Fortuna nears final Senegal gold permit

FORTUNA Mining expects to secure the final construction permit for its Diamba Sud gold project in Senegal within weeks in a development that will diversify the country’s mining, said Reuters, citing the comments of CEO Jorge Ganoza.Senegal is historically known for mineral sands and phosphate output. While it has potential to become a regional mining hub, it is a small producer of gold by West African standards having yielded only 334,000 ounces – ranking it far behind leaders Ghana and Mali. Other gold operators in the country include Endeavour Mining, which runs Sabodala-Massawa, and Morocco’s Managem, operator of the Boto mine.Fortuna, focused on West African gold assets, is committing close to $400m to develop Diamba Sud, with first production targeted for 2028 and peak output of roughly 230,000 oz a year.Ganoza said Senegal had cleared the project’s environmental and social impact assessment in nine months, a pace he contrasted with far slower approvals typically seen in Peru, Mexico and North America. Only the final construction permit remains outstanding.He said recent political disruption in Senegal, including a cabinet reshuffle and friction between President Bassirou Diomaye Faye and former prime minister Ousmane Sonko, had not affected investment plans. Fortuna is already ordering key equipment ahead of a final construction decision to secure delivery amid strained mining supply chains.A feasibility study points to a potential 60% internal rate of return and roughly $1bn net present value, based on a $3,500-an-ounce gold price. The company is also spending over $15m on exploration and is assessing further opportunities in Senegal, Ivory Coast and Guinea.The post Fortuna nears final Senegal gold permit appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com