Fortuna Mining buys Barrick, Iamgold Senegal project for $200M

Fortuna Mining (NYSE: FSM; TSX: FVI) is buying the Bambadji gold project in Senegal for $200 million from Barrick Mining (NYSE: B; TSX: ABX) and Iamgold (TSX: IMG; NYSE: IAG), expanding its position in the West African nation.

Bambadji borders Fortuna’s Diamba Sud project, giving the Canadian miner control of about 60 km of potentially gold-bearing ground.

“Bambadji represents a rare opportunity to consolidate a large-scale, highly prospective exploration land package immediately adjacent to our feasibility-stage Diamba Sud Gold Project,” Fortuna CEO Jorge Ganoza said in a statement.

Fortuna plans to spend $8 million exploring Bambadji through the end of 2026, with drilling expected to begin in the third quarter.

The acquisition further concentrates Vancouver-based Fortuna’s West African portfolio in Senegal and Ivory Coast. The company sold its Yaramoko mine in Burkina Faso for about $130 million last year as part of that shift.

Bringing Bambadji together with Diamba Sud gives Fortuna a substantially larger exploration position in Senegal while allowing it to target prospective ground alongside a project already at the feasibility stage.

Exploration upside

The next test will come from drilling as Fortuna begins evaluating how Bambadji could complement Diamba Sud. The planned exploration spending through year-end gives the miner an early opportunity to assess targets across its expanded land package.

The acquisition also reinforces Fortuna’s broader pivot toward Senegal and Ivory Coast after its exit from Burkina Faso, concentrating more of its West African exposure around assets where it sees exploration and development potential.