As part of its strategic objective to reach 500 000 oz/y of gold production, precious metals mining company Fortuna Mining is advancing the Diamba Sud gold project toward a construction decision following the completion of a preliminary economic assessment expected later this year, alongside increasing 2026 production at its Séguéla mine, in Côte d’Ivoire, says CEO Jorge Ganoza.

Through its operations in West Africa and Latin America, Fortuna reached a key production milestone in 2024, delivering about 460 000 oz of gold equivalent production in the year.

Following this, the company divested from the San Jose mine, in Mexico, and Yaramoko mine, in Burkina Faso, resulting in lower production for 2025, with the company currently guiding gold equivalent production of 309 000 oz to 339 000 oz.

However, through its various new projects, Fortuna is targeting a return to its 2024 production levels, he says.

Aligned to this goal, Fortuna is advancing several projects in West Africa, with projects spanning the full mine development cycle – from exploration to development, including conceptual targets and early-stage exploration, to advanced-development projects and brownfield expansions.

Fortuna is “very attracted to the West African region”, says Ganoza.

He acknowledges, however, that many West African nations are young democracies with developing economies and industries.

The main challenges of Diamba Sud’s development to date has been Senegal’s relatively underdeveloped mining industry, which lacks the well-established mining culture and service clusters of other West African nations such as Côte d’Ivoire, Burkina Faso and Ghana.

Ganoza says Fortuna is confident that proper planning can overcome these challenges as the company moves towards a construction decision for the project.

Over the past two years, the company has invested close to $50-million in mineral exploration and studies.

An updated mineral resource estimate for the project was announced in August, showing significant growth. The report showed an indicated mineral resource of 724 000 oz, representing a 53% increase since year-end 2024, and an inferred mineral resource of 285 000 oz, reflecting a 93% increase since year-end 2024.

A preliminary economic assessment is expected to be published in the fourth quarter of this year, followed by a construction decision before the end of the first half of 2026.

“We are envisioning an openpit mine with an initial projected mine life of about eight years. However, there is strong exploration potential to extend this further.”

With a strong balance sheet, including more than half a billion dollars in liquidity, and low debt, Ganoza adds that the Diamba Sud gold project is technically robust and financially de-risked.

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Fortuna’s flagship Séguéla mine, in its second full year of operations, is expected to deliver about 145 000 oz of gold this year, with production on track to meet this guidance.

The company has increased the exploration budget to about $60-million for this year, up from $41-million in 2024.

Fortuna acquired Séguéla through its acquisition of Canadian gold mining company Roxgold in 2021, which Ganoza notes was largely owing to the strong exploration potential of Séguéla.

“It is very rewarding to see, over the last three to four years, that potential being realised,” he elaborates.

Looking ahead to 2026, Ganoza anticipates expanding output at Séguéla to between 160 000 oz/y and 180 000 oz/y: “That work is advancing well, and we should be in a position to meet that 2026 target.”

While current production at Séguéla is from an openpit, Fortuna is aiming to keep the mine in production by leveraging the Sunbird deposit - where drilling continues to expand underground mining potential.

Infill and expansion are also being pursued at the Kingfisher deposit, 1 km east of Sunbird.

An updated resource estimate for the Séguéla expansion project is expected to be published by year-end, which Ganoza notes will showcase the projects’ potential to offset depletion at the mine’s other deposits, and increase the company’s resource inventory.