Canadian miner Fortuna Mining expects to receive its final construction permit within weeks for the Diamba Sud gold project in eastern Senegal, its Chief Executive Officer (CEO) has confirmed.
Speaking to Reuters, CEO Jorge Ganoza praised the local authorities for clearing the project’s environmental and social impact assessment in just nine months, a timeline he noted would routinely take years to process in North America or Latin America.
Fortuna is investing nearly £310 million ($397 million) into developing the open-pit mine, aiming for a first gold pour by mid-2028. A recent feasibility study suggests the site could hit a peak annual production of 230 000 ounces, generating an estimated net present value of $1 billion, based on a gold price of $3 500 per ounce.
Despite recent domestic political tension, including a cabinet reshuffle under President Bassirou Diomaye Faye, Ganoza clarified that investment plans remain entirely unchanged. The firm has already begun placing orders for long-lead engineering equipment to bypass tightening global supply chains ahead of the final build decision.
Senegal has historically relied on mineral sands and phosphate extraction, yielding just 334 000 ounces of gold in 2025, far behind regional frontrunners Mali and Ghana. However, Fortuna believes that with continued regulatory support, the country is uniquely positioned to establish itself as a major West African mining hub. The company is already evaluating further acquisitions in Senegal, Côte d’Ivoire, and Guinea, with potential deals expected before the end of the year.
–ChannelAfrica/Reuters–
