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B2Gold Corp (NYSE: BTG or TSE: BTO) bounced 8% today and another 4% in after-hours trading, following an announcement that they have secured funding for the construction of the Fekola Project.

B2Gold is a Vancouver-based gold producer with four mines (two in Nicaragua, one in the Philippines and one in Namibia) and one mine under construction in Mali. The company produced 493k ounces of gold in 2015, an increase of 28% compared to 2014. But this growth story is just getting started. Based on current assumptions, they are projecting gold production in 2016 in the 510k to 550k ounces range, which I think is a conservative projection in order to under-promise and over-deliver. Production is forecasted to increase significantly to between 800,000 to 850,000 ounces in 2018.

B2Gold has four producing mines, including the Otjikoto Mine, which commenced commercial production a little over a year ago. This mine was put into production on budget and ahead of schedule, which makes me optimistic about their ability to move their next mine (Fekola in Mali) into production in similar fashion. B2Gold successfully completed a mill expansion (on time and budget) at Otjikoto in September, from 2.5 million tonnes per year to 3.0 million tonnes per year.

Indeed, Clive Johnson, B2Gold management and technical teams have proven success, formerly with Bema Gold Corporation (sold to Kinross for $3.5 billion). They have demonstrated the ability to discover, finance, build and operate profitable gold mines around the world. Construction of the Fekola mine is well underway and the company expected initial production in late 2017.

This deal to finance Fekola was done on attractive terms without a dilutive equity financing. It includes approval for Gold Prepaid Sales Financing Arrangements of up to $120 million, a signed commitment letter to enter into a Euro equivalent of $81 million term mining equipment facility and an increase in the size of the Otjikoto equipment loan facility.