B2Gold Plans Expansion After Becoming Mali’s Largest Gold Miner Thanks to Fekola

Based on the latest figures, Mali’s Fekola Gold Mine overtook Loulo-Gounkoto Mine to become the largest producer of gold in 2025. Fekola increased its production by 35% year-on-year to reach 530,769 ounces.

Fekola is a joint venture between Canadian B2Gold, which owns 80%, and the Government of Mali, which keeps a 20% stake. B2Gold is listed on both the Toronto Stock Exchange (TSE: BTO) and the New York Stock Exchange (NYSE: BTG), and has been able to attract a strong North American investor base.

A breakdown of the investors by MarketScreener identified 46.54% of shareholding by US investors. The major shareholders include American Century, Vanguard Capital Management, Two Sigma Investments, Van Eck Associates and Gold Sachs Asset Management. Most of these major shareholders are institutional asset managers that invest on behalf of third parties, including pension funds and index funds.

In 2026, B2Gold forecasts that the output at Fekola might drop to about 440,000 ounces. B2Gold is in the process of expanding extraction from the surface to underground.

In addition, B2Gold has acquired several mining concessions around Fekola. However, the new permits come under Mali’s new Mining Code 2023, which allocates a minimum 35% to Mali, and 65% to B2Gold. As part of the Fekola Complex Expansion Plan, B2Gold has budgeted USD 280 million for 2026.