Fortuna Mining
Corporate brand
UnclaimedFortuna Mining is a Canada-based precious-metals producer focused increasingly on gold, with operations and development assets in Latin America and West Africa.
Last updated August 31, 2026
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Overview
Fortuna Mining Corp., formerly known as Fortuna Silver Mines Inc., is a Canadian precious-metals mining company whose portfolio has shifted from a primarily silver-oriented business toward a more diversified and gold-weighted production profile. The company produces gold and silver, with lead and zinc as by-products, and combines operating mines with exploration and development projects. Its reported operating and development footprint includes Argentina, Côte d’Ivoire, Peru and Senegal. The company has also historically operated mines in Mexico and Burkina Faso. Fortuna was established in 2005 by Simon Ridgway, Mario Szotlender and Jorge Ganoza. Ganoza came from a Peruvian mining family with several generations of experience in gold, silver and base-metals mining. In its first year, Fortuna acquired the Caylloma mine in southern Peru, an underground operation producing silver-lead and zinc concentrates. After modernizing the processing plant, the company restarted production there in 2006. That same year, it acquired a 76 percent interest in the San Jose silver-gold project in Oaxaca, Mexico. San Jose was developed into an underground mine, with construction beginning in 2010 and commercial production starting in 2011. The company expanded its access to capital markets as it grew. It moved from the TSX Venture Exchange to the Toronto Stock Exchange in 2010, trading under the symbol FVI, and began trading on the New York Stock Exchange in 2011 under FSM. In 2016, Fortuna acquired Goldrock Mines, bringing the Lindero gold project in Argentina into its portfolio. Fortuna approved construction in 2017, and Lindero poured its first gold in 2020. The open-pit operation became an important foundation for the company's transition toward gold production. A major strategic change came in 2021, when Fortuna acquired Roxgold. The transaction added the Yaramoko underground gold mine in Burkina Faso and the advanced Séguéla gold project in Côte d’Ivoire. Séguéla poured first gold in May 2023 and became one of Fortuna’s principal operating assets. In 2023, Fortuna also acquired Chesser Resources, adding the Diamba Sud gold project in Senegal. These transactions extended the company beyond its historic Latin American base and increased the relative importance of gold within its business. In 2024, the company adopted the Fortuna Mining name to reflect its evolution beyond a predominantly silver-focused identity. The portfolio subsequently became more concentrated in gold. In 2025, Fortuna completed the sale of its San Jose operation in Mexico and divested the Yaramoko mine in Burkina Faso, ending its direct operating presence in Burkina Faso. The company’s continuing operating mines include Séguéla in Côte d’Ivoire, Lindero in Argentina and Caylloma in Peru, while Diamba Sud in Senegal remains a development and exploration asset. Fortuna’s business is exposed to the normal technical, geological, regulatory, commodity-price and social risks of mining. Its history also includes opposition and conflict around the San Jose mine in Oaxaca, including blockades, disputes over water and allegations concerning violence affecting mine opponents. Fortuna has denied responsibility for the violence and attributed it to pre-existing local divisions. The company has also undertaken infrastructure work around San Jose, including the refurbishment and operation of a municipal wastewater-treatment plant whose treated water was used by the mine and for local public services.
History
Fortuna Mining was founded in 2005 by Simon Ridgway, Mario Szotlender and Jorge Ganoza. Its early strategy centered on acquiring and developing polymetallic and precious-metals assets in Latin America. The company acquired the Caylloma underground silver-lead-zinc mine in Peru in 2005 and restarted production in 2006 after modernizing the processing plant. Caylloma became a long-lived operating asset and remains part of Fortuna’s continuing portfolio. In 2006, Fortuna also acquired a 76 percent interest in the San Jose silver-gold project in Oaxaca, Mexico. The underground mine moved into construction in 2010 and began commercial production in 2011. San Jose was for many years a significant contributor to Fortuna’s silver-led identity. The company’s expansion was accompanied by a move to larger public markets: Fortuna transferred its listing from the TSX Venture Exchange to the Toronto Stock Exchange in 2010 and added a New York Stock Exchange listing in 2011. Fortuna began building a more substantial gold business with its 2016 acquisition of Goldrock Mines. The transaction added the Lindero development-stage gold project in Argentina. Fortuna approved construction in 2017, and Lindero poured first gold in 2020 as an open-pit operation in Salta Province. The 2021 acquisition of Roxgold was the company’s largest strategic step beyond the Americas. It added the Yaramoko underground gold mine in Burkina Faso and the Séguéla gold project in Côte d’Ivoire. Yaramoko had been producing since 2016, while Séguéla advanced through construction and poured first gold in May 2023. Fortuna further expanded its West African exploration portfolio through the 2023 acquisition of Chesser Resources, which brought the Diamba Sud gold project in Senegal. The company changed its name to Fortuna Mining in 2024. The rebrand signaled a business transition in which gold had become more important than silver. In 2025, Fortuna sold its Mexican San Jose operation and divested Yaramoko in Burkina Faso. Its continuing operating base therefore became more concentrated in Séguéla, Lindero and Caylloma, while Diamba Sud continued as a development and exploration project. Fortuna’s San Jose history also includes prolonged community opposition. A blockade in 2009 was connected to concerns about industrial contamination and ended after intervention by state police. Opposition intensified in 2012 amid disputes over water access. Bernardo Vásquez, an opponent of the mine, was killed in March 2012, and other mine opponents were also killed or injured by gunfire that year. Fortuna denied responsibility for the violence and said the events reflected existing social divisions. The company also participated in a wastewater-treatment arrangement with the Municipality of Ocotlán. Under a renewable agreement signed in 2010, Fortuna refurbished an idle treatment plant and used treated residual water for the mine, while a portion was made available for local public uses.
