Fortuna Mining announces exit from Burkina Faso
Fortuna Mining, has announced its exit from Burkina Faso. The Canadian company revealed that it has signed a definitive agreement to sell its interests in Burkina Faso to Soleil Resources International (SRI).
The deal involves divesting Fortuna’s full ownership in Roxgold Sanu, the operator of the Yaramoko gold mine, along with other affiliated subsidiaries. The transaction is valued at approximately $130 million and represents Fortuna’s complete exit from the West African country.
The financial arrangement includes a $70 million payment upon the transaction’s closure, as well as a $57.5 million cash dividend to be distributed from Roxgold Sanu to Fortuna. Additionally, Fortuna stands to receive up to $53 million more, contingent upon the successful recovery of value-added tax (VAT) receivables, subject to specific conditions.
Diversion goal
Fortuna’s decision to divest was driven by several strategic considerations. These include the Yaramoko Mine’s limited remaining life estimated at just one more year of reserves along with the company’s decision to halt exploration activities in the country. The increasingly complex business environment in Burkina Faso also played a significant role. According to Fortuna’s president and CEO, Jorge A. Ganoza, the sale offers a value-maximizing solution, removes approximately $20 million in future closure liabilities, and frees up capital for more strategically aligned opportunities elsewhere.
SRI, a privately owned company headquartered in Mauritius, currently manages three mining operations and a drilling firm within Burkina Faso. Fortuna believes SRI is well-positioned to continue managing the Yaramoko mine and ensuring continuity for local employees and communities. The transaction is subject to several conditions, including government approval and the successful distribution of the Roxgold Sanu dividend. Final completion is expected in the second quarter of 2025.
This move follows Fortuna’s earlier divestiture in January 2025, when it sold its stake in Compañía Minera Cuzcatlán to Minas del Balsas for up to $17 million. Collectively, these sales reflect Fortuna’s broader strategy to optimize its portfolio and refocus its investments in regions and assets that align more closely with its long-term goals.
