Fortuna Mining is reportedly exploring new opportunities in Guinea as it starts from Brkina Faso, which faces regulatory instability and high security costs.

According to a report Reuters.

Fortuna CEO Jorge Ganoza was quoted by the news agency: "We found Guinea to be where we will invest today."

Part of the company's growing exploration budget is designated for Guinea, and Ganoza sees "discovery space".

The move highlights the dynamics of changing mining sites in West Africa, where military-led governments are revising mining regulations and responding to the threat of jihadist.

Burkina Faso, along with Mali and Mali and Mali, have experienced military coups since 2020, leading to new mining regulations aimed at strengthening local controls.

These countries have also taken confident measures against foreign mining companies, including arrests and asset seizures.

By contrast, Guinea has not amended its mining regulations since the 2021 coup, but has put pressure on foreign companies on project schedules.

Ganoza added: "We don't see what we're seeing today in Mali or Burkina Faso or Niger."

Fortuna recently started from Burkina Faso, involving the sale of Yaramoko Gold Mine for $130 million ($179.32 million), although an estimated 70,000 ounces of gold production is estimated.

In view of the mine’s reduced reserves and the $7 million annual security expenses incurred by the jihad threat, Ganoza described the deal as a “very compelling offer.”

The company had to adopt "full flight, flight basis for all personnel" in Burkina Faso, while ground transportation was considered too risky.

The report said that as part of the new mining regulations implemented in July 2024, Ganoza criticized the Blannabi government for demand for mining companies by up to 30%, which he believes is not competitive.

Fortuna evacuated from Burkina Faso, a similar move in the mining effort last year.

Globally, Fortuna has increased its exploration and project development investment to $51 million this year, up from $41 million in 2024.

In addition to Guinea, the company is focusing on the Diamba Sud Gold project in Senegal and has expanded its operations on the Ivory Coast, where its flagship Seguela Gold Mine is located.

“Fortuna Mining explores investment opportunities in Guinea” was originally created and published by GlobalData-owned brand Mining Technology.