Fortuna’s Diamba Sud study points to high-return, quick-payback gold project in Senegal
Canada-based Fortuna Mining has unveiled a strong set of numbers for its Diamba Sud gold project in Senegal, with a new economic assessment showing the openpit operation could pay back its capital in just ten months.
At a gold price of $2 750/oz, the preliminary economic assessment (PEA) outlines an after-tax net present value, using a 5% discount, of $563-million and an internal rate of return of 72%, with capital payback in just ten months.
The PEA outlines an eight-year life-of-mine producing 840 000 oz of gold, averaging 106 000 oz/y, with strong early cash flow driven by higher grades in the initial oxide phase. In the first three years, production will average 147 000 oz/y at an all-in sustaining cost of $904/oz.
Construction capital is pegged at about $283-million, with Fortuna noting that the project’s funding is supported by a strong balance sheet and cash generation. As at the end of June 2025, the company reported liquidity of $537.3-million and a net cash position of $214.8-million.
“The PEA highlights the strong value Diamba Sud brings to Fortuna’s portfolio, using a long-term gold price of $2 750/oz,” said president and CEO Jorge Ganoza. “With permitting and the definitive feasibility study under way, we expect to make a construction decision in the first half of 2026.”
He added that ongoing drilling was focused on expanding mineralisation and upgrading resources to support the feasibility study and extend mine life beyond a decade.
Fortuna has approved a $17-million budget to advance early construction works, including camp expansion and detailed engineering.
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