Latest news with #Ganoza
Yahoo
4 days ago
- Business
- Yahoo
Atico Reports Consolidated Financial Results for First Quarter of 2025
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the 'Company' or 'Atico') (TSX.V: ATY | OTC: ATCMF) today announced its financial results for the three months ended March 31, 2025, posting income from mining operations of $3.7 million and a net loss of $0.8 million for the quarter. Production for the quarter at Atico's El Roble mine totaled 2.2 million pounds ('lbs') of copper and 1,578 ounces ('oz') of gold in concentrate at a cash cost (1) of $3.00 per payable pound of copper (2). Fernando E. Ganoza, CEO and Director, commented, 'during this period, the mine's operational performance was below schedule due to unexpected challenging rock quality conditions resulting in slower than planned mine development. Nevertheless, we achieved financial results in line with budget, driven by strong metal prices and additional revenue from selling down a portion of our pledged concentrate inventory.' Mr. Ganoza continued, 'for the remainder of the year, we anticipate gradual improvements in the second and third quarters of this year to regain the planned development and preparation pace, which we expect will enable us to recover most of the lost production for the year. In parallel, we are progressing with the engineering and permitting for the La Plata project while conducting the near-mine drilling program at El Roble to replenish resources and extend the mine's life.'Sales for the quarter increased 11% to $19.9 million when compared with $17.8 million in Q1-2024. Copper ('Cu') and gold ('Au') accounted for 72% and 28% of the 8,468 (Q1-2024 – 9,383) dry metric tonnes ('DMT') sold during Q1-2025. The average realized price per metal was $4.44 (Q1-2024 - $3.97) per pound of copper and $2,987 (Q1-2024 - $2,180) per ounce of gold. Net loss for the quarter amounted to $0.8 million, compared with $0.4 million for the comparative quarter of last year, while cash flows from operations, before changes in working capital, was $5.3 million (Q1-2024 – $5.8 million). Cash used for investing activities amounted to $1.7 million (Q1-2024 – $3.2 million). Ending working capital deficit was $10.1 million (December 31, 2024 – $11.3 million), while the Company had $6.1 million (December 31, 2024 – $7.1 million) in long-term loans payable and $8.8 million (December 31, 2024 – $8.5 million) payable to the National Mining Agency that is due beyond one year. Cash costs (1) were $176.98 per tonne of processed ore and $3.00 per pound of payable copper produced (2), which was an increase of 11% and 17% over Q1-2024, respectively. The increase in cash cost per tonne was primarily driven by lower ore production in Q1-2025, which led to underutilization of capacity (as fixed costs were spread over fewer tonnes). The transition to the new zones in the El Roble mine experienced delayed by unforeseen rock quality challenges, which affected both tonnage and head grade as access to stopes was slowed down. Also, inflation, and the increase in ground support activities and stope preparation, impacted costs. Cash costs per pound of payable copper produced also increased due to lower copper output due to the lower grade. The Company anticipates a gradual improvement in tonnage and grade in the following quarters as planned development and preparation pace recovers. Cash margin was $1.44 per pound of payable copper produced(1), which was an increase of 2% over Q1-2024, due to the increase in realized copper price which more than offset the increase in cash cost per pound mentioned above. All-in sustaining cash cost per payable pound of copper produced(1) was $4.65, up from $3.41 in Q1-2024 (refer to non-GAAP Financial Measures). This increase was primarily due to lower copper output and higher sustaining capital expenditures on mine development, mine infrastructure, and ramp construction, necessary to maintain production capacity. On March 7, 2025, the arbitration tribunal at the Center for Arbitration and Conciliation of the Bogota Chamber of Commerce ruled in favor of the National Mining Agency regarding the royalties' dispute of Minera El Roble S.A. Q12025 Q12024 %Change Sales $ 19,855,914 $ 17,818,115 11 % Cost of sales (16,113,098 ) (15,016,252 ) 7 % Income from mining operations 3,742,816 2,801,863 34 % As a % of revenue 19 % 16 % General and administrative expenses (1,218,814 ) (1,331,172 ) (8 %) Income from operations 2,515,347 1,292,845 95 % As a % of revenue 13 % 7 % Income (loss) before income taxes 1,038,480 (257,271 ) (504 %) Net income (loss) (844,316 ) (365,933 ) 131 % As a % of revenue (4 %) (2 %) Operating cash flow before changes in non-cash operating working capital items(1) $ 5,327,944 $ 5,847,701 (9 %) In Q1-2025, the Company produced 2.2 million lbs of copper, 1,578 oz of gold, and 4,988 oz of silver. Copper production decreased by 34% and gold production by 28% for gold, when compared to Q1-2024, due to lower ore throughput and lower copper and gold head-grades. Q12025 Q12024 %Change Production (Contained metals)(3) Copper (000s lbs) 2,220 3,349 (34 %) Gold (oz) 1,578 2,185 (28 %) Silver (oz) 4,988 8,174 (39 %) Mine Tonnes of material mined 56,467 64,873 (13 %) Mill Tonnes processed 54,978 65,787 (16 %) Tonnes processed per day 773 811 (5 %) Copper grade (%) 1.96 2.52 (22 %) Gold grade (g/t) 1.44 1.67 (14 %) Silver grade (g/t) 10.26 8.49 21 % Q12025 Q12024 %Change Recoveries Copper (%) 93.3 91.8 2 % Gold (%) 62.0 61.7 1 % Silver (%) 39.3 46.3 (15 %) Concentrates Copper Concentrates (DMT) 5,763 8,274 (30 %) Copper (%) 17.5 18.4 (5 %) Gold (g/t) 8.5 8.2 4 % Silver (g/t) 38.5 30.7 25 % Payable copper produced (000s lbs) 2,080 3,148 (34 %) Cash cost per pound of payable copper ($/lbs)(1)(2) 3.00 2.57 17 % The financial statements and MD&A are available on SEDAR+ and have also been posted on the company's website at (1) Alternative performance measures; please refer to 'Non-GAAP Financial Measures' at the end of this release.(2) Net of by-product credits(3) Subject to adjustments on final settlementMr. Thomas Kelly (SME Registered Member 1696580), advisor to the Company and a qualified person under National Instrument 43-101 standards, is responsible for ensuring that the technical information contained in this news release is an accurate summary of the original reports and data provided to or developed by is a growth-oriented Company, focused on exploring, developing and mining copper and gold projects in Latin America. The Company generates significant cash flow through the operation of the El Roble mine and is developing it's high-grade La Plata VMS project in Ecuador. The Company is also pursuing additional acquisition of advanced stage opportunities. For more information, please visit ON BEHALF OF THE BOARD Fernando E. GanozaCEOAtico Mining Corporation Trading symbols: TSX.V: ATY | OTC: ATCMF Investor RelationsIgor DutinaTel: +1.604.633.9022 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the ''U.S. Securities Act''), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction. This announcement includes certain 'forward-looking statements' within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation statements regarding improving cost efficiencies at El Roble, taking advantage of the favorable metal price environment, and possible outcomes of any pending arbitration, consultation, litigation, negotiation or regulatory investigation, and the timing and amount of the future construction of the La Plata project, are forward-looking statements. Forward- looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The assumptions upon which the forward-looking statements herein are based, include, but are not limited to, that all required third party contractual, regulatory and governmental approvals will be obtained for the development, construction and production of its properties, there being no significant disruptions affecting operation, permitting, development, expansion and power supply proceeding on a basis consistent with the Company's current expectations, currency exchange rates being approximately consistent with current levels, certain price assumptions for copper, gold and silver, prices for and availability of fuel oil, electricity, parts and equipment and other key supplies remaining consistent with current levels, production forecasts meeting expectations, the accuracy of the Company's current mineral resource and reserves estimates, labor and materials costs increasing on a basis consistent with the Company's current expectations, assumptions made and judgments used in engineering and geological interpretation, the outcome of the Arbitration with the National Mining Agency in Colombia for the royalty dispute and that additional financing sources will be available on reasonable commercial terms in order for the Company to make scheduled repayments of principal, interest, and any applicable premiums on its outstanding indebtedness. Important risk factors that could cause actual results to differ materially from the Company's expectations include uncertainties as to the timing and process for renewal of title to the El Roble claims; risks associated with the Company's outstanding debt, including the Company's ability to successfully secure additional funds through debt or equity issuances to meet these obligations, including amounts due and payable to Trafigura PTE. LTD. on or before June 30, 2025, or successfully negotiate to amend or extend their terms uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs