Canada’s B2Gold has signed a deal AngloGold Ashanti to boost its stake in the Gramalote joint venture gold project in Colombia.
“The companies have agreed that B2Gold will sole fund the next $13.9 million of expenditures on the Gramalote Project … following which B2Gold will hold a 50% ownership interest in the joint venture,” the Cana-dian business said in a statement.
B2Gold currently holds a 48.3% stake in the JV. Under the amended terms, B2Gold will become the Colombian project’s manager by the end of 2019, according to the statement.
“B2Gold and AngloGold have also agreed on a budget for the feasibility study on the Gramalote project up to $40 million for the remainder of 2019 and through the end of 2020. This budget will fund 42,500 metres of infill drilling and 7,645 metres of geotechnical drilling for site infrastructure,” the Canadian miner said. “The company currently expects to complete all drilling by the end of May 2020.”