Fortuna Mining (FVI.TO) is pursuing mid-tier gold assets and accelerating new projects as it aims to restore its annual output target of 500,000 ounces following the sale of mines in Burkina Faso and Mexico, the company’s West Africa chief told Reuters.
The Canadian miner sold its Yaramoko mine in Burkina Faso and the San Jose operation in Mexico this year, shedding short-life, high-cost assets but reducing overall production.
Fortuna has since struck new deals, including a joint venture with DeSoto for exploration in Guinea and an increased stake in Awalé Resources (ARIC.V), a West Africa-focused gold explorer with operations in Ivory Coast. These moves reflect a global trend of rising gold prices driving dealmaking.
David Whittle, Fortuna’s chief operating officer for West Africa, said the company has “a clear organic pathway to restore our 500,000-ounce target through expansions at Seguela in Côte d’Ivoire and Diamba Sud in Senegal,” adding that Fortuna is also keeping a “very close eye” on acquisition opportunities to accelerate growth.
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Whittle said Fortuna is targeting mid-size operations producing 100,000–200,000 ounces a year with at least a decade of mine life. “Any deal must add value, not just ounces. It’s country first, region second,” he noted, emphasizing the company’s preference for jurisdictions where it already operates. With about $400 million in net cash, Fortuna has flexibility to act if the right opportunity emerges.
Seguela, which produced its first gold in 2023, is central to Fortuna’s growth plan. The mine is on track to exceed its 2025 guidance, producing over 150,000 ounces, and the company has awarded Lycopodium (LYL.AX) an option study to expand plant throughput to 2–2.5 million metric tons per year from the current 1.7–1.75 million tons.
At Diamba Sud, Fortuna expects environmental approval early next year, with construction planned for 2026 and first gold targeted for early 2028.
Despite a trend toward resource nationalism in West Africa, Whittle said governments remain supportive of mining investment. “Ivory Coast and Senegal offer permitting timelines of four to five years from resource to first gold… far faster than Canada or the U.S.,” he added.
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Image Credit: Reuters
