September 4th, 2026 | 07:10 CEST
Newmont, Kobo Resources and B2Gold: The Roadmap to Record Profits in the West African Gold Sector
The gold market surged by a whopping 15% in August, reaching as high as USD 4,700 per ounce. The last time such an explosive single-month rise was seen in the gold sector was 27 years ago. The triggers are the fragile US fiscal policy, conflicts in the Middle East and the Fed's expected interest rate cut. Gold companies are benefiting from the high gold price. Leading the way are those operating in West Africa's most promising gold-producing regions. In Mali, calm is returning following the political turmoil. The country increased production by 30% in the first half of the year, while Côte d'Ivoire attracts investors with its stability and rich deposits. Reason enough for us to take a closer look at Newmont, Kobo Resources and B2Gold.
time to read: 5 minutes
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Author:
Armin Schulz
ISIN:
NEWMONT CORP. DL 1_60 | US6516391066 , KOBO RESOURCES INC | CA49990B1040 | TSXV: KRI , B2GOLD CORP. | CA11777Q2099
Table of contents:
Author
Armin Schulz
Born in Mönchengladbach, he studied business administration in the Netherlands. In the course of his studies he came into contact with the stock exchange for the first time. He has more than 25 years of experience in stock market business.
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Newmont: Where The Focus Lies In Africa
Operationally, Newmont's focus in Africa is clearly on Ghana. Ahafo North has commenced commercial production and is expected to contribute around 315,000 ounces in 2026. Over its planned 13-year life, annual production of 275,000 to 325,000 ounces is forecast. Ahafo South, by contrast, produced only around 600,000 ounces in 2025, a significant decline from the previous year's record of 798,000 ounces, due to falling ore grades. Following the sale of Akyem to Zijin Mining in April 2025, these two mines form the main remaining production base on the continent.
However, Newmont is securing exploration opportunities in Côte d'Ivoire through a strategic stake in Awalé Resources. Following the completion of the second tranche of funding in August, the group holds just over 8.2%. A total of around CAD 20.7 million was raised, which will primarily be channelled into the Odienné project. An inferred resource of 1.71 million ounces of gold equivalent has been defined across a 797 km² joint venture area. Newmont is providing full funding for the exploration, while Awalé retains technical leadership.
Newmont's second quarter results demonstrate its financial strength. A record was set with free cash flow of USD 2.2 billion; the annual forecast of 5.3 million ounces at all-in sustaining costs (AISC) of USD 1,680 per ounce remains unchanged. The settlement of the legal dispute with Barrick Mining over the Nevada joint venture secures Newmont's access to the high-grade Fourmile project. The recent sale of Northumberland demonstrates disciplined portfolio streamlining. The group is planning for the future with larger and more attractive core operations.
Kobo Resources: Gold System Taking Shape
Fresh diamond drilling results from the Road Cut Zone of the Kossou Gold Project paint a picture of a complex gold system. The mineralization is no longer confined to a single structure but extends across several shear zones. These include the Main Road Cut Shear, the Artisanal Shear and the Contact Zone Fault. Of particular note is drill hole KDD0167, which returned an interval of 2.0 m at 21.10 g/t gold at a depth of around 200 m.
In total, Kobo has now drilled more than 47,850 m across 240 drill holes on the project, with over 10,700 m drilled since the start of the year. The company has two drill rigs in operation to drive forward resource definition and the search for extensions in parallel.
The Contact Zone Fault is becoming increasingly significant. Drill hole KDD0170 encountered 8.0 m at 2.65 g/t gold, including a 3.3 m interval at 5.99 g/t. The Artisanal Shear is also yielding broader, albeit lower-grade, intervals. Drill hole KDD0168 returned 18.0 m at 0.64 g/t. Crucially for investors, the mineralization remains open in all directions. This opens up prospects for further drilling successes. The metallurgical tests carried out by SGS, which confirmed average gold recoveries of around 97% across various zones, are a positive development. This is a strong figure that will be significant for the project's future viability.
Côte d'Ivoire is also becoming increasingly attractive to major gold producers. The country boasts exciting geological formations such as Birimian rocks, which often harbour large gold deposits. Multi-million-dollar takeovers by producers such as Endeavour and Fortuna Silver demonstrate the industry's interest. Kobo has strengthened its position by securing around CAD 5.5 million in funding in April for its current work program. The next major catalyst for shareholders will be the first mineral resource estimate, announced for the fourth quarter. This will see the drilling data converted into a standardized classification for the first time. The Annual General Meeting in August also confirmed the existing management team. In parallel, the company is continuing its social commitment in the partner villages with the fourth edition of the KOBO CUP.
B2Gold: Mali Permit Paves the Way for Production Growth
After more than two years of regulatory uncertainty, B2Gold has finally received the long-awaited Menankoto mining permit for the Fekola Regional Project in Mali. The permit, which together with the Dandoko exploration licence forms the cornerstone of future production, now allows overburden removal and preparatory work to commence. The project is located just 20 km from the existing Fekola mill, meaning the ore can be processed there, thereby saving costs. From 2028 onwards, Fekola Regional is expected to contribute more than 150,000 ounces annually, thereby extending the operational life of the entire complex well into the 2030s. The Malian government will hold a 35% stake in the project going forward.
The second quarter delivered mixed but fundamentally solid results. While Fekola, Masbate and Otjikoto exceeded expectations, the Goose Mine struggled with the aftermath of a fire at the crushing plant in April. Production there plummeted, while consolidated output of around 204,000 ounces remained on target. Repairs are progressing, and throughput capacity is set to rise to 3,200 tonnes per day in the third quarter. The conclusion of the gold prepayment agreement enables future sales at the spot price. Furthermore, the cost forecast has improved. AISC for the current year have been revised downwards to between USD 2,370 and USD 2,550 per ounce.
The sale of the 70% stake in the Finnish Fingold project to Agnico Eagle raised USD 325 million and strengthened the balance sheet. With USD 287 million in cash and cash equivalents and reduced debt, the company is well positioned. The removal of prepayment obligations is expected to lead to a significant increase in free cash flow in the second half of the year. Analysts expect this to almost triple from around USD 368 million in the current year to around USD 1.1 billion in 2027. The production forecast for 2026 has been narrowed to between 820,000 and 920,000 ounces, driven primarily by stable operations in Namibia and the Philippines.
The high gold price, which has at times reached USD 4,700, is fuelling a new mining boom in West Africa. Newmont is leveraging its operational strength and systematically streamlining its portfolio to excel with low costs and strong free cash flow. Kobo Resources is purposefully advancing exploration of the Kossou project, delivering solid drilling results, with the first resource estimate in the fourth quarter set to deliver important news. B2Gold, on the other hand, has cleared its biggest regulatory hurdle with the long-awaited Menankoto permit in Mali, paving the way for significant production growth from 2028.
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