Fortuna Mining’s Diamba Sud project in Senegal has emerged as the most advanced new conventional mine development identified in the latest assessment, with the company preparing an investment of almost US$400 million. Fortuna is targeting first gold production in 2028 and peak output of approximately 230,000 ounces per year. The project’s environmental and social assessment was approved within nine months, while the company expects to receive the final construction permit within weeks.
The development is supported by a feasibility study that estimates an internal rate of return of approximately 60% and a net present value of nearly US$1 billion, using a gold-price assumption of US$3,500 per ounce.
Exploration and construction preparation
Alongside the planned mine investment, Fortuna is allocating more than US$15 million to additional exploration at Diamba Sud. The company is also pre-ordering critical equipment ahead of the formal construction decision. The project’s projected financial returns are based on the assumed gold price, while financing assessments will apply lower price assumptions and examine operating costs, metallurgical recovery, political risk, fiscal stability and security conditions.
Financing position and Senegal’s investment framework
Diamba Sud’s development model is based on gold production, with the feasibility study providing the current basis for the proposed US$400 million investment and planned 2028 start-up. The project is positioned for conventional debt financing, with gold providing a deep market, transparent pricing and no requirement for customer qualification.
Senegal is also among the Sub-Saharan African markets covered by the EBRD’s expanded geographic mandate. The expanded mandate could increase the pool of European development-finance institutions available to support mining-related infrastructure and private-sector investment in the country.