- 2025
Mexican and Burkinabè assets divested
[1]Fortuna sold the San Jose operation in Mexico and divested Yaramoko in Burkina Faso.
- 2024
Rebrand to Fortuna Mining
[1]The company changed its name from Fortuna Silver Mines Inc. to Fortuna Mining as its business became more gold-oriented.
- 2023
Séguéla begins production
[1]Séguéla poured first gold in May, becoming a major operating asset in Fortuna’s West African portfolio.
- 2023
Chesser Resources acquired
[1]Fortuna acquired Chesser Resources and added the Diamba Sud gold project in Senegal.
- 2021
Roxgold acquisition
[1]The acquisition added the Yaramoko mine in Burkina Faso and the Séguéla gold project in Côte d’Ivoire.
- 2020
Lindero pours first gold
[1]The Lindero open-pit gold mine in Argentina poured its first gold.
- 2016
Goldrock acquisition
[1]Fortuna acquired Goldrock Mines and obtained the Lindero gold project in Argentina.
- 2011
NYSE trading begins and San Jose enters production
[1]Fortuna began trading on the New York Stock Exchange under FSM, while the San Jose underground mine began commercial production.
- 2010
Toronto Stock Exchange listing
[1]Fortuna migrated from the TSX Venture Exchange to the Toronto Stock Exchange under the symbol FVI.
- 2006
Caylloma production restarted
[1]After processing-plant modernization, Fortuna restarted commercial operations at Caylloma and acquired a majority interest in the San Jose project in Mexico.
Products and positioning
A publicly listed, multi-jurisdiction precious-metals producer repositioning from a silver-led Latin American mining company toward a gold-weighted international mining group.
Open-pit gold mine · 2023
Séguéla Mine
Séguéla is an open-pit gold mine in Côte d’Ivoire. Fortuna inherited the advanced project through its acquisition of Roxgold and brought it into production in May 2023. It is one of the company’s principal gold assets and illustrates the strategic shift toward West African gold production.
Open-pit gold mine · 2020
Lindero Mine
Lindero is an open-pit gold mine in Salta Province, Argentina. Fortuna acquired the development-stage project through Goldrock Mines in 2016, approved construction in 2017 and poured first gold in 2020. It is a core operating asset in Fortuna’s Latin American gold portfolio.
Underground silver-polymetallic mine · 2006
Caylloma Mine
Caylloma is an underground mine in southern Peru producing silver-lead and zinc concentrates, with gold occurring as an additional metal in the broader resource. Fortuna acquired the operation in 2005 and restarted it after upgrading the processing plant in 2006. It remains the company’s principal continuing silver and base-metals asset.
Gold exploration and development project
Diamba Sud Gold Project
Diamba Sud is a gold project in Senegal acquired through Fortuna’s 2023 purchase of Chesser Resources. It represents the company’s exploration and development presence in Senegal. Fortuna reported a Preliminary Economic Assessment in 2025 and subsequently issued a supporting technical report.
Underground silver-gold mine · 2011
San Jose Mine
San Jose was an underground silver-gold mine in Oaxaca, Mexico. Fortuna acquired a majority interest in the project in 2006, began construction in 2010 and started commercial production in 2011. The company announced a closure plan in 2024, later extending the timetable, and completed the sale of the operating company in 2025.
Underground gold mine · 2016
Yaramoko Mine
Yaramoko was an underground gold mine in Burkina Faso’s Houndé greenstone belt. Fortuna obtained the asset through the Roxgold acquisition in 2021. Mining included the Zone 55 area, but Fortuna later divested the operation in 2025 after exploration activities had concluded.
Controversies
2012
San Jose social conflict and activist deaths
Opposition around San Jose intensified amid allegations that the mine was improperly accessing local water supplies. Bernardo Vásquez, an opposition leader, was shot and killed in March 2012; another anti-mine activist was also killed and others were injured by gunfire during the year. Fortuna denied responsibility and attributed the violence to pre-existing social divisions.
2009
San Jose mine blockade
Opponents of the San Jose mine blockaded the operation for approximately two months over concerns including industrial contamination. State police eventually broke up the blockade, leading to arrests.
Marketing campaigns
- 2010San Jose wastewater-treatment initiative
Mexico
Fortuna entered a renewable agreement with the Municipality of Ocotlán to refurbish and operate an idle grey-water treatment plant associated with the San Jose mine. The project was intended to support mine water needs while making a portion of treated water available for municipal uses.
Outcome. The plant became fully operational in October 2010. The reference material states that most treated water was used by the mine and the remainder supported public services including irrigation and municipal-market sanitation.
Brand decisions
2025
Divest San Jose and YaramokoM&ABackground
Fortuna was streamlining its portfolio while concentrating its continuing business on core gold and polymetallic assets.
Action taken
The company sold the San Jose operating company in Mexico and divested the Yaramoko mine in Burkina Faso.
Aftermath
Fortuna exited Burkina Faso and reduced its direct operating presence in Mexico.
2024
Rebrand as Fortuna MiningStrategyBackground
The company’s portfolio had become increasingly weighted toward gold rather than silver.
Action taken
Fortuna changed its corporate name from Fortuna Silver Mines Inc. to Fortuna Mining.
Aftermath
The new identity positioned the company as a broader precious-metals producer with a stronger gold focus.
2023
Acquire Chesser ResourcesM&ABackground
Fortuna continued expanding its West African exploration pipeline after the Roxgold transaction.
Action taken
The company acquired Chesser Resources and added the Diamba Sud gold project in Senegal.
Aftermath
Fortuna advanced the project and reported a Preliminary Economic Assessment in 2025.
2021
Acquire RoxgoldM&ABackground
The transaction was intended to increase Fortuna’s gold production and establish a larger operating presence in West Africa.
Action taken
Fortuna acquired Roxgold, adding the Yaramoko mine in Burkina Faso and the Séguéla project in Côte d’Ivoire.
Aftermath
Séguéla entered production in 2023 and became a major part of Fortuna’s gold-focused portfolio.
2016
Acquire Goldrock MinesM&ABackground
Fortuna sought to expand its gold portfolio beyond its established silver and polymetallic operations.
Action taken
The company acquired Goldrock Mines, obtaining the Lindero gold project in Argentina.
Aftermath
Lindero was advanced to construction and poured first gold in 2020.
Recent events
Reported
Simon Ridgway steps down as Fortuna director and board chair[2]
Fortuna Silver Mines announced that Simon Ridgway had stepped down as a director and Chair of the Board. The company said he would continue to support it in a special advisory role.
Reported
Fortuna appoints David Laing independent board chair[2]
Fortuna Silver Mines announced that David Laing had been appointed independent Chair of the Board.
Reported
Fortuna suspended Caylloma Mine operations[3]
Fortuna Silver Mines voluntarily suspended operations at the Caylloma Mine on July 6, 2020, for approximately two weeks. The mine resumed mining and ore processing on July 27, 2020.
Reported
Fortuna Silver Mines reports 2019 financial results[4]
Fortuna Silver Mines reported full-year 2019 net income of $23.8 million, adjusted net income of $28.4 million, and adjusted EBITDA of $95.4 million.
Reported
Fortuna Silver Mines completes US$40 million debenture offering[5]
Fortuna Silver Mines completed a bought deal offering of convertible debentures with an aggregate principal amount of US$40 million. It said it would use the net proceeds for working capital related to the Lindero project startup and for general working capital purposes.
Sources7 sources
- 1Fortuna Miningen.wikipedia.org
- 2Simon Ridgway辞去Fortuna董事及董事会主席职务finanznachrichten.de
- 3Fortuna暂停Caylloma矿山运营finanznachrichten.de
- 4Fortuna Silver Mines公布2019年财务业绩finanznachrichten.de
- 5Fortuna Silver Mines完成4,000万美元债券发行finanznachrichten.de
- 6Fortuna reports consolidated financial results for the first quarter 2020finance.yahoo.com
- 7Fortuna reports consolidated financial results for the second quarter 2020finance.yahoo.com
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