Senegal’s industrial gold sector has been expanding notably since the Boto mine, operated by Morocco’s Managem group, entered production in 2025. With this new operation, the country now has three active industrial gold mines, alongside 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 development of its Diamba Sud project in eastern Senegal, announcing substantial investment planned for 2026. In an update published on January 15, 2026, the company detailed its intention to allocate approximately US$100 million to advancing this promising asset, which is expected to become the country’s next industrial gold mine.
This funding consists mainly of $69 million allocated to “pre-final investment decision capital,” intended to complete the definitive feasibility study and begin preliminary construction work. A further approximately $28 million will support ongoing exploration activities and strengthen operational capabilities. Fortuna Mining stresses that its strong financial position, with liquidity estimated at $704 million, allows it to undertake these commitments without major difficulty.
The preliminary economic assessment (PEA) published in 2025 for Diamba Sud projects average annual production of 106,000 ounces of gold over the mine’s life. Initial development costs are estimated at $283.2 million, figures that could be refined in 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 toward its overall objective of 500,000 ounces per year.
Fortuna Mining currently derives its gold production from the Séguéla mine in Côte d’Ivoire and Lindero 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 state. Under the current mining framework, the state will benefit from a 10% free-carried interest in the project, with an option to acquire up to an additional 25%.
Development nevertheless remains subject to obtaining the necessary mining permits from the Senegalese authorities, particularly the exploitation permit before the exploration permit expires in June 2026. Against a backdrop of continued gold price increases in 2026, following a rise of approximately 70% the previous year, Diamba Sud’s progress will be closely watched by investors and industry observers. The project illustrates Senegal’s growing appeal to international mining companies in an environment favorable to the expansion of the gold industry.