The Department of Finance (DOF) announced on Thursday, July 13, that B2Gold Corp., a Canadian mining company, has expressed interest in expanding its operations in the Philippines. During the economic team's investor roadshow in Toronto, Canada, Finance Secretary Benjamin E. Diokno met with Neil Reeder, B2Gold's Vice President for Government Relations. Reeder, who formerly served as Canada's Ambassador to the Philippines, conveyed B2Gold's intention to expand its activities in the country, according to the DOF. Presently, B2Gold, headquartered in Vancouver, operates a gold mine in Masbate. In August 2022, Diokno said the Marcos administration was committed to creating a favorable business climate for mining activities in the country after being neglected by the previous administrations. “The mining industry holds the greatest potential to be a key driver in our economic recovery and long-term growth, especially now that world metal prices are high,” Diokno said. The Canadian mining firm, meanwhile, highlighted its accomplishments in the country, including its educated Filipino workforce, strong government relations, sustainable mining practices, and positive economic impact. During their meeting, Diokno and the representatives from B2Gold discussed the significant potential of the Philippine mining industry to contribute to the global supply chain. The Philippines is known to have vast reserves of nickel, copper, gold, chromium, and iron, making it one of the world's largest repositories of these valuable minerals. According to estimates, the country has approximately $1 trillion worth of untapped reserves of copper, gold, nickel, zinc, and silver. However, only five percent of these valuable resources have been utilized thus far. Diokno also shared the government's efforts to incentivize mining activities, promote transparency and accountability within the sector, and rationalize the mining fiscal regime. These initiatives aim to enhance investor confidence while ensuring that the Philippine government receives a fair share of the benefits generated by mining activities. In January 2013, B2Gold acquired its stake in the Masbate mine through the acquisition of CGA Mining Limited. For 2023, the Masbate mine is projected to produce between 170,000 and 190,000 ounces of gold. The mining site also plans to process 7.8 million tonnes of ore. Capital expenditures for the mine in 2023 are estimated to reach $44 million. Of this amount, $38 million is allocated for sustaining capital expenditures, while $6 million is designated for non-sustaining capital expenditures.