Fortuna Silver Mines approved a $109 million expansion for the Séguéla Gold Mine in Côte d'Ivoire. The project will increase processing throughput from 1.75 to 2.3 million tonnes per year. The investment includes developing the new Sunbird underground mine.
The expansion supports an average annual production of over 200,000 gold ounces. This production level is projected to continue for the next 10 years.
Construction is scheduled to begin in the second half of 2026. Underground mining operations will commence in the second quarter of 2027. The company targets a full ramp-up to the expanded capacity by the second half of 2028.
Scotiabank raised its price target on Fortuna Silver Mines following the announcement.