Fortuna Mining Corp. (NYSE:FSM; TSX:FVI) has secured environmental approval for its Diamba Sud Gold Project in Senegal, clearing a key regulatory hurdle as the company advances towards a final investment decision expected in mid-2026.
The Canadian precious metals producer said Senegal's Ministry of Environment and Ecological Transition had issued an environmental decree approving the project's Environmental and Social Impact Assessment (ESIA). The approval confirms the project complies with environmental regulations and has secured social acceptance from stakeholders, paving the way for the next stage of permitting.
The decree represents a significant milestone in the development of the Diamba Sud project, which is located in southeastern Senegal and is currently in the final stages of permitting and feasibility studies. Fortuna submitted its mining permit application to Senegal's Ministry of Energy, Petroleum and Mines on February 4, 2026.
'Obtaining the environmental permit for our future Diamba Sud Gold Mine, just nine months from submission to approval, is a clear testament to the quality of our work and demonstrates that mining projects in Senegal can advance on a highly competitive timeline,' president and chief executive Jorge Ganoza said.
'This milestone also reflects the Government of Senegal's commitment to enabling the responsible development of its mining sector.'
Ganoza added that the company would continue advancing early construction activities while completing a feasibility study ahead of a final construction decision expected in mid-2026.
A preliminary economic assessment released in October 2025 outlined an after-tax internal rate of return of 72% and a net present value discounted at 5% of $563mn, based on a gold price assumption of $2,750 per ounce. The study indicated strong economics for the project, although it remains preliminary and incorporates inferred mineral resources that have not yet been converted into mineral reserves.
Fortuna has already commenced early works at the site, including camp construction and procurement of critical equipment. The company has allocated a $100mn budget to the project in 2026 as it seeks to advance development.
Senegal has emerged as one of West Africa's more attractive gold mining destinations, with several international operators investing in the country's Birimian greenstone belts. The Diamba Sud project is expected to strengthen the country's gold sector if it proceeds to construction and production.
Fortuna Mining Corp. is a Canadian gold and silver producer with operating mines and exploration assets across Latin America and Africa, including projects in Argentina, Côte d'Ivoire, Guinea, Guyana and Peru.
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