Fortuna Mining bets $71M on Latin America gold growth

Fortuna Mining plans to invest $71 million in Argentina and Peru this year as the Canadian precious metals producer targets higher gold output and expands key operations across both countries. The company will spend $41 million at its Lindero gold mine in Argentina’s Salta province, where it expects to produce between 92,000 and 102,000 ounces of gold in 2026. The budget includes sustaining capital and exploration at the nearby Cerro Lindo gold deposit and the Arizaro project, where drilling is expected to wrap up in the third quarter.

Lindero produced 20,829 ounces of gold in the second quarter, bringing first-half output to 42,374 ounces and keeping the mine on track to meet annual guidance. With major plant upgrades complete, Fortuna expects improved mechanical reliability, higher crushing and stacking rates and stronger ore grades to lift production in the second half.

The investment reflects Fortuna’s strategy to expand production from existing operations as elevated gold prices support spending on mine optimisation and exploration. The company is also strengthening its presence in Latin America while maintaining operations in Africa, positioning itself for continued growth in precious metals production. Fortuna will invest a further $29.9 million at its Caylloma polymetallic mine in Peru, where brownfield exploration and an expansion of the tailings storage facility are underway.