Gold executives and President Ferdinand Marcos Jr. on the sidelines of his official visit to Canada, according to the Presidential Communications Office (PCO).

“The project has already generated billions of pesos in taxes that have helped improve infrastructure, educational opportunities and local livelihoods.”Ferdinand Marcos Jr., President of the Philippines

The investment is contingent upon further agreements between the involved parties. During the meeting, B2Gold provided an overview of its plans to offer technical and exploration expertise aimed at extending the operational life of the Masbate Gold Project. The company has established a Philippines Exploration Office to facilitate new exploration initiatives, reflecting its positive operational experience in the country and its confidence in the local mining sector.

President Marcos highlighted the significant economic impact of the Masbate Gold Project, noting that it has generated over P10 billion (approximately $180 million) in taxes, which have contributed to local infrastructure development, educational opportunities, and improved livelihoods in the area. He stated, "The project has already generated billions of pesos in taxes that have helped improve infrastructure, educational opportunities and local livelihoods. That is the standard we will continue to uphold. We will continue to pursue investments that invest in our people first."

“We will continue to pursue investments that invest in our people first.”Ferdinand Marcos Jr., President of the Philippines

The Masbate Gold Project is a major open-pit gold mining operation in the Philippines, jointly operated by B2Gold's subsidiary, Philippine Gold Processing and Refining Corp., and the local firm Filminera Resources Corp. The project has played a pivotal role in transforming its host municipality, Aroroy, from a lower-income fourth-class municipality to a thriving first-class municipality, largely due to its extensive tax contributions.