Fortuna Mining shifts to Guinea

Fortuna Mining is redirecting its focus to Guinea as part of a broader strategic shift in West Africa, following its recent withdrawal from Burkina Faso. The decision comes in response to rising insecurity and increasing government intervention in the region’s mining sector.

Fortuna is currently evaluating opportunities in Guinea’s gold industry, engaging with authorities and conducting site assessments, despite having no current operations in the country. This transition highlights the broader trend of international miners reassessing their investments in politically unstable regions.

Challenges

Since 2020, several West African nations including Burkina Faso, Mali, and Niger have experienced military coups and are now tightening control over foreign-operated mines. Governments are revising mining laws to increase state ownership and revenue from natural resources. This has led to asset seizures, executive detentions, and halted operations, with major players like Barrick Gold and Endeavour Mining also adjusting their footprints in the region.

Fortuna recently sold its Yaramoko gold mine in Burkina Faso to a private local company for $130 million. Although the mine contributed roughly 70,000 ounces to Fortuna’s annual gold output, declining reserves and high security costs reaching $7 million annually made the sale financially prudent.

While moving away from risk-prone zones, Fortuna is simultaneously expanding its exploration budget, increasing it to $51 million in 2025 from $41 million in 2024. In addition to exploring in Guinea, the company is advancing its Diamba Sud gold project in Senegal and enhancing operations at its Seguela mine in Ivory Coast, signaling a clear pivot toward countries with relatively stable investment environments.