B 2 Gold of Canada in talks to buy Zimbabwe Gold Project

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B 2 Gold of Canada in talks to buy Zimbabwe Gold Project

B 2 Gold Corp., a Canadian company with mines in Africa and the Philippines, is interested in acquiring gold assets in Zimbabwe.

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The mid-tier gold producer, which has mines in Mali, Namibia and the Philippines, has held talks with the government and other officials in the southern African nation to see if they are ready to come in, said Clive Johnson, chief executive officer at the Vancouver-based company.

Johnson said in a Nov. 24 interview that there is really a strong case and we are making that case in Zimbabwe. We are looking at it as intriguing potential with some advanced projects as well as exploration potential. B 2 Gold weighed buying an idle Zimbabwean gold mine two years ago but wanted authorities to exempt it from a law that forces miners to sell all the metal to a unit of the country's central bank, according to people familiar with the details.

Zimbabwe needs fresh investment in its mining sector in order to restart a struggling economy. The fact that gold miners have to sell the bulk of their bullion to the central bank unit Fidelity Printers and Refiners Ltd., which pays them back partly in dollars and partially in rapidly depreciating local currency, is unnerving for new investors.

Read more: B 2 Gold of Canada is in talks to buy Zimbabwe Gold Project.

Winston Chitando, the Mines Minister, said that B 2 Gold has shown interest in investing and is holding talks with privately owned gold mining companies.

The CEO said that B 2 Gold would consider buying operating assets in Zimbabwe and also enter into joint ventures and the company could also explore the potential for establishing a milling plant. The miner is looking for gold in Finland, Uzbekistan and is looking to build a new mine at the Gramalote project in Colombia with AngloGold Ashanti Ltd.

It is an interesting area for us geologically and that is what we are looking for in the world, Johnson, who has led the company since it was founded in 2007, said. We will probably enter the first part of next year a bit more confident in order to talk more about what we see there as the potential. None of the Wildfires Are Worse, and One Chemical Company is Reaping the Benefits, and One Chemical Company is Reaping the Benefits.

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