Post/wire say cash-rich B2Gold eyes asset buys

2013-09-25 09:36 ET - In the News

The Financial Post reports in its Wednesday edition B2Gold chief executive officer Clive Johnson figures there is a "good chance" his company may make an acquisition in the next 12 months as smaller companies seek buyers after prices fell. A Bloomber dispatch to the Post says that while B2Gold will be careful assessing potential purchases, there are some projects and mines that look attractive and the managements and boards of potential targets are increasingly interested in talks. Mr. Johnson made his comments while attending the Denver Gold Forum. B2Gold is looking for cheap acquisitions as larger rivals sell assets, and development and exploration companies struggle to access funds to develop projects. The Vancouver company will focus on assets that can produce at least about 150,000 ounces a year of gold. "We're looking at a couple of ideas where there's a very good reserve, a large reserve of millions of ounces in some cases and the company is stuck," Mr. Johnson said. "There's a good chance we'll do a deal in the next 12 months." B2Gold had $95.7-million of cash at the end of the second quarter, according to data compiled by Bloomberg, and sold $259-million of convertible bonds in August.

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