Fortuna Mining’s diversification into West Africa proves a resounding success

Fortuna Mining’s 2021 decision to diversify from Latin America, its traditional stamping ground, to West Africa was met with scepticism by many in the investment community, but the critics have since been silenced.

As Fortuna President, CEO and co-founder, JORGE A. GANOZA, explains to ARTHUR TASSELL, around 60% of the company’s production and around two-thirds of its margins are now derived from its Séguéla gold mine in Côte d’Ivoire, and there is further growth on the near horizon, including a new mine, Diamba Sud, in Senegal.

Fortuna, listed on the NYSE and TSX, entered West Africa in 2021 when it acquired Canadian gold miner Roxgold, whose main assets were the operating Yaramoko mine in Burkina Faso (which Fortuna sold in 2025) and the Séguéla project in Côte d’Ivoire, then at the feasibility stage.

Fortuna wasted no time in developing Séguéla. It launched construction of the mine just two months after completing the acquisition, and the first gold pour occurred in May 2023. The mine delivered 137 koz of gold in 2024, its first full year in production, and 152 koz in 2025, which was above guidance.

“Séguéla has a big property package,” notes Ganoza. “It stretches 35 km from north to south and extends over more than 60 000 ha. Within it we’ve identified eight deposits including Antenna, which is our main orebody, and we also have more than 30 targets. We’re exploring very aggressively and will spend more than US$12 million on exploration during the current year.