Senegal's industrial gold sector has been experiencing significant growth since the Boto mine, operated by the Moroccan group Managem, began production in 2025. With this new operation, the country now has three industrial gold mines in operation, joining the Sabodala-Massawa complex, operated by Endeavour Mining, and Mako, managed by Resolute Mining.
This consolidation could continue in the coming years. Canada's Fortuna Mining is accelerating the development of its Diamba Sud project in eastern Senegal with the announcement of a substantial investment planned for 2026. In an update published on 15 January 2026, the company detailed its intention to allocate approximately US$100 million to the advancement of this promising asset, which is set to become the country's next industrial gold mine.
This financing is mainly divided into $69 million allocated to "pre-final decision capital" to finalise the definitive feasibility study and launch preliminary construction work. In addition, approximately $28 million will be used to support ongoing exploration activities and strengthen operational capabilities. Fortuna Mining emphasises that its strong financial position, with estimated cash reserves of $704 million, allows it to meet these commitments without any major difficulty.
The preliminary economic assessment (PEA) published in 2025 for Diamba Sud projects an average annual production of 106,000 ounces of gold over the mine's lifetime. The initial development cost is estimated at $283.2 million, figures that could be refined as part of the definitive feasibility study, expected in the second quarter of 2026. The company is targeting a construction decision by mid-2026, positioning Diamba Sud as a key growth driver to achieve its overall target of 500,000 ounces per year.
Fortuna Mining currently sources its gold production from the Séguéla mine in Côte d'Ivoire and the Lindero mine in Argentina, which together delivered 239,900 ounces in 2025. The potential addition of Diamba Sud would not only diversify and expand this portfolio, but also generate new tax revenues for the Senegalese government. Under the current mining framework, the government will receive a 10% free interest in the project, with an option to acquire up to an additional 25%.
However, development remains subject to obtaining the necessary mining permits from the Senegalese authorities, in particular the operating permit before the exploration permit expires in June 2026. Against a backdrop of continued rises in gold prices in 2026, following an increase of around 70% the previous year, developments at Diamba Sud will be closely monitored by investors and industry observers. This project illustrates Senegal's growing attractiveness to international mining players in an environment conducive to the growth of the gold industry.