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Colombia’s environmental regulator will hold a public hearing on Nov. 10 to consider changes to the permit for B2Gold’s (TSX: BTO) $740-million Gramalote gold project, a key step toward construction of the proposed open-pit mine in Antioquia.
The National Environmental Licensing Authority (ANLA) has briefed more than 500 residents of San Roque and Yolombó, the municipalities near the project. The hearing will allow communities and other interested parties to raise concerns before the regulator decides whether to approve the proposed changes.
B2Gold submitted its application in April 2026 to revise an environmental licence granted in 2015 for a larger mining operation. The Canadian company has since scaled back the project and proposed relocating its processing plant and some supporting infrastructure.
The review comes as Colombia seeks to revive mining investment following a steep decline in foreign capital inflows. Approval would clear a major regulatory hurdle for Gramalote, although the project remains exposed to permitting and development risks before its planned start of production in late 2029.
Revised mine plan
B2Gold’s 2025 feasibility study estimates initial capital costs of $740 million and an 11-year mine life, with the processing plant expected to operate for 13 years.
The company forecasts average annual gold production of 227,000 oz. during the first five years, declining to an average of 177,000 oz. over the full operating period.
B2Gold expects to secure environmental approval in January 2027 and begin construction the following month, subject to regulatory clearance.
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The project contains indicated mineral resources of 155.6 million tonnes grading 0.70 gram gold per tonne, equivalent to approximately 3.52 million oz. Inferred resources total 120.9 million tonnes grading 0.52 gram gold per tonne, containing about 2 million oz., according to the company.
B2Gold also estimates post-construction capital spending of $444 million over the project’s life, including $376 million in sustaining capital.
The company gained full ownership of Gramalote in 2023 after acquiring AngloGold Ashanti’s (JSE: ANG) (NYSE: AU) 50% interest.
Investment revival
The permitting process comes as Colombia’s government attempts to reverse a sharp contraction in foreign mining investment, which fell 88% to $178 million in 2025 from $1.51 billion in 2022, according to the Ministry of Mines and Energy.
President Abelardo de la Espriella’s administration has proposed measures to encourage investment, including repealing special mining districts and Food Production Protection Areas (APPA).
The government’s Economic Rescue Bill, submitted to Congress on Oct. 29, also includes a Single Regime to Generate Business Stability (RUGE), intended to improve conditions for private investment.
Deputy Mines Minister Luis Madriñán said the mining industry would need to expand by at least 10% to support the government’s ambition of 6% economic growth, underscoring the importance of attracting private capital.
Madriñán also identified copper as a major opportunity for Colombia’s mining industry, signalling the government’s interest in expanding beyond its established gold and coal sectors.