Why Fortuna Paid US$200m to Consolidate Senegal Gold Ground

Fortuna Mining has completed a US$200m purchase for the Bambadji gold project in Senegal to expand its Diamba Sud Gold Project.

The Bambadji gold exploration project spans 190 square kilometres and sits directly adjacent to Fortuna's Diamba Sud Gold Project.

Barrick Mining will receive US$130.35m from the acquisition and the remaining US$69.65m will go to IAMGOLD.

Jorge A. Ganoza, President and CEO of Fortuna, says: “The US$200m 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.”

Fortuna’s Bambadji acquisition

The Bambadji Project sits alongside the eastern margin of Fortuna’s Diamba Sud Gold Project, which holds mineral reserves estimated at around 1.5 million ounces of gold.

Fortuna has purchased the two Bambadji properties that cover 190 square kilometres and 60 kilometres of prospective strike.

Connection between the company’s two projects comes through established secondary roads.

Following the acquisition, Fortuna has approved an initial US$8m exploration budget at Bambadji for the remaining months of 2026.

This will see 51,000 metres of reverse circulation and diamond drilling, which is expected to begin during this year.

There is an extensive historical dataset at Bambadji, holding around 214,000 metres of prior drilling and at least eight drill-defined prospects.

Fortuna is expecting to improve confidence across targets within a 20-kilometre radius of the Diamba site.

As a further incentive for sellers, Fortuna has granted a 0.5% net smelter return royalty on the first 1.75 million ounces of gold produced from the Bambadji project.

Strategic logic behind the deal

Fortuna’s Bambadji acquisition is set to consolidate the grounds and expand its gold operations in Senegal.

In 2025, some changes were made to its West African mining operations, selling its Yaramoko mine in Burkina Faso for around US$130m.

The company currently operates in three primary active mines, located in Argentina, Ivory Coast and Peru.

Its projects in Senegal will become the fourth active gold mine under Fortuna’s umbrella.

According to the World Gold Council, Ivory Coast and Senegal produced 59.2 million and 18.4 million tonnes of gold respectively in 2025.

Further research from the World Gold Council revealed that gold production increased by 165% between 2010 and 2022.

Increasing its foothold in the West African nation is set to continue Fortuna’s momentum in 2026.

The company saw a 1.4% year-on-year rise in gold production during Q2 of 2026, producing 72,217 gold-equivalent ounces.