Canadian miner Fortuna Mining is refocusing its West African operations on Guinea, signaling a strategic shift following its recent exit from Burkina Faso due to escalating security concerns and regulatory uncertainty.
CEO Jorge Ganoza confirmed the company’s new direction in an interview with Reuters, stating that while Fortuna currently has no active operations in Guinea, it is conducting site visits and engaging with local authorities as part of its effort to tap into the country’s gold sector potential.
This pivot comes as international miners navigate a changing landscape across West Africa, where political instability and resource nationalism are reshaping the mining environment. Since 2020, Burkina Faso, Mali, and Niger have each experienced military coups and are revising mining codes to assert greater state control over foreign-owned assets.
In Mali, tensions have escalated with mining companies as the government detained foreign executives and seized gold inventories. A prominent example is Barrick Gold, which suspended operations after authorities confiscated three metric tons of gold—valued at approximately $245 million—in January 2025.
Niger’s military leadership took over a French-run uranium facility in December 2024, while Burkina Faso announced plans last month to strengthen state ownership in industrial mines to boost public revenue.
Fortuna’s own departure from Burkina Faso included the $130 million sale of its Yaramoko gold mine to a private local firm. While the move cuts its annual gold output by roughly 70,000 ounces, Ganoza said the deal made financial sense, citing the mine’s declining reserves and soaring security costs, which had reached $7 million annually—compared to just $200,000 to $300,000 in other jurisdictions.
Fortuna follows other major players like Endeavour Mining, which also exited Burkina Faso last year.
Despite ongoing volatility in the region, Fortuna is expanding its global exploration and development budget to $51 million in 2025, up from $41 million in 2024, reinforcing its commitment to growth and diversification in more stable environments.