of the Company's projects; the need to obtain additional financing to maintain its interest in and/or explore and develop the Company's mineral projects; uncertainty of meeting anticipated program milestones for the Company's mineral projects; and other risks and uncertainties disclosed under the heading 'Risk Factors' in the Company's Management's Discussion and Analysis for the year ended December 31, 2024 and in the Company's Annual Information Form ('AIF') dated September 4, 2024, filed with the Canadian securities regulatory authorities on the SEDAR+ website at and as available on the Company's website for further details. Except as required by law, the Company does not assume the obligation to revise or update these forward-looking statements after the date of this announcement or to revise them to reflect the occurrence of future unanticipated items marked with a "(1)" are alternative performance measures and readers should refer to Non-GAAP Financial Measures in the Company's Management's Discussion and Analysis for the year ended December 31, 2024, as filed on SEDAR+ and as available on the Company's website for further details.
Hamilton Spectator
21-05-2025
- Business
- Hamilton Spectator
Fortuna publishes its 2024 Sustainability Report
VANCOUVER, British Columbia, May 21, 2025 (GLOBE NEWSWIRE) — Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to announce the publication of its seventh annual Sustainability Report, highlighting key developments in 2024 related to governance, corporate strategy, risk management, and performance. The report also outlines Fortuna's commitments and progress on the environmental, social, and governance (ESG) factors most material to our business and stakeholders. Jorge A. Ganoza, President, and CEO, stated, 'Sustainability is not just a responsibility - it is a strategic imperative that underpins our success as an efficient business and a trusted partner to our investors and stakeholders in the countries where we operate, now and in the future. We take pride in our 2024 performance, while acknowledging that continuous improvement is essential in the areas that matter most.' Mr. Ganoza added, 'Our leadership team is fully committed to embedding sustainability—particularly the prioritization of health and safety—into every aspect of our decision-making, from daily operations to long-term strategic planning.' Julien Baudrand, Senior Vice President of Sustainability, commented, 'This report outlines Fortuna's progress in aligning with leading industry practices, including Critical Risk Management, the Global Industry Standard on Tailings Management (GISTM), and ISO 14001 and 45001 certifications. It also highlights our 2024 achievements, such as top-tier performance in health and safety, industry-leading greenhouse gas emissions intensity per ounce of gold produced, and no significant negative impacts on the environment or our host communities.' Mr. Baudrand concluded, 'Striving for sustainability excellence - by achieving zero harm, minimizing our environmental footprint, and meeting stakeholder expectations - strengthens our relationships with shareholders, lenders, local authorities, communities, and employees, while creating lasting value for Fortuna.' Key facts and figures from the 2024 Sustainability Report: Governance Workforce Health and Safety Community Relations Environment Human Capital, Human Rights, and Business Ethics The report also highlights the transformative projects that we are leading across our host countries in Latin America and West Africa, demonstrating how our initiatives create lasting social and environmental value that extends beyond financial performance. As part of our ongoing commitment to transparency and stakeholder engagement, we have introduced a new companion resource: the Sustainability Data Booklet. This document is aligned with the 2023 SASB Metals & Mining Standard, TCFD recommendations, and GRI Standards 2021, including the newly released GRI 14: Mining Sector Standard (2024). It is complemented by our Interactive Analyst Center , which offers downloadable, site-specific ESG data for enhanced accessibility and insight. Fortuna's 2024 Sustainability Report is available on our website: We welcome questions and feedback at: sustainability@ About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and Director Fortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | X | LinkedIn | YouTube Forward-Looking Statements This news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements'). All statements included herein, other than statements of historical fact, are forward-looking statements, including, without limitation, statements pertaining to the Company's sustainability plans, targets, strategies, and