DAKAR, Senegal – Fortuna Mining is poised to significantly advance Senegal’s burgeoning gold sector with its Diamba Sud project, a development anticipated to receive its final construction permit within weeks. This initiative, backed by a substantial investment, is set to position Senegal as a key player in the West African gold mining landscape, according to Fortuna’s Chief Executive Officer, Jorge Ganoza.
Project Overview and Economic Impact
Fortuna Mining, a prominent West Africa-focused gold producer, is investing nearly $400 million into the Diamba Sud project. The company targets first gold production in 2028, with an anticipated peak annual output of approximately 230,000 ounces . The recently completed Feasibility Study for Diamba Sud underscores robust project economics, projecting an impressive after-tax Internal Rate of Return (IRR) of 60% and a Net Present Value (NPV5%) of approximately $1 billion, based on a gold price of $3,500 per ounce . These figures highlight the project’s significant potential for profitability and value creation.
Further enhancing the project’s long-term viability, Fortuna is dedicating over $15 million to ongoing exploration efforts at Diamba Sud. Additional discoveries could further augment the project’s profitability and extend its operational life . The project involves the development of an open-pit mine and a conventional carbon-in-leach (CIL) processing plant .
Senegal’s Streamlined Permitting Process
One of the critical factors attracting investment to Senegal, as highlighted by Ganoza, is the country’s efficient permitting process. The environmental and social impact assessment (ESIA) for Diamba Sud was approved within nine months, a timeframe significantly shorter than the multi-year processes often encountered in other mining jurisdictions such as Peru, Mexico, and parts of North America . This expedited approval process signals a proactive and supportive regulatory environment, fostering investor confidence.
“We’re only now waiting for our final construction permit, which we expect should come in a matter of weeks,” Ganoza stated in a recent interview, emphasizing the final stages of regulatory clearance . This efficiency is crucial for mining companies looking to fast-track project development and capitalize on market opportunities.
Senegal in the West African Gold Landscape
Traditionally known for mineral sands and phosphate, Senegal is actively diversifying its mining portfolio to include gold. While currently a smaller gold producer compared to regional giants like Ghana and Mali, with an estimated output of 334,000 ounces in 2025, the country is rapidly gaining traction . Major gold miners already operating in Senegal include Endeavour, with its Sabodala-Massawa mine, and Morocco’s Managem, operating the Boto mine . The entry of projects like Diamba Sud is expected to significantly boost Senegal’s overall gold production capacity and elevate its regional standing.
Strategic Expansion and Investment Climate
Fortuna Mining’s ambitions extend beyond Diamba Sud. The company is actively evaluating acquisition and exploration opportunities across the region, including other prospects in Senegal, Côte d’Ivoire, and Guinea. Potential deals could be announced by the end of the year, signaling Fortuna’s commitment to deepening its footprint in West Africa .
Despite recent political shifts and cabinet changes in Senegal, Ganoza confirmed that these developments have not impacted Fortuna’s investment plans. This resilience underscores the project’s fundamental economic strength and the company’s long-term commitment to the region .
Ganoza emphasized Senegal’s
“unique opportunity” to establish itself as a sought-after mining jurisdiction, particularly as investors continue to channel capital into stable West African countries. He stressed that consistency in permitting, taxation, and mining regulations will be paramount to attracting and retaining long-term investment in the sector .
Equipment Procurement and Supply Chain Management
In a strategic move to mitigate potential supply chain disruptions, Fortuna is proactively placing orders for critical equipment even before a final construction decision is made. This foresight aims to lock in delivery schedules amidst tightening global mining supply chains, ensuring the project remains on track for its targeted first gold output in 2028 .
Fortuna Mining’s Diamba Sud project represents a significant milestone for both the company and Senegal. With its robust economics, efficient permitting, and strategic approach to regional expansion, Diamba Sud is poised to become a cornerstone of Senegal’s gold mining industry, contributing to economic growth and solidifying the nation’s position as an attractive destination for mining investment in West Africa.
