Processing plant at Yaramoko. Credit: Roxgold
Fortuna Mining (NYSE: FSM, TSX: FVI) announced on Friday it has agreed to sell its Burkina Faso operations to Soleil Resources International (SRI), a private local company, for $130 million cash.
The sale, says Fortuna CEO Jorge Ganoza, represents “a prudent exit that optimizes value” given the increasingly challenging business climate in Burkina Faso, and that the Yaramoko mine — the company’s main asset in the country — has approximately one year remaining on its reserves.
Fortuna acquired Yaramoko as part of its $884 million acquisition of Roxgold back in 2021. The mine, located in the Houndé greenstone belt of Burkina Faso, consists of two underground deposits that hold about 150,000 oz. in gold reserves. Its production last year was 116,200 oz.
The company estimates that by selling Yaramoko and its other exploration assets in the African…
