The Séguéla gold mine in Côte d’Ivoire. (Image courtesy of Fortuna Silver Mines.)
Fortuna Mining is strengthening its footprint in West Africa as it works to rebuild gold output toward its long-term target of 500,000 ounces a year, following the divestment of higher-cost and short-life assets in Burkina Faso and Mexico.
The Canadian precious metals producer sold its Yaramoko mine in Burkina Faso and the San Jose operation in Mexico earlier this year, a strategic decision aimed at improving capital efficiency and asset quality. While the move reduced near-term production, it has allowed the company to refocus investment on longer-life growth opportunities, particularly across West Africa.
The region now sits at the centre of Fortuna’s expansion strategy. The company has advanced new exploration partnerships, including a joint venture with DeSoto in Guinea, and increased its exposure to Awalé Resources, a West Africa-focused explorer active in Côte d’Ivoire. The renewed push comes as elevated gold prices continue to stimulate investment activity and consolidation across Africa’s gold sector.
David Whittle, Fortuna’s chief operating officer for West Africa, said the company has a defined organic growth pathway through expansions at its Séguéla mine in Côte d’Ivoire and the Diamba Sud project in Senegal. Alongside internal growth, Fortuna is actively assessing acquisition opportunities that could accelerate production growth where assets meet strict economic and jurisdictional criteria.
Fortuna is targeting mid-tier gold operations with annual production potential of between 100,000 and 200,000 ounces and mine lives of at least ten years. The company has indicated that value creation, rather than scale alone, will guide any transaction decisions. Fortuna currently holds around $400 million in net cash, providing balance-sheet flexibility to pursue opportunities primarily within countries where it already operates.
Séguéla remains a key growth asset within the portfolio. Since achieving first gold in 2023, the mine has delivered continued resource expansion. Recent updates show an 11% increase in contained reserves, a doubling of indicated resources and a 15% rise in inferred resources compared with estimates published in December 2024.
Production at Séguéla is tracking ahead of expectations, with 2025 output forecast to exceed 150,000 ounces. Fortuna has commissioned an option study by Lycopodium to evaluate an increase in processing plant throughput to between 2.0 and 2.5 million tonnes per annum, up from the current rate of approximately 1.7 to 1.75 million tonnes.
Fortuna’s growth plans are unfolding against a backdrop of heightened transaction activity across West Africa’s gold industry. Recent developments include Atlantic Group’s acquisition of Barrick Mining’s Tongon mine in northern Côte d’Ivoire, as well as the merger between African Gold and Montage Gold.
The competitive landscape has also been highlighted by Perseus Mining’s unsuccessful A$2.1 billion bid for Predictive Discovery, which was ultimately surpassed by a higher offer from Robex Resources for the Guinea-focused explorer. The episode underscores the growing strategic importance of West Africa as global miners seek quality assets amid sustained strength in gold prices.