Canadian mining company B2Gold Corp. has announced plans to invest ₱850 million ($13.9 million) to expand its operations in the Philippines, a move expected to extend the life of its Masbate Gold Project, preserve about 2,000 existing jobs, and create up to 2,000 new positions once a new mine site begins operations.
Investment Details
B2Gold executives presented the investment plan to President Ferdinand R. Marcos Jr. during a meeting on July 3 in Vancouver, Canada. Department of Trade and Industry (DTI) Secretary Cristina A. Roque, Department of Finance Secretary Frederick D. Go, and other Philippine officials attended the meeting.
The proposed investment includes ₱400 million ($6.4 million) for mineral exploration in Surigao and other prospective areas in Mindanao, and ₱450 million ($7.5 million) to expand the Masbate Gold Project's solar power facility from 10 megawatts to 20 megawatts with battery storage.
Economic Impact
The solar expansion builds on B2Gold's approximately $1.1 billion investment in the Philippines through the Masbate Gold Project, one of the country's largest gold-producing mines. The project employs about 2,000 workers, produces roughly 200,000 ounces of gold annually, and has contributed significantly to Masbate's economy.
Finance Secretary Frederick Go said the planned expansion reflects growing investor confidence in the country's mining sector following recent policy reforms.
"The Enhanced Fiscal Regime for Large-Scale Metallic Mining Act and the Create More Act are making the Philippines a more competitive destination for responsible mining investments. Likewise, B2Gold's expanded solar investment demonstrates that the government's incentives for self-use renewable energy projects are encouraging companies to invest in cleaner, more cost-efficient, and resilient operations," Go said.
Renewable Energy Component
The investment aims to extend the mine's operating life, sustain jobs in host communities, strengthen the country's mineral exports, and increase the use of renewable energy in mining operations.
Roque said B2Gold's latest commitment signals continued confidence in the Philippine mining industry while generating employment and economic opportunities in local communities.
"B2Gold has been a longstanding partner of the Philippines, contributing to local employment and regional development through the Masbate Gold Project. The DTI stands ready to support investments that generate quality jobs, strengthen regional economies, and promote responsible resource development," Roque said.
She added that the renewable energy component of the expansion supports President Marcos' push for more sustainable mining practices while advancing the country's energy transition goals.
Environmental Initiatives
Roque said the project also aligns with the Philippines' broader efforts to promote responsible mining that balances economic growth with environmental protection and community welfare.
The DTI highlighted B2Gold's environmental initiatives in Masbate, including mangrove reforestation, reef restoration, and biodiversity conservation programs, as examples of how modern mining operations can contribute to both economic development and ecosystem restoration.
The department said it will continue facilitating strategic investments that expand employment, promote responsible resource development, and drive economic growth in the countryside.
