B2Gold Corp.

Published : July 29th, 2016

ASX Quarterly Report - June 2016

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Keywords :   Coal | Debt | K Street | London | Poland | Standard |

ASX Quarterly Report - June 2016

NEWS RELEASE | 29 July 2016



  • Coal 2.0 - The Polish Government has outlined plans to unlock the industrial potential of the Lublin Coal Basin, under the catchphrase "Coal 2.0", where the Ministry of Development will support the development of modern installations for coal utilisation

  • Coal Markets Continue to Improve - Global coal prices have improved by 30% in 2016 and are forecast to recover further over the medium to long term. Coal is set to remain critical to Poland's energy future, currently providing over 80% of the country's energy needs

  • Development Funding Commences - Preliminary discussions with strategic partners, EPC contractors, global project finance banks and potential offtakers have now commenced following the excellent results of the pre-feasibility study published last quarter

  • Permitting Milestones - Prairie completed a number of significant work streams in relation to the ongoing Mining Concession application including:

    • Completed a draft Deposit Development Plan, which was submitted to Polish experts for initial review and optimisation

    • Made substantial progress on the ESIA, with the environmental consent procedure officially initiated by the Regional Director for Environment Protection in Lublin

    • Commenced local land rezoning amendments with municipal authorities in the Project mine area

    • Continued the land acquisition process aimed at securing access to the planned surface infrastructure sites for Project development

    • Lodged an Application for a power grid connection for the Jan Karski Mine with the regional power distributor

    • Progressed with the planned railway spur line connection to the national railway network which was officially included in the Lublin Regional Development Strategy during the quarter

  • Hydrogeological analysis continued in order to provide enhanced hydrogeological data for the ESIA

  • Jan Karski Mine Location was formally announced which received strong government and community support


  • Strong Financial Position - Prairie has cash on hand of A$18.1 million and is in a strong financial position to progress with its planned development activities

  • Strong Warsaw market following - Prairie continues to receive extensive and positive media coverage as well as a growing following in the Warsaw market

    London Office Warsaw Office Registered Office

    Unit 1C, 38 Jermyn Street | London | SWY1 6DN Ul. Wspólna 35 lok. 4 | Warsaw | 00-519

    Level 9, BGC Centre, 28 Esplanade | Perth | WA | 6000

    Email: Website: ABN:


    [email protected] www.pdz.com.au 23 008 677 852 PDZ


    • Advance discussions with strategic partners, project debt providers and offtakers to structure a development financing package for the Jan Karski Mine

    • Definitive Feasibility Study to commence after all Project options have been suitably examined and an ultimate "go forward" case has been selected

    • Project permitting activities including the ESIA, spatial planning and land acquisition will progress as part of the mining concession application

    • Continued development activity across the LCP specifically aimed at improving knowledge of hydrogeological conditions and confirming engineering and design requirements for the shafts

    • Progress with the planned railway spur line connection from the Project into the national railway network based on cooperation with Lublin regional authorities

    Figure 1: 3D Render of the PFS Mine Site Design

    For further information contact:

    Ben Stoikovich

    Artur Kluczny

    Chief Executive Officer

    Group Executive - Poland

    +44 207 478 3900

    +48 22 351 73 80

    [email protected]


    Mining Concession Application & Project Permitting

    Prairie Mining Limited (Prairie or Company) is currently working towards completing a mining concession application which in Poland comprises of the submission of a Deposit Development Plan (DDP), an Environmental Social Impact Assessment (ESIA) that is to be approved by regional authorities and approval of a spatial development plan (rezoning of land for mining use). The DDP is a Polish standard mine technical-economic study as prescribed in the Polish mining regulations. Under Polish law, the environmental consent decision has to be obtained prior to the obtaining of the mining concession. The environmental consent decision is issued by a specialised environmental authority (the Regional Director for Environmental Protection).

    Deposit Development Plan

    During the quarter, the DDP was completed and submitted to local Polish experts for their review and optimisation. The DDP is then expected to be submitted for final review and approval by the relevant government authorities in early 2017.

    The DDP is a standard mine technical and economic study as prescribed by Polish mining regulations. The DDP is required to document the proper management and extraction of resources and will be submitted to the relevant Polish government mining authority for their review prior to the grant of a mining concession at the Project.

    The DDP includes economic assumptions based on the Project's pre-feasibility study (PFS) published in March 2016 and is required to meet specific Polish geological standards as well as conforming with existing Polish mining regulation requirements.

    As part of preparation of the DDP, the final selection of the site for mine surface infrastructure has been formally confirmed and will be used in both the spatial development permitting and the application for the environmental consent decision for the Project.

    Environmental and Social Impact Assessment

    An application for an environmental consent decision for the Project has been submitted to the Regional Director for Environmental Protection in Lublin along with a Project Information Card, which sets out the environmental procedure and project specific issues of emphasis to be included in the ESIA. The Regional Director of Environmental Protection has now officially initiated the environmental consent procedure.

    The ESIA, which is currently progressing, will provide the relevant authorities with sufficient information to award the environmental consent decision. Prairie is currently on track to complete all environmental requirements and submit its ESIA to the regional authorities in late 2016 and expects to receive the Environmental Decision over the Project's mining area in 2017.

    The ESIA is an extensive study that includes a wide range of environmental monitoring programs, field surveys, ecosystem sensitivity assessments, socio-economic surveys and a detailed community study and stakeholder engagement plan. The scope of the ESIA has been defined to meet Polish, EU and international standards, including compliance with the Equator Principles to support the future financing of the Project.

    Land Rezoning

    As part of the PFS and DDP, Prairie finalised the site location for the Jan Karski Mine, which was selected based on geological, mining, transport and commercial considerations. In relation to the site location, a motion for the amendment of local land rezoning has been lodged by the Company with the local commune, which allows for the rezoning of land for the purpose of "deep hard coal mining" and conversion of agriculture land where the surface mine infrastructure will be located to be designated for "industrial use". The commencement of the spatial planning procedure has been initiated following substantial progress in acquiring land for the planned mine site.

    In June Prairie submitted a formal application for the inclusion of a spur line, power line and the waste disposal site at the Project to local communes.

    Significant government support for the Project continues

    During the quarter, Prairie held a conference in Lublin to announce the final site selection for the future Jan Karski Mine at the Lublin Coal Project. During the conference, Prairie presented to local authorities, media and community the progress the Company has made in its Project permitting (refer announcement 25 May 2016), Regional politicians confirmed their support for the Jan Karski Mine, which will be located in the Siedliszcze municipality in the Chelm Shire and has the potential to create a large number of jobs as well as creating significant economic benefits to the regional and national economy. The conference received wide coverage in both local and national media, including major newspapers and television, and was attended by senior Polish and Australian officials.

    The support also comes amid a recent Polish Government announcement to unlock the industrial potential of the Lublin Coal Basin, where the Ministry of Development outlined plans to support the development of transport infrastructure and modern installations for coal utilisation. Tagged the "Responsible Development Plan" by Polish Minister of Development and Deputy Prime Minister, Mr Mateusz Morawiecki, he further acknowledged the need for infrastructure development in Eastern Poland. Specific solutions outlined for the region included:

  • Unlock the industrial potential of the Lublin Coal Basin under a catch phrase Coal 2.0;

  • Develop infrastructure, especially express motorways being part of international road routes and the Wilno- Lublin-Rzeszów railway;

  • Enhance clean coal technologies by building modern installations for coal utilisation in Lublin; and

  • Establish companies with export potential, offering high quality jobs.

  • The Plan prioritizes the need to establish a long-term energy policy to ensure the Poland's energy security, avoid power shortages and improve the economic and labour conditions in Eastern Poland, while encompassing support for development of industries based on natural resources.

Additional Drilling Program at the Project

During the quarter, Prairie conducted additional drilling at the Project to provide relevant hydrogeological data for the ESIA. Subject to the results of the drilling program, Prairie will look to undertake further geological mapping and core drilling.


Strong Warsaw Market Following

Following the Company's listing on the Warsaw Stock Exchange in September 2015, the Company continues to receive extensive media coverage and a strong following in the Warsaw market.

During the quarter, the development of the Project continued to be followed by local and national Polish media with extensive positive coverage and commentary being received in numerous publications and from Polish market analysts.

During the quarter Prairie held a number of successful press conferences and workshops with Polish fund managers and research analysts as a follow-up to the PFS results published in March 2016.

Financial Position

As at 30 June 2016, the Company had cash reserves of approximately A$18.1 million, placing the Company in a strong position to complete its planned development activities at the Project.

During the quarter, Prairie sold its remaining 2.55 million fully paid shares held in B2Gold Corp. (TSX:BTO) to raise proceeds of A$6.2 million.

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B2Gold Corp.

ISIN : CA11777Q2099
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B2Gold is a gold producing company based in Canada.

Its main assets in production are LIMON and LIBERTAD MINE in Nicaragua, its main assets in development are OROSI in Nicaragua and GRAMALOTE in Colombia and its main exploration properties are MOCOA and QUEBRADONA in Colombia, SAN PEDRO, CALIBRE, TREBOL, EL PAVON and MESTIZA-LA INDIA in Nicaragua, BELLAVISTA in Costa Rica and CEBOLLATI in Uruguay.

B2Gold is listed in Canada and in United States of America. Its market capitalisation is CA$ 4.1 billions as of today (US$ 3.3 billions, € 2.9 billions).

Its stock quote reached its lowest recent point on October 24, 2008 at CA$ 0.30, and its highest recent level on August 07, 2020 at CA$ 9.99.

B2Gold has 973 449 984 shares outstanding.

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