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Fortuna Mining is aggressively pursuing its strategic objective of reaching 500,000 ounces per year (oz/y) of gold production, with the Diamba Sud gold project in Senegal poised to be a major catalyst. CEO Jorge Ganoza confirms the precious metals miner is fast-tracking the project toward a construction decision following a preliminary economic assessment (PEA) expected later this year. Simultaneously, the company plans to boost 2026 output at its flagship Séguéla mine in Côte d’Ivoire.
Navigating Production Swings
Fortuna reached a peak production of about 460,000 oz of gold equivalent in 2024 through its operations spanning West Africa and Latin America. However, the subsequent divestment of the San Jose mine in Mexico and the Yaramoko mine in Burkina Faso has led to a lower production outlook for 2025, with current guidance set at 309,000 oz to 339,000 oz of gold equivalent.
Ganoza stated the company is targeting a return to its 2024 production levels through its pipeline of new and expanded projects. “We are very attracted to the West African region,” he noted, underscoring the company’s focus on projects across the entire mine development cycle there.
Diamba Sud: A Robust Growth Driver
The Diamba Sud project has seen significant recent progress, despite the relatively underdeveloped mining industry in Senegal—a key challenge Ganoza acknowledges, noting the country lacks the established service clusters seen in mining jurisdictions like Côte d’Ivoire, Burkina Faso, and Ghana. He remains confident that robust planning will overcome these regional development hurdles.
Fortuna’s investment of nearly $50 million over the past two years in exploration and studies has paid off:
- Indicated Mineral Resource: Jumped to 724,000 oz (a 53% increase since year-end 2024).
- Inferred Mineral Resource: Increased to 285,000 oz (a 93% increase since year-end 2024).
The PEA is slated for the fourth quarter of this year, with a construction decision targeted before the end of the first half of 2026. The initial plan envisions an openpit mine with a projected mine life of about eight years, though Ganoza believes there is “strong exploration potential to extend this further.” The CEO stressed the project is “technically robust and financially de-risked,” backed by a strong balance sheet boasting over half a billion dollars in liquidity and low debt.
Séguéla Expansion on Track
The Séguéla mine, in its second full year of operation, is Fortuna’s current flagship, expected to deliver about 145,000 oz of gold this year, maintaining guidance. The company, which acquired Séguéla through the Roxgold takeover in 2021, is ramping up its investment in the asset. The exploration budget for this year has been increased to about $60 million, up from $41 million in 2024.
Ganoza expects to expand Séguéla’s output to between 160,000 oz/y and 180,000 oz/y in 2026. This target is being supported by advanced work to leverage the Sunbird deposit, where drilling is continually expanding the potential for underground mining. Concurrently, infill and expansion work is underway at the nearby Kingfisher deposit.
An updated resource estimate for the Séguéla expansion project is anticipated by year-end, which Ganoza believes will clearly demonstrate its potential to offset depletion at other deposits and significantly increase the company’s resource inventory, solidifying the long-term viability of the mine.
