Jorge Ganoza, Fortuna’s CEO, stated: “We find Guinea to be a place we would invest today.” He emphasized Guinea’s potential, noting “a lot of room for discovery” and allocating part of the company’s growing exploration budget to the region. Fortuna has increased its global exploration and project development budget to $51 million in 2025, up from $41 million in 2024.
The shift reflects changing dynamics in West Africa’s mining sector. Burkina Faso, Mali, and Niger have faced military coups since 2020, prompting revised mining codes to enhance local control. These nations have also implemented strict measures, such as asset seizures and executive arrests, impacting foreign mining operations. Guinea, under military leadership since 2021, has maintained its existing mining code but has pressed foreign firms to meet project deadlines.
Ganoza commented: “We don’t see the same situations as we see today in Mali or Burkina Faso or Niger.” Fortuna’s exit from Burkina Faso involved selling its Yaramoko gold mine for $130 million (C$179.32 million), despite forgoing approximately 70,000 ounces of gold production. Ganoza described the sale as “a very compelling offer,” citing the mine’s declining reserves and annual security costs of $7 million due to regional instability. Operations in Burkina Faso required a fly-in, fly-out model for all personnel, as ground transportation was deemed unsafe.
Fortuna’s withdrawal follows a similar move by Endeavour Mining in 2024. Beyond Guinea, Fortuna is prioritizing Senegal’s Diamba Sud gold project and expanding its flagship Seguela gold mine in Ivory Coast. The company’s strategic focus on West Africa aims to leverage the region’s rich mineral potential while navigating varying regulatory and security landscapes.
This exploration initiative in Guinea positions Fortuna to strengthen its portfolio, supporting sustainable growth in the global gold market. The company’s proactive engagement with local stakeholders in Guinea underscores its commitment to responsible and efficient resource development.
