Fortuna Mining positions Senegal project as next major growth driver
Fortuna Mining Corp. has taken a significant step toward expanding its West African portfolio after completing a positive feasibility study for its Diamba Sud Gold Project in Senegal, confirming one of the company’s strongest development opportunities to date.
The study outlines an open-pit, conventional carbon-in-leach (CIL) operation with an estimated after-tax Net Present Value (NPV) of approximately US$1 billion and an Internal Rate of Return (IRR) of 60%, based on a long-term gold price assumption of US$3,500 per ounce. The project is expected to become Fortuna’s lowest-cost mining operation while supporting its strategy to increase annual gold production beyond 500,000 ounces by 2028.
Strong economics support final investment decision
According to the feasibility study, Diamba Sud is projected to operate for approximately 9.4 years, producing an average of 116,000 ounces of gold annually.
The project is expected to require initial capital expenditure of approximately US$397.5 million, with payback anticipated within roughly one year of commercial production due to favourable gold prices and competitive operating costs. During the first four years of operation, all-in sustaining costs (AISC) are estimated at approximately US$1,056 per ounce, positioning the mine among Fortuna’s most competitive assets.
Early works already underway in Senegal
Fortuna has approved an early works programme valued at US$73 million to maintain project momentum while the company completes the permitting process.
Development activities currently include:
- Construction of site access infrastructure
- Expansion of accommodation facilities
- Front-end engineering and design
- Procurement of long-lead equipment
- Tender evaluations for the processing plant and tailings storage facility
The company has already secured power generation equipment, with delivery scheduled ahead of construction. Approximately US$18 million of the early works budget has already been invested.
Environmental milestone moves project closer to construction
A major milestone was achieved in June when the Senegalese government granted the project’s environmental approval, representing an important step toward obtaining the final mining permit.
Subject to the remaining regulatory approvals, Fortuna expects to make a Final Investment Decision (FID) in 2026. Full-scale construction could commence following the West African rainy season, with first gold production targeted during the second quarter of 2028.
Expanding resources underpin long-term production
Earlier this year, Fortuna announced a substantial increase in the project’s mineral resources, with indicated resources rising by 73% to approximately 1.25 million ounces of gold. The updated resource estimate significantly improves confidence in the project’s long-term production profile and highlights further exploration upside across several deposits, including the Southern Arc discovery.
Strengthening Fortuna’s West African portfolio
The Diamba Sud development forms part of Fortuna Mining’s broader strategy to strengthen its presence in West Africa alongside its existing operations in Côte d’Ivoire. As global demand for gold remains strong and producers continue investing in high-margin assets, the Senegal project is expected to play a central role in the company’s future production growth and cash generation.
With permitting progressing, early construction activities underway and robust project economics confirmed, Diamba Sud is positioned to become one of Senegal’s most significant new gold mining developments over the coming years.