goals, such as working towards a zero harm workplace, implementing the Global Industry Standard for Tailings Management, and minimizing our environmental footprint. Often, but not always, these forward-looking statements can be identified by the use of words such as 'believe', 'expect', 'anticipate', 'contemplate', 'target', 'plan', 'goal', 'budget', 'aim', 'intent', 'estimate', 'may', 'should', 'could', 'future' and similar expressions, including negative variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, and factors include, among others, risks associated with climate change; risks associated with mining regime changes in the Company's operating jurisdictions, including those related to permitting and approvals, environmental and tailings management, labour, trade relations, and transportation, other factors including accidents, equipment breakdown, environmental risks; as well as those factors discussed under 'Description of the Business - Risk Factors' in the Company's Annual Information Form, a copy of which can be found on the Company's profile on the SEDAR+ website at . Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are based on the assumptions, beliefs, expectations, and opinions of management, including, but not limited to, continued availability of water and power resources at the Company's operations; financial and physical impacts of climate change and climate change initiatives on markets and the Company's operations; the availability and effectiveness of technologies needed to achieve the Company's sustainability goals and strategies; the accuracy of the Company's current mineral resource and reserve estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change affecting the Company or its properties. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking statements.
Yahoo
21-05-2025
- Business
- Yahoo
Fortuna publishes its 2024 Sustainability Report
VANCOUVER, British Columbia, May 21, 2025 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) is pleased to announce the publication of its seventh annual Sustainability Report, highlighting key developments in 2024 related to governance, corporate strategy, risk management, and performance. The report also outlines Fortuna's commitments and progress on the environmental, social, and governance (ESG) factors most material to our business and stakeholders. Jorge A. Ganoza, President, and CEO, stated, 'Sustainability is not just a responsibility - it is a strategic imperative that underpins our success as an efficient business and a trusted partner to our investors and stakeholders in the countries where we operate, now and in the future. We take pride in our 2024 performance, while acknowledging that continuous improvement is essential in the areas that matter most.' Mr. Ganoza added, 'Our leadership team is fully committed to embedding sustainability—particularly the prioritization of health and safety—into every aspect of our decision-making, from daily operations to long-term strategic planning.' Julien Baudrand, Senior Vice President of Sustainability, commented, 'This report outlines Fortuna's progress in aligning with leading industry practices, including Critical Risk Management, the Global Industry Standard on Tailings Management (GISTM), and ISO 14001 and 45001 certifications. It also highlights our 2024 achievements, such as top-tier performance in health and safety, industry-leading greenhouse gas emissions intensity per ounce of gold produced, and no significant negative impacts on the environment or our host communities.' Mr. Baudrand concluded, 'Striving for sustainability excellence - by achieving zero harm, minimizing our environmental footprint, and meeting stakeholder expectations - strengthens our relationships with shareholders, lenders, local authorities, communities, and employees, while creating lasting value for Fortuna.' Key facts and figures from the 2024 Sustainability Report: Governance 63 percent of our directors possess expertise in safety, sustainability, and ESG 30 percent of executive short-term incentive compensation is tied to ESG performance Enterprise Risk Management (ERM) incorporates sustainability-related factors Workforce Health and Safety Zero fatal incidents Lost Time Injury Frequency Rate (LTIFR): 0.48 Total Recordable Incident Frequency Rate (TRIFR): 1.36 93 percent of employees received training in Critical Risk Management (CRM) Community Relations Zero significant community grievances US$103 million contributed in government payments US$9.2 million allocated to community development programs and funds 41 percent of employees are from local communities Environment Zero significant environmental spills Zero non-compliances associated with water quality permits, standards, or regulations Carbon