Fortuna Mining eyes mid-tier gold assets as it works to regain output target
DAKA - Fortuna Mining is seeking mid-tier gold assets, while accelerating new projects, as it works to restore its 500 000-oz annual output target after selling mines in Burkina Faso and Mexico, its West Africa operations 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 also reducing output.
It has struck new deals, including a joint venture with DeSoto for exploration in Guinea and a bigger stake in Awalé Resources, a West Africa-focused gold explorer with operations in Ivory Coast - mirroring a global trend as rising gold prices make dealmaking more attractive.
WEST AFRICA SEES FLURRY OF GOLD M&A
These deals are part of a long-term growth plan, David Whittle, Fortuna's chief operating officer for West Africa, said in an interview on Thursday.
"We have a clear organic pathway to restore our 500 000-oz target through expansions at Seguela in Côte d’Ivoire and Diamba Sud in Senegal," Whittle said, adding that Fortuna was also keeping a "very close eye" on acquisition opportunities to accelerate growth.
West Africa saw a flurry of gold sector deals in 2025, including Atlantic Group's purchase of Barrick’s Tongon mine in northern Ivory Coast and the merger of African Gold with Montage Gold.
Perseus Mining’s A$2.1-billion bid for Predictive Discoverylapsed last week after Robex Resources tabled a superior offer for the Guinea-focused explorer.
FLEXIBILITY TO ACT
Whittle said Fortuna was targeting mid-size operations producing 100 000 oz/y to 200 000 oz/y with at least a decade of mine life.
"Any deal must add value, not just ounces. It's country first, region second," he said, noting the company’s preference for jurisdictions where it already operates. Fortuna has about $400-million in net cash, giving it flexibility to act if the right opportunity emerges.
Seguela, which poured first gold in 2023, is central to Fortuna’s growth plan. The mine is on track to exceed its 2025 guidance, producing above 150 000 oz, and the company has awarded Lycopodium an option study to expand plant throughput to 2-million to 2.5-million metric tons per year, up from 1.7-million to 1.75-million tons currently.
At Diamba Sud, Fortuna expects environmental approval early next year, with a construction decision in 2026 and first gold pour targeted for early 2028.
Despite a trend toward resource nationalism in West Africa, Whittle said governments remained 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 US."
