Fortuna Mining (NYSE:FSM) has acquired the Bambadji Gold Project in Senegal, a move President and CEO Jorge A. Ganoza describes as “a rare opportunity to consolidate a large-scale, highly prospective exploration land package immediately adjacent to our feasibility-stage Diamba Sud Gold Project”.
The US$200 million ($283 million) purchase from Barrick (NYSE:B) and IAMGOLD (TSX:IMG) spans 190km2 and is contiguous with the eastern edge of Fortuna’s Diamba Sud Gold Project, currently in feasibility stage.
Fortuna has paid US$200 million in cash from its treasury for the acquisition, granting a 0.5% net smelter return royalty on the first 1.75 million ounces of gold produced from Bambadji Nord.
“The US$200 million consideration paid for the project reflects multiple prime drill-defined targets, the scale of the land package, the extensive historical exploration dataset, and the potential to materially expand Diamba Sud in one of the most prospective gold districts in West Africa, where quality ground is difficult to assemble,” Ganoza says.
Bambadji comprises two properties and extends over 60km of prospective strike in the Senegal-Mali Shear Zone, a tier-one gold corridor. The project has established secondary roads with direct access to Diamba Sud.
This acquisition includes extensive exploration data comprising geochemical, geophysical, and lithological information, together with around 214,000m of historical drilling.
Fortuna has planned for an initial US$8 million exploration program for Bambadji in 2026, comprising 51,000m of reverse circulation and diamond drilling across eight priority targets. Drilling is expected to commence in Q3.
Diamba Sud targeting first gold in Q2 2028
Fortuna Mining released the Feasibility Study for Diamba Sud on 29 June 2026, which supports robust project economics for an open-pit mine and conventional carbon-in-leach processing plant.
Considering a gold price of US$3,500 per ounce, the study notes an after-tax net present value at a 5% discount of US$1 billion, an internal rate of return of 60%, and a one-year payback period.
Diamba Sud is projected to deliver around 158,000 ounces of gold per year, with an all-in sustaining cost of US$1,056 per ounce.
Diamba Sud is facing a final investment decision shortly, following the receipt of the exploration permit, with first gold targeted by Q2 2028.
Fortuna Mining is a Canadian precious metals mining company with three operating mines and a portfolio of exploration projects in Argentina, Côte d’Ivoire, Guinea, Guyana, and Peru, as well as the Diamba Sud Gold Project in Senegal.
Write to Amy Rotman at Mining.com.au
Images: Fortuna Mining
