Fortuna Silver Mines gains control of Senegal's Diamba Sud gold project

By Jonny Tickle September 22, 2023

Canadian mining firm Fortuna Silver Mines has concluded its acquisition of Chesser Resources in an AUD57.05mn ($36.69mn) deal, allowing Fortuna to gain control of Senegal’s Diamba Sud gold project.

In the acquisition deal, shareholders got 0.0248 Fortuna shares per Chesser share they owned, valuing Chesser shares at $0.142 each. Fortuna issued 15.54mn shares in this deal, giving them a 5.1% ownership in Chesser.

The prospective Diamba Sud gold project covers 872km² in Senegal and shows geological similarities to gold mines in Mali owned by Barrick Gold and B2Gold. Fortuna's primary goal is to explore and grow mineral resources, starting with four open-pit gold deposits and unexplored areas.

Chesser's previous mineral resource estimate showed an indicated mineral resource estimate of 10mn tonnes with an average gold grade of 1.9 grams per tonne (g/t), containing 625,000 ounces of gold. Additionally, there were 4.7mn tonnes with an average of 1.5g/t Au in the inferred category, containing 235,000 oz of gold.

Fortuna Silver Mines' President and CEO, Jorge A Ganoza, expressed optimism about the acquisition, highlighting Senegal's mining-friendly environment and the growth potential of the Diamba Sud gold project.

“We look forward to integrating Diamba Sud into our global portfolio, focusing on exploration to unlock value, and partnering with the local communities and stakeholders as we continue to advance the project,” he said in a press release.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Ghana's telecoms regulator warns public against using Elon Musk's yet-to-be-authorised Starlink service

Ghana’s telecommunication regulator has warned of alleged sales of equipment and services of Starlink, which has yet to be granted a licence to operate in the West African country. Starlink is a ... more

Kenyan lawmakers move to regulate, tax cryptocurrencies

Kenya has set in motion plans to regulate and tax the fast-expanding cryptocurrency industry, a development that will result in about 4mn Kenyans being subjected to taxation. Parliament’s ... more

Three renewables-focused entities sign power purchase deal for Zambian solar energy project Ilute

Africa GreenCo Group (GreenCo), Serengeti Energy and Western Solar Power have signed a power purchase agreement  (PPA) for the 25-MW Ilute Solar PV Project (Ilute Solar) in western Zambia. ... ... more

Follow Us On

Most Read

  1. LONG READ: The boomerang effect: sanctions hurt Europe more than Russia
    6 days ago
  2. Putin's approval rating up to 85% in November, Russians happy with the country's direction
    4 days ago
  3. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    1 month ago
  4. Top Ukrainian politician David Arakhamia gives seventh confirmation of Russia-Ukraine peace deal agreed in March 2022
    12 days ago
  5. Former Kazakh leader Nazarbayev confesses to polygamy with Miss Kazakhstan 1999
    2 days ago
  1. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    1 month ago
  2. Top Ukrainian politician David Arakhamia gives seventh confirmation of Russia-Ukraine peace deal agreed in March 2022
    12 days ago
  3. Russia overtakes Germany to become fifth biggest economy in the world in GDP on a PPP basis
    4 months ago
  4. Armenia marks new era with French military purchases
    10 days ago
  5. Lavrov confirms Ukraine war peace deal reached last April, but then abandoned
    2 months ago

Reports

SELECT `n`.`nid` AS `id`, `n`.`title`, 'bne IntelliNews' AS authors, 'bne IntelliNews' AS bylines, `wc`.`field_website_callout_value` AS `summary`, `smc`.`field_social_media_callout_value` AS `social`, `pd`.`published_at` AS `date`, `p`.`field_publication__tid` AS `publication_id`, `fm`.`uri` AS `image`, `fspcaption`.`field_story_photo_caption_value` AS `image_credit`, `fspcredit`.`field_story_photo_credit_value` AS `image_author`, `ws`.`field_website_sections_tid` AS `section_id`, `fdfs`.`field_subject_tid` AS `subject_id`, `db`.`body_value` AS `body`, `fm2`.`uri` AS `pdf`, `et`.`field_enable_tracking_value` AS `tracking`, `ht`.`field_head_tags_value` AS `headTags`, `bt`.`field_body_tags_value` AS `bodyTags` FROM `node` AS `n` LEFT JOIN `field_data_field_website_callout` AS `wc` ON wc.entity_id = n.nid LEFT JOIN `field_data_field_social_media_callout` AS `smc` ON smc.entity_id = n.nid LEFT JOIN `publication_date` AS `pd` ON pd.nid = n.nid LEFT JOIN `field_data_field_publication_` AS `p` ON p.entity_id = n.nid LEFT JOIN `field_data_field_story_picture` AS `sp` ON sp.entity_id = n.nid LEFT JOIN `file_managed` AS `fm` ON fm.fid = sp.field_story_picture_fid LEFT JOIN `field_data_field_story_photo_caption` AS `fspcaption` ON fspcaption.entity_id = n.nid LEFT JOIN `field_data_field_story_photo_credit` AS `fspcredit` ON fspcredit.entity_id = n.nid LEFT JOIN `workflow_node` AS `wn` ON wn.nid = n.nid LEFT JOIN `field_data_field_website_sections` AS `ws` ON ws.entity_id = n.nid LEFT JOIN `field_data_field_subject` AS `fdfs` ON fdfs.entity_id = n.nid LEFT JOIN `field_data_body` AS `db` ON db.entity_id = n.nid LEFT JOIN `field_data_field_file` AS `ff` ON ff.entity_id = n.nid LEFT JOIN `file_managed` AS `fm2` ON fm2.fid = ff.field_file_fid LEFT JOIN `field_data_field_enable_tracking` AS `et` ON et.entity_id = n.nid LEFT JOIN `field_data_field_head_tags` AS `ht` ON ht.entity_id = n.nid LEFT JOIN `field_data_field_body_tags` AS `bt` ON bt.entity_id = n.nid WHERE (n.status = 1) AND (n.type = 'article') AND (n.nid = 293809) AND (wn.sid= 3) AND (p.field_publication__tid IN (2465,2851,3184,3159,3266,3264,3270,3265,3267,3268,3269,3171,3168,3185,3170,1346,1345,3180,3175,3254,3249,1207,1208,3181,3231,3177,3186,3178,1003,3187,2975,3204,3198,3188,3202,3196,3250,3189,3160,3161,3312,3313,3173,3314,3315,3167,3259,3257,3263,3258,3260,3261,3262,3174,3316,3165,3192,3163,3282,3190,2811,3256,3317,3162,3318,3191,3297,3182,3179,3166,3319,3376,3320,3172,3255,3169,1008,3203,3197,3321,3252,3164,1307,3322,3183,3220,3176,3201,3323,1327,1020,1006,1009,1013,1014,1018,1005,1328,1010,1011,1002,1012,1311,1330,1017,1016,1019,1004,1001,1334,1335,1336,1015,1337,1338,1339,1340,1341,2496,2501,2517,2529,2506,2505,2524,2513,2526,2537,2489,2490,2520,2536,2488,2532,2500,2515,2503,2493,2527,2523,2510,2525,2498,2499,2528,2507,2487,2511,2521,2502,2491,2519,2497,2492,2514,2495,2509,2512,1629,3358)) LIMIT 1
Dismiss