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by Stockwatch Business Reporter

New York spot gold closed down 70 cents to $1,181.30 Friday, ending the week up $6.30. The TSX Venture Exchange edged up a fraction of a point to 682.14 and the TSX Gold Index slipped one point to 154.27.

Gold miners in Canada had a down day. Barrick Gold Corp. (ABX) slipped one cent to $13.86, Goldcorp Inc. (G) lost 14 cents to $20.72, Eldorado Gold Corp. (ELD) lost 17 cents to $5.16 and Agnico Eagle Mines Ltd. (AEM) dropped 30 cents to $38.

Clive Johnson's B2Gold Corp. (BTO) rose four cents to $2 on 4.37 million shares. A mine at the company's Fekola gold deposit in Mali will cost $395-million. B2Gold has already started construction with its $143-million in working capital. Today, it closed a credit facility of up to $450-million with a syndicate of banks led by HSBC. President Johnson would like to have Fekola in production by late 2017, boosting annual production by 300,000 ounces of gold. B2Gold aims to produce 540,000 ounces of gold this year, up from 390,000 ounces in 2014. The company has four gold mines, two in Nicaragua, one in the Philippines and one in Namibia, Otjikoto, which started commercial production this past February. B2Gold had been planning a fifth gold mine at its Gramalote gold project in Colombia, but that is now on hold. Gramalote needs a gold price of $1,350 to be profitable, while Fekola is profitable now. The company acquired the Malian gold project last fall, when it merged with Papillon Resources Ltd. of Australia in a deal valued at $570-million. For his services last year, B2Gold paid president Johnson $1.25-million in salary and bonus, down from $1.7-million in 2013.

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