Fortuna expands West African footprint with Guinea exploration alliance
Canadian precious metals miner Fortuna Mining has signed a binding heads of agreement (HoA) with Australia-listed DeSoto Resources to establish an exploration alliance and joint venture across Guinea’s highly prospective Siguiri basin.
The agreement gives Fortuna a strategic entry point into Guinea, a country with a growing gold exploration profile.
“Guinea’s Siguiri basin has demonstrated potential to host multimillion-ounce gold deposits in a country with a long mining history. This agreement with DeSoto provides Fortuna with an excellent entry into this highly prospective region, alongside a highly qualified and experienced team with a proven track record of discovery across West Africa,” said Fortuna senior exploration VP Paul Weedon.
Under the HoA, the partners will form a new joint venture company (JVCo) with equal board representation. A 36-month project generation phase will focus on acquiring permits and identifying potential 'go projects' – discoveries warranting further development.
Once a so-called 'go project' is confirmed, JVCo will transition into a formal JV, with Fortuna holding 70% and DeSoto 30%. Fortuna will sole-fund exploration until the later of three years or $12.5-million in cumulative expenditure.
DeSoto’s team brings West African expertise, including credit for the discovery of Predictive Discovery’s 5.4-million-ounce Bankan gold project in Guinea.
Fortuna, listed in New York and Toronto, operates three mines across Argentina, Côte d’Ivoire, Mexico and Peru, and is advancing the Diamba Sud gold project in Senegal.
Article Enquiry
Email Article
Save Article
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Projects
Latest News
Showroom
REELIN is Currently the largest supplier of Bearings to Transnet. We have contracts to supply bearings, draft gears slackadjusters and other...
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
