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Fortuna sold Burkina Faso, Mexico mines in 2025, cutting output
Eyes existing Ivory Coast, Senegal projects to help buoy growth
West Africa sees increased gold M&A activity as prices rise
By Maxwell Akalaare Adombila
DAKAR, Dec 15 (Reuters) - Fortuna Mining FVI.TO is seeking mid-tier gold assets, while accelerating new projects, as it works to restore its 500,000-ounce 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 ARIC.V, 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-ounce 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 ABX.TO Tongon mine in northern Ivory Coast and the merger of African Gold A1G.AX with Montage Gold MAU.TO.
Perseus Mining’s PRU.AX A$2.1 billion ($1.40 billion) bid for Predictive Discovery PDI.AX lapsed last week after Robex Resources RBX.V tabled a superior offer for the Guinea-focused explorer.
FLEXIBILITY TO ACT
Whittle said Fortuna was 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 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 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, up from 1.7–1.75 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 U.S."
($1 = 1.5015 Australian dollars)
(Reporting by Maxwell Akalaare Adombila. Additional reporting by Media Coulibaly from Seguela. Editing by Mark Potter)
((Maxwell.Adombila@thomsonreuters.com; +233205362647;))