Keypoints:
- Fortuna sells Burkina Faso mine for $130m
- Exit strengthens portfolio and balance sheet
- Soleil to take over Yaramoko operations
FORTUNA Mining has finalised a $130 million deal to sell its Burkina Faso operations to Mauritius-based Soleil Resources International, marking a strategic withdrawal from the politically volatile West African country.
Announced on Friday, the all-cash deal includes the Yaramoko gold mine, Fortuna’s flagship asset in Burkina Faso, which is nearing the end of its life with just one year of reserves remaining. The company will receive $70 million on deal closure, with an additional $57.5 million in dividends and the potential to recoup up to $53 million in VAT receivables.
‘This transaction represents a prudent exit that optimises value,’ said Fortuna CEO Jorge Ganoza. ‘We believe Soleil, as a locally rooted private company, is well positioned to continue operations for the benefit of employees and stakeholders in Burkina Faso.’
Political instability drives strategic retreat
Burkina Faso has been among the West African nations rocked by military takeovers and heightened militant activity in recent years. The country’s junta-led government has also introduced revisions to mining regulations aimed at extracting more value from foreign investors—a development that has prompted international miners to reassess their footprint.
‘The exit improves Fortuna’s jurisdictional risk profile,’ noted Mohamed Sidibé, an analyst with National Bank Financial in Toronto. ‘It also avoids a $20 million mine closure liability and delivers an attractive valuation relative to recent West African transactions.’
The Yaramoko mine, situated in the Houndé greenstone belt, was acquired by Fortuna in 2021 as part of its $884 million takeover of Roxgold. It produced 116,200 ounces of gold in 2024 from two underground deposits and currently holds about 150,000 ounces in reserves.
Portfolio refocus and financial boost
The sale is part of a broader strategy by Vancouver-based Fortuna to streamline its operations and concentrate on jurisdictions with more stable regulatory environments.
In January 2025, Fortuna sold its San Jose mine in Mexico for $6 million. With this latest and more lucrative deal, the company significantly strengthens its cash position, laying the groundwork for reinvestment.
‘The added liquidity will allow Fortuna to pursue high-value exploration and opportunistic acquisitions,’ Sidibé said. ‘Target regions include coastal West Africa and select jurisdictions in the Americas like Argentina, Guyana, and Peru.’
Currently, Fortuna operates mines in Argentina, Côte d’Ivoire, and Peru. The Séguéla mine in Côte d’Ivoire, which began production in 2023, has quickly become its top-performing asset in terms of gold output.
Soleil expands local footprint
For Soleil Resources International, the acquisition is a major step forward. The company already operates three mines, holds several exploration permits, and runs a drilling operation within Burkina Faso. Taking over Yaramoko allows Soleil to build on its domestic portfolio and sustain production in a sector currently navigating both opportunity and upheaval.
‘This deal supports continued local employment and ensures the longevity of Yaramoko’s value to the community,’ said Ganoza.
Fortuna recorded its highest-ever gold-equivalent output in 2024—about 370,000 ounces of gold and 3.72 million ounces of silver. However, following the sale of its San Jose mine and now Yaramoko, the company expects a production dip of between 7 percent and 17 percent in 2025.
Still, with a leaner portfolio, stronger liquidity, and reduced exposure to political and operational risk, Fortuna appears poised to pursue new frontiers with greater agility and confidence.
