Meet the founder who moved beyond Latin America to pursue a $1.5 billion gold and silver opportunity in West Africa, now accounting for 60% of company’s production - Business Insider Africa

AI desk brief

Fortuna Mining has transformed from a 34-person Latin American startup into a mid-tier gold and silver producer expecting more than $1.5 billion of revenue this year, with West Africa now accounting for 56%-60% of gold production and potentially close to 80% after current projects ramp up. The company spent over $2 billion on West African expansion since 2021 and plans to invest another $800 million, backing growth at Diamba Sud and Séguéla while targeting a 60% IRR over a 12-18 month permit cycle in higher-risk jurisdictions.

The strategic focus is on government partnerships, repeatable growth platforms and large prospective land packages rather than single-asset development. Fortuna says the Bambadji acquisition gives it roughly 60 km of strike in Senegal and could host 2-5 million ounces, with Diamba Sud expected to average 158,000 oz/yr in its first four years before 116,000 oz/yr over a 9.4-year mine life.