Canada’s Fortuna Mining is eyeing expansion into Guinea after exiting Burkina Faso, where it faced regulatory instability and high security costs because of jihadist threats, its CEO told Reuters.
Fortuna, which is not currently established in Guinea, is looking for gold mining opportunities there, conducting site visits and meeting with authorities, Ganoza said.
“We find Guinea to be a place we would invest today,” Jorge Ganoza said by video call.
A portion of the mining company’s growing exploration budget will go to Guinea where “there is a lot of room for discovery”, he said.
The comments highlight how mining companies are responding to the changing landscape in West Africa, where military-run governments are revising mining codes while struggling to mitigate the threat posed by jihadists.
Burkina Faso and its neighbours Mali and Niger have all seen military officers seize…
