Fortuna Mining doubles down on West Africa for gold growth

Fortuna Mining is reshaping its long-term growth strategy by doubling down on West Africa as a cornerstone of its future gold production. Against a backdrop of record-high gold prices and accelerating consolidation in the global mining sector, the company is repositioning its portfolio to prioritize higher-quality, longer-life assets. This strategic pivot reflects Fortuna’s ambition to rebuild annual production toward its 500,000-ounce target while maintaining strong margins and balance sheet discipline.

Over the past year, Fortuna Mining has exited operations in Burkina Faso and Mexico, selling assets that were higher cost and nearing the end of their mine lives. While these divestments temporarily reduced overall gold output, they significantly improved the quality and sustainability of the company’s remaining portfolio. Management has been clear that the objective is not volume for its own sake, but resilient production built around assets capable of generating strong cash flow across commodity cycles.

The refined strategy now centers on developing and acquiring mid-tier gold mines with annual production profiles of roughly 100,000 to 200,000 ounces. Such assets strike a balance between scale and operational flexibility, allowing Fortuna to grow organically while minimizing execution risk. West Africa has emerged as a particularly attractive region for this approach, thanks to its established mining infrastructure, supportive geology, and growing interest from global investors seeking exposure to high-quality gold jurisdictions.

A key pillar of this growth plan is the Séguéla gold mine in Côte d’Ivoire, which has delivered strong reserve and resource growth since entering production. Fortuna expects Séguéla to produce more than 150,000 ounces of gold in 2025, underpinned by continued exploration success and operational optimization. In parallel, technical studies are underway to assess expanding the processing plant throughput to as much as 2.5 million tonnes per year, a move that could further enhance production levels and extend the mine’s economic life.

Beyond Séguéla, Fortuna is advancing its Diamba Sud project in Senegal, which represents another clear avenue for organic growth within its West African footprint. The company has also launched a joint venture focused on early-stage exploration in Guinea, signaling its intent to build a longer-term pipeline of development opportunities. In addition, Fortuna has increased its equity stake in Awalé Resources, an exploration-focused company also active in Côte d’Ivoire, further strengthening its regional exposure.

Financially, Fortuna is well positioned to complement organic growth with selective acquisitions. With approximately $400 million in net cash, the company has the flexibility to pursue value-accretive deals without compromising its balance sheet. This is particularly relevant as West Africa experiences heightened deal activity, driven by strong gold prices and ongoing consolidation among junior and mid-tier producers. Fortuna’s disciplined approach suggests it will remain patient, targeting opportunities that align with its operational expertise and strategic criteria.

Looking ahead, Fortuna’s intensified focus on West Africa is likely to have broader implications for the region’s mining landscape. Continued investment in exploration, mine expansion, and potential acquisitions can support job creation, infrastructure development, and increased fiscal revenues for host countries. At the same time, Fortuna’s emphasis on asset quality and operational efficiency may set a benchmark for responsible growth in the sector. As consolidation accelerates, West Africa is poised to strengthen its role as a key driver of global gold supply, with Fortuna positioning itself as a significant contributor to that evolution.

Mini-Glossary

• Organic growth: Expansion achieved by developing existing assets rather than through acquisitions.
• Mid-tier gold mine: A mine with moderate production scale, typically producing between 100,000 and 200,000 ounces of gold per year.
• Reserve and resource growth: An increase in the estimated amount of economically recoverable gold based on exploration and drilling.
• Throughput: The volume of ore processed by a plant over a given period.
• Value-accretive acquisition: A purchase expected to increase the acquiring company’s overall value, often through higher earnings or cash flow.

Editor: Vural Burç ÇAKIR