The investment is expected to extend the life of the Masbate Gold Project, support about 2,000 existing jobs, and pave the way for up to 2,000 new positions as the company develops a new mine site.
The plan was presented to President Ferdinand R. Marcos Jr. during a meeting on July 3 attended by Trade and Industry Secretary Cristina A. Roque, Finance Secretary Frederick D. Go, and other Philippine officials.
Expansion plans
The proposed investment includes P400 million ($6.4 million) for mineral exploration in Surigao and other prospective areas in Mindanao, alongside P450 million ($7.5 million) to expand the Masbate Gold Project's solar power facility from 10 megawatts to 20 megawatts with battery energy storage.
B2Gold said the initiative builds on its about $1.1 billion investment in the Philippines through the Masbate Gold Project, one of the country's largest gold-producing mines.
The operation currently employs around 2,000 workers, produces about 200,000 ounces of gold yearly, and has been a key contributor to Masbate's economy.
Policy support
Go said the planned expansion demonstrates investors' positive response to recent government reforms aimed at making the country more competitive for responsible mining investments.
"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," the DOF chief said.
According to the government, the investment is expected to extend the mine's operating life, sustain employment in host communities, strengthen the country's mineral export capacity, and increase the use of renewable energy in mining operations.
Regional impact
Roque said the expansion reflects B2Gold's continued confidence in the Philippine mining sector and is expected to generate employment while sustaining economic activity in host 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 project's renewable energy component supports the Marcos administration's push for more sustainable mining practices and aligns with the country's energy transition goals.
The DTI noted that B2Gold has complemented its mining operations with environmental initiatives, including mangrove reforestation, reef restoration, and biodiversity conservation programs in Masbate, as part of efforts to balance mineral development with environmental protection and community well-being.
The agency said it will continue facilitating strategic investments that expand employment opportunities, promote responsible resource development, and drive economic growth in the countryside. —Ed: Corrie S. Narisma