intensity: 0.38 tonnes of carbon dioxide equivalent emitted per gold equivalent ounce 14 percent of total energy consumption sourced from renewables Freshwater consumption intensity: 0.23 m3 per tonne of processed ore 58 percent of water is recycled or reused Human Capital, Human Rights, and Business Ethics Zero recorded cases of human rights violations Zero recorded incidents of corruption 5,099 full-time workers, including contractors 16 percent of the workforce are women The report also highlights the transformative projects that we are leading across our host countries in Latin America and West Africa, demonstrating how our initiatives create lasting social and environmental value that extends beyond financial performance. As part of our ongoing commitment to transparency and stakeholder engagement, we have introduced a new companion resource: the Sustainability Data Booklet. This document is aligned with the 2023 SASB Metals & Mining Standard, TCFD recommendations, and GRI Standards 2021, including the newly released GRI 14: Mining Sector Standard (2024). It is complemented by our Interactive Analyst Center, which offers downloadable, site-specific ESG data for enhanced accessibility and insight. Fortuna's 2024 Sustainability Report is available on our website: welcome questions and feedback at: sustainability@ About Fortuna Mining Corp. Fortuna Mining Corp. is a Canadian precious metals mining company with three operating mines and exploration activities in Argentina, Côte d'Ivoire, Mexico, and Peru, as well as the Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit ON BEHALF OF THE BOARD Jorge A. Ganoza President, CEO, and DirectorFortuna Mining Corp. Investor Relations: Carlos Baca | info@ | | X | LinkedIn | YouTubeThis news release contains forward-looking statements which constitute 'forward-looking information' within the meaning of applicable Canadian securities legislation and 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements'). All statements included herein, other than statements of historical fact, are forward-looking statements, including, without limitation, statements pertaining to the Company's sustainability plans, targets, strategies, and goals, such as working towards a zero harm workplace, implementing the Global Industry Standard for Tailings Management, and minimizing our environmental footprint. Often, but not always, these forward-looking statements can be identified by the use of words such as 'believe', 'expect', 'anticipate', 'contemplate', 'target', 'plan', 'goal', 'budget', 'aim', 'intent', 'estimate', 'may', 'should', 'could', 'future' and similar expressions, including negative variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, and factors include, among others, risks associated with climate change; risks associated with mining regime changes in the Company's operating jurisdictions, including those related to permitting and approvals, environmental and tailings management, labour, trade relations, and transportation, other factors including accidents, equipment breakdown, environmental risks; as well as those factors discussed under 'Description of the Business - Risk Factors' in the Company's Annual Information Form, a copy of which can be found on the Company's profile on the SEDAR+ website at Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are based on the assumptions, beliefs, expectations, and opinions of management, including, but not limited to, continued availability of water and power resources at the Company's operations; financial and physical impacts of climate change and climate change initiatives on markets and the Company's operations; the availability and effectiveness of technologies needed to achieve the Company's sustainability goals and strategies; the accuracy of the Company's current mineral resource and reserve estimates; that the Company's activities will be in accordance with the Company's public statements and stated goals; and that there will be no material adverse change affecting the Company or its properties. Forward-looking statements are made as of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-05-2025
- Business
- Yahoo
Fortuna Mining explores investments in Guinea for gold mining opportunities
