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Fortuna Mining to buy Barrick and IAMGOLD Senegal gold projects for $200M
The acquisition expands Fortuna’s Senegal groundholdings to about 60 km and the miner plans $8 million in exploration through end-2026, with drilling expected in the third quarter.
Fortuna Mining is acquiring the Bambadji gold project in Senegal from Barrick Mining and IAMGOLD for $200 million, the company said. The deal is designed to expand Fortuna’s footprint in West Africa as it concentrates more of its portfolio in Senegal and Ivory Coast, according to Mining.com.
Bambadji borders Fortuna’s Diamba Sud project, giving Fortuna control of about 60 km of prospective ground in Senegal. Fortuna’s CEO Jorge Ganoza said the project offers an opportunity to consolidate a large exploration land package immediately adjacent to its feasibility stage Diamba Sud Gold Project.
Fortuna plans to spend $8 million exploring Bambadji through the end of 2026, with drilling expected to begin in the third quarter. Mining.com also noted the purchase follows Fortuna’s exit from Burkina Faso, where it sold its Yaramoko mine last year for about $130 million.
The acquisition effectively links Bambadji with Diamba Sud, setting up the next phase of work as Fortuna evaluates whether Bambadji can complement its feasibility stage project, with drilling used as the test.
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