West Africa key to gold growth, Fortuna CEO says
Record gold prices are sharpening miners’ focus on jurisdictions where geology and permitting speed outweigh political risk.
West Africa's abundant mineral resources and rapid mine development timelines make the region crucial for precious metals producers willing to embrace greater geopolitical risks, according to Fortuna Mining CEO Jorge Ganoza. The region produces more gold in total than China, highlighting its significance, as Fortuna operates two mines there alongside another two in Latin America.
Ganoza acknowledges the higher geopolitical risks inherent in West Africa but remains committed to the region, stating that the company's expertise allows it to navigate these challenges effectively. He emphasizes that the company's approach involves a careful assessment of the risk-reward ratio, enabling strategic deployment of capital across chosen regions.
While operational risks such as competition for skilled workers and equipment remain a concern, Ganoza highlights the additional challenge of securing power generators amidst the growing demand from data centers worldwide. Fortuna has proactively placed orders for essential equipment early to secure resources, even before obtaining the necessary exploitation permits for projects like their newly acquired Bambadji gold project in West Africa.
The company's diversified portfolio across Latin America and West Africa allows it to adapt its investments based on evolving investment conditions and climate changes within these jurisdictions.
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