Fortuna Mining is reportedly exploring new opportunities in Guinea following its strategic exit from Burkina Faso, where it faced regulatory instability and high security costs. The Canadian mining company, currently not established in Guinea, is actively conducting site visits and engaging with local authorities to seek gold mining prospects, according to a report by Reuters. Fortuna CEO Jorge Ganoza was quoted by the news agency as saying: "We find Guinea to be a place we would invest today.' A portion of the company's increasing exploration budget is earmarked for Guinea, where Ganoza sees 'a lot of room for discovery'. This move underscores the shifting dynamics in West Africa's mining landscape, where military-led governments are revising mining codes and grappling with jihadist threats. Burkina Faso, along with Mali and Niger, has experienced military coups since 2020, leading to new mining codes aimed at bolstering local control. These countries have also taken assertive measures against foreign mining companies, including arrests and asset seizures. In contrast, Guinea, under military rule since a 2021 coup, has not revised its mining code but has exerted pressure on foreign companies regarding project timelines. "We don't see the same situations as we see today in Mali or Burkina Faso or Niger," Ganoza added. Fortuna's recent departure from Burkina Faso involved selling the Yaramoko gold mine for $130m (C$179.32m), despite losing an estimated 70,000oz of gold production. Ganoza described the sale as 'a very compelling offer', given the mine's dwindling reserves and the $7m annual security costs incurred due to jihadist threats. The company had to adopt a 'complete fly-in, fly-out basis for all personnel' in Burkina Faso, with ground transportation deemed too risky. Moreover, Ganoza criticised the Burkinabe Government's demand for up to 30% state participation in mining companies as part of the new mining code implemented in July 2024, which he believes is not competitive, the report said. Fortuna's withdrawal from Burkina Faso follows a similar move by Endeavour Mining last year. Globally, Fortuna is boosting its exploration and project development investment to $51m this year, up from $41m in 2024. Besides Guinea, the company is focusing on Senegal's Diamba Sud gold project and expanding its operations in Ivory Coast, where its flagship Seguela gold mine is situated. "Fortuna Mining explores investments in Guinea for gold mining opportunities" was originally created and published by Mining Technology, a GlobalData owned brand.
Business Insider
06-05-2025
- Business
- Business Insider
Canadian mining firm shifts investment focus to Guinea after Burkina Faso exit
Canadian miner Fortuna Mining is shifting its focus to Guinea, marking a strategic realignment in West Africa following its exit from Burkina Faso. Fortuna Mining is shifting its focus to Guinea after exiting Burkina Faso due to security risks and regulatory changes. The company is exploring opportunities in Guinea's gold sector through site visits and engagement with local authorities. West Africa's mining dynamics are changing, with countries like Burkina Faso, Mali, and Niger revising mining codes to increase state control. Canadian miner Fortuna Mining is shifting its focus to Guinea, marking a strategic realignment in West Africa following its exit from Burkina Faso amid rising security risks and regulatory uncertainty. CEO Jorge Ganoza disclosed the development to Reuters, noting that while Fortuna currently has no operations in Guinea, it is actively exploring opportunities in the country's gold sector through site visits and engagement with local authorities. West Africa's shifting mining landscape The move reflects how international miners are adapting to the shifting dynamics in West Africa. Since 2020, Burkina Faso, Mali, and Niger have experienced military coups and are now revising their mining codes to increase state control over foreign-owned industrial mines. In Mali, authorities have detained foreign executives and seized gold inventories amid tense negotiations with mining companies. In one notable case, Canadian miner Barrick Gold halted operations after the government confiscated three metric tons of gold worth approximately $245 million in January. In Niger, the military government took control of a French-run uranium facility in December 2024, while Burkina Faso announced plans last month to tighten its grip on foreign-owned industrial mines in a bid to boost state revenues from natural resources. Fortuna exited Burkina Faso last month by selling its Yaramoko gold mine to a private local firm for $130 million. While the sale reduces its gold output by about 70,000 ounces annually, Ganoza said the offer was compelling, given the mine's declining reserves and rising operational risks. Security costs in Burkina Faso had ballooned to $7 million per year due to the jihadist threat, he added, and reached just $200,000 to $300,000 in other countries. Fortuna's exit follows similar moves by other miners, including Endeavour Mining, which also pulled out of Burkina Faso last year. Despite the risks in the region, Fortuna is increasing its global exploration and project development budget to $51 million in 2025, up from $41 million in 2024.
