Fortuna starts building Côte d’Ivoire gold mine

Canadian miner Fortuna Silver Mines has approved the $173.5-million construction of the Séguéla project, set to become its fifth operating mine, with first gold by mid-2023.

With a nine-year mine life in reserves, the openpit mine will produce 130 000 oz/y of gold at an all-in sustaining cost of $797/oz in the initial six years.

Fortuna acquired Séguéla, in Côte d’Ivoire, when it bought Roxgold earlier this year.

Bulk earthworks contractors have been mobilised and will break ground at the plant site in October, with the accommodation village expected to be completed in November.

The anticipated construction schedule is about 20 months, with ramp-up to nameplate capacity expected in the third quarter of 2023.

Parallel to construction, Fortuna will continue with drilling programmes to test multiple remaining targets on the Séguéla property, where over the last 12 months, the exploration team has delivered gold discoveries at the Koula, Sunbird and Gabbro North prospects.

The Séguéla project has a net present value, at a 5% discount, of $380-million and an aftertax internal rate of return of 49%, using a $1 600/oz gold price.

Fortuna also operates the Yaramoko mine, in Burkina Faso, as well as three Latin American mines - Caylloma in Peru, Lindero in Argentina and San Jose in Mexico.