DAKAR, July 10 – Fortuna Mining says it expects to receive the final construction permit for its Diamba Sud gold project in Senegal within the next few weeks as it moves ahead with plans to begin production in 2028.
The Canadian mining company is investing nearly $400 million in the project, which is expected to produce about 230,000 ounces of gold annually at peak output.
Chief Executive Officer Jorge Ganoza said Senegal approved the project’s environmental and social impact assessment in less than nine months, a timeline he described as much faster than similar approvals in countries such as Peru, Mexico and parts of North America. He said the company is now waiting for the final construction permit.
Fortuna has already started placing orders for key equipment ahead of its final investment decision to avoid delays as mining supply chains become tighter.
According to the company’s feasibility study, Diamba Sud could generate an internal rate of return of about 60% and a net present value of around $1 billion, based on a gold price of $3,500 per ounce. Fortuna is also investing more than $15 million in exploration, with further discoveries expected to improve the project’s value.
Senegal has been working to expand its gold mining industry, although its estimated 2025 production of about 334,000 ounces remains well below leading West African producers such as Ghana and Mali. The country is also home to gold operations run by Endeavour Mining and Morocco’s Managem.
Looking beyond Diamba Sud, Fortuna said it is exploring acquisition and exploration opportunities across Senegal, Côte d’Ivoire and Guinea, with potential deals expected before the end of the year.
The company said stable mining policies, consistent permitting and a predictable tax framework will be important in attracting long-term investment into Senegal’s mining sector.
