GLTALongs. NEWS!!!! 04:54 PM EST, 11/30/2021 (MT Newswires) -- B2Gold (BTO.TO) edged higher in after hours New York trading after the company on Tuesday said it completed the sale of two Burkina Faso projects to West African Resources
sale of its 81% stake in the Kiaka gold project in Burkina Faso to .
The company said it is received US$22.95 million in cash and 22.19 million West African Resources shares, for the sale of its 81% stake in the Kiaka gold project and will retain a 2.7% net smelter return on the first 2.5-million ounce of gold produced by the project.
It will receive a further US$45 million when construction of a mine begins or when a positive feasibility study is produced for the project.
B2Gold also closed the sale of a the sale of its 90% interest in the Toega gold project in the West African country for US$9 million and a 2.7% smelter return on the first 1.5 million ounces of gold produced.
"We are pleased to have completed the sale of the Kiaka and Toega projects to West African Resources. West African Resources has a strong reputation of being a solid operator in Burkina Faso and with its existing local infrastructure and operating experience it is well positioned to move the Kiaka Project forward in a timely and cost-effective manner," chief executive Clive Johnson said in a release.
B2Gold shares were last seen up US$0.015 to US$3.96 after hours. The closed down C$0.06 to C$5.06 on the Toronto Stock Exchange.