Fortuna Mining Nears Final Stage for the $400M Diamba Sud Gold Project
Fortuna Mining is predicted to secure the final construction license for its gold project Diamba Sud (located in Senegal), with first production targeted for 2028 at a peak of 230K ounces every year.
Fortuna Mining Corp (FSM) is on the verge of obtaining the last regulatory green light for its Diamba Sud gold development in Senegal, with the company's chief executive indicating the final construction permit should arrive within weeks.
In a recent interview, Fortuna Mining CEO, Jorge Ganoza, said that the company has already cleared the assessment for their impact on environment in just nine months, a timeline he contrasted with far slower permitting processes in countries like Mexico or Peru, where equivalent approvals can drag on for years.
The Vancouver-based company is committing close to $400 million to bring Diamba Sud live, aiming for initial gold production in 2028 and peak yearly production of roughly 230K ounces. A feasibility study projects an ROI of approximately 60% and a net present value near $1 billion, assuming that gold price was at $3,500 per ounce.
Ganoza noted that the political climate in Senegal, including cabinet reshuffles and friction between President Bassirou Diomaye Faye and the country's former PM Ousmane Sonko, has not derailed investment plans.
The company is already making reservations for critical long-lead equipment to secure delivery timelines in the middle of lower mining supply chains worldwide, and is spending over $15 million on site exploration alone, with further discoveries potentially boosting project economics.
Senegal, traditionally known for mineral sands and phosphate mining, produced about 334K ounces of gold in 2025, which is still well behind regional heavyweights Ghana and Mali. But Ganoza believes the country has a somewhat unique chance to become a targeted mining jurisdiction as investors increasingly direct capital toward the West African nations.
Beyond Diamba Sud, Fortuna is evaluating acquisition and exploration prospects across Senegal, Ivory Coast, and Guinea, with possible deal announcements before year-end.
FSM stock price today is trading around $8.58, up about 1.18% compared to 24 hours ago, at the time of this article's publication
Related assets: Gold