Fortuna responds to recent media reports concerning Burkina Faso
Rhea-AI Summary
Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) has provided an update on its Yaramoko Mine operations in Burkina Faso. This comes in response to recent public comments by Burkina Faso's President Ibrahim Traoré regarding mining companies and potential withdrawal of existing mining permits. Fortuna has received confirmation from the country's Ministry of Mines that there are no plans to withdraw existing mining permits that comply with local laws. The company affirms that the Yaramoko Mine is in compliance and continues normal operations.
The Yaramoko Mine, operational since 2016, reached the one-million-ounce gold pour milestone on May 19, 2024. It is expected to contribute approximately 25 percent of Fortuna's gold equivalent ounces in 2024, aligning with the company's annual guidance of 457 to 497 koz Au Eq for the year.
Positive
- Confirmation from Burkina Faso's Ministry of Mines that compliant mining permits will not be withdrawn
- Yaramoko Mine continues normal operations and is in compliance with local laws
- Yaramoko Mine reached one-million-ounce gold pour milestone in May 2024
- Yaramoko expected to contribute 25% of Fortuna's gold equivalent ounces in 2024
Negative
- Uncertainty created by Burkina Faso President's public comments on mining companies and permits
Insights
The recent statements by Burkina Faso's President have raised concerns about the stability of mining operations in the country. However, Fortuna's prompt response and confirmation from the Ministry of Mines provide some reassurance. The government's affirmation that compliant mining permits will not be withdrawn is important for investor confidence.
The Yaramoko Mine's significance to Fortuna's overall production (
While the immediate threat seems mitigated, investors should remain vigilant. Political risk in West African mining jurisdictions can be volatile and such statements, even if later clarified, can impact market sentiment and potentially lead to increased scrutiny or regulatory changes in the future.
Fortuna's Yaramoko Mine in Burkina Faso is a significant contributor to the company's portfolio, expected to produce about a quarter of its gold equivalent ounces in 2024. The mine's performance, including reaching the million-ounce milestone, indicates a robust operation.
The company's quick response to the President's comments and its proactive engagement with the Ministry of Mines demonstrate good stakeholder management. This is important in maintaining positive relationships with host governments, especially in regions with elevated political risk.
Investors should note that while the immediate concern has been addressed, the incident highlights the ongoing challenges of operating in certain jurisdictions. It's advisable to monitor how this situation develops and whether it leads to any changes in Burkina Faso's mining policies or Fortuna's risk mitigation strategies going forward.
VANCOUVER, British Columbia, Oct. 07, 2024 (GLOBE NEWSWIRE) -- Fortuna Mining Corp. (NYSE: FSM | TSX: FVI) today shared an update on its operations at the Yaramoko Mine in Burkina Faso.
On October 5, 2024, Burkina Faso’s President Ibrahim Traoré made public comments regarding mining companies operating in the country and the possible withdrawal of existing mining permits. Fortuna has sought clarification from the country’s Ministry of Mines on this point and has received confirmation that the government has no plans to withdraw existing mining permits which are in compliance with Burkina Faso’s laws. The Yaramoko Mine is in compliance with all material laws and operations continue to be conducted normally.
The Yaramoko Mine has been in operation since 2016 and reached the one-million-ounce gold pour milestone on May 19, 2024 (refer to Fortuna news release dated May 22, 2024, “Fortuna’s Yaramoko Mine reaches one-million-ounce gold pour milestone”). Yaramoko is expected to contribute approximately 25 percent of Fortuna’s gold equivalent ounces in 2024 (refer to Fortuna news release dated January 18, 2024, “Fortuna reports record 2023 production of 452 koz Au Eq and 2024 annual guidance of 457 to 497 koz Au Eq”).
About Fortuna Mining Corp.
Fortuna Mining Corp. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d'Ivoire, Mexico, and Peru, as well as the preliminary economic assessment stage Diamba Sud Gold Project located in Senegal. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Mining Corp.
Investor Relations:
Carlos Baca | info@fmcmail.com | fortunamining.com | X | LinkedIn | YouTube
Forward-looking Statements
This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, statements about the validity of the Company’s Yaramoko mining permit and its production guidance at the Yaramoko Mine for 2024. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “expected”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian conflict and the Israel – Hamas war, and the impacts such conflicts may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate change legislation; labour relations issues; as well as those factors discussed under “Risk Factors” in the Company’s Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labor and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation; geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company’s operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.
FAQ
What is the current status of Fortuna's Yaramoko Mine in Burkina Faso?
How much does the Yaramoko Mine contribute to Fortuna's (FSM) gold production?
When did Fortuna's (FSM) Yaramoko Mine reach its one-million-ounce gold pour milestone?
What is Fortuna's (FSM) gold production guidance for 2024?
