From Yahoo Finance: 2025-05-07 07:54:00

Fortuna Mining shifts focus to Guinea for gold mining after exiting Burkina Faso due to regulatory instability and security costs. The Canadian company eyes new opportunities, investing in exploration. CEO Ganoza sees potential for discovery in Guinea amid changing dynamics in West Africa’s mining landscape.

Military-led governments in Burkina Faso, Mali, and Niger revise mining codes, target foreign mining companies with arrests and asset seizures. Guinea, under military rule since 2021, pressures foreign companies on project timelines. Fortuna’s departure from Burkina Faso follows Endeavour Mining’s similar move.

Fortuna sells Yaramoko gold mine in Burkina Faso for $130m, citing dwindling reserves and high security costs. CEO Ganoza criticizes government’s demand for 30% state participation in mining companies. Company boosts global exploration and project development investment to $51m, focusing on Guinea, Senegal, and Ivory Coast projects.

Read more: Fortuna Mining explores investments in Guinea for gold mining opportunities