Fortuna Mining plans Guinea expansion after Burkina Faso exit

Canadian mining company Fortuna Mining is shifting its focus to Guinea after exiting Burkina Faso due to regulatory instability and high security costs driven by jihadist threats. CEO Jorge Ganoza stated that the company is actively exploring gold mining opportunities in Guinea, citing the country's more stable regulatory environment despite being under military rule. While Guinea has pressured foreign firms on project timelines, it has not revised its mining code like neighboring Mali, Burkina Faso, and Niger, where military governments have increased state control and taken assertive actions against foreign mining companies. Fortuna sold its Yaramoko gold mine in Burkina Faso for $130 million, a move that reduces annual output but was seen as necessary given escalating security expenses and dwindling reserves. The company's strategy reflects a broader trend of international miners adapting to West Africa's volatile political landscape by seeking opportunities in countries with fewer regulatory changes and lower operational risks. This shift may also lead to increased investment in other relatively stable West African nations such as Senegal and Ivory Coast.