Fortuna Mining expects to receive the final permit for its Diamba Sud gold project in Senegal within weeks, said its chief executive, adding that with government support the country could become a major regional mining hub.

Senegal, traditionally a mineral sands and phosphate miner, is pushing to expand its gold sector. It remains a small gold producer by West African standards, with output of about 334,000 ounces in 2025, well below regional leaders Ghana and Mali. Gold miners in the country include Endeavour, which operates the Sabodala-Massawa mine, and Morocco’s Managem, which runs the Boto mine.

Fortuna, a West Africa-focused gold miner, is investing nearly $400 million to develop Senegal’s Diamba Sud project, targeting the first gold output in 2028 and peak annual production of about 230,000 ounces.

Fortuna CEO Jorge Ganoza, said Senegal had approved Diamba Sud’s environmental and social impact assessment within nine months, noting that such approvals in Peru, Mexico and parts of North America can take years.

“We’re only now waiting for our final construction permit, which we expect should come in a matter of weeks,” he said.

Senegal’s recent political turbulence, including cabinet changes and tensions between President Bassirou Diomaye Faye and ousted Prime Minister Ousmane Sonko, has not altered investment plans, he said.

The Canadian miner is placing orders for critical equipment ahead of a final construction decision to lock in delivery schedules amid tightening mining supply chains, he said.

The company’s feasibility study estimates the project could generate an internal rate of return of about 60% and a net present value of roughly $1 billion based on a gold price of $3,500 per ounce.

Fortuna is spending more than $15 million on exploration at the project and further discoveries could make the project more profitable.

Beyond Diamba Sud, Fortuna has signalled plans to deepen its footprint in the region, saying it is evaluating acquisition and exploration opportunities elsewhere in Senegal and in Ivory Coast and Guinea.

Deals could be announced by the end of the year, Ganoza said.

Senegal has a “unique opportunity” to establish itself as a sought-after mining jurisdiction as investors continue to channel capital into stable West African countries, he said.

Consistency in permitting, taxation and mining regulations will be critical to attracting long-term investment, he said.

